Dechert Leads CLO Issuer’s Counsel Rankings in 2012 Year-End Deal Tables
January 18, 2013
Dechert News Release
Dechert LLP was ranked as top issuer’s counsel for U.S. collateralized loan obligations (CLOs) by deal volume and deal count for 2012, according to statistics compiled by the Asset-Backed Alert’s ABS Database. The firm also ranked second as underwriters’ counsel for both deal volume and deal count.
Led by securitization and structured finance partners John Timperio and Cindy Williams, the firm advised issuers in 12 CLO transactions totaling more than $4.9 billion and represented underwriters such as Wells Fargo, RBS, Morgan Stanley, Guggenheim and Deutsche Bank, in 10 transactions worth more than $4.2 billion. Among Dechert’s deals were three CLOs totaling more than $1.6 billion for Apollo Credit Management, one of the more prolific collateral managers in the market. The firm also advised on three CLOs for Golub Capital Management LLC, totaling $1.17 billion, one of which was the first post-crisis broadly syndicated CLO that included a substantial middle market loan component. In addition, the firm also advised on CLO transactions for clients such as ACIS, Crédit Industriel et Commercial, Crescent Capital, KKR Financial Advisors II, LLC, NewStar Financial, Inc., NXT Capital, LLC and Octagon Credit Investors.
“Dechert remains committed to achieving our clients’ goals in the securitization space, and our CLO team plays a critical role in ensuring our success. We look forward to continuing to work on our clients’ most complex, high-stakes transactions in the year ahead,” said Richard D. Jones, co-chair of the firm’s Finance & Real Estate practice.
Dechert is a leader in the CLO market, in both middle market balance sheet CLOs and broadly syndicated arbitrage CLOs. Dechert is also one of the most active firms in the so-called “private CLO” space involving loans to special purpose entities backed by broadly syndicated and/or middle market loans. Our multidisciplinary team includes lawyers who are actively engaged in the full life cycle of transactions, from the establishment of the private fund or specialty finance company (including BDCs) to the leverage and exit strategies ultimately pursued by such entities. Dechert also served as primary counsel for one of the major purchasers of equity in the CLO market. The firm has been active on the regulatory front as well including representing trade groups and others with regard to Dodd-Frank risk retention as well as other regulatory developments. Through the firm’s world class ‘40 Act and Advisers Act practice, we also advise as to all manner of investment company and investment advisers issues.
About Dechert’s Finance and Real Estate Practice
Dechert LLP represents industry players in buying, selling, financing and managing complex and highly structured real estate debt investments around the globe. We handle the origination, acquisition, disposition and financing of complex commercial real estate loans; the resolution of issues relating to distressed commercial real estate assets, including workout and restructuring transactions, bankruptcies and enforcement proceedings; and virtually every aspect of capital markets finance, including CMBS, CLO, mezzanine financing, ABS, CP and other structured transactions.