Rick advises investment funds and asset managers on structured finance, securitisation and fund finance solutions in respect of a wide range of alternative and illiquid asset classes.

He has experience with funding structures backed directly and indirectly by commercial real estate, private debt and other asset classes. He advises on fund leverage matters including warehouse lines, loan-on-loan and repo financing, as well as loan portfolios (performing and non-performing) acquired or disposed of using securitisation and structured lending techniques.

Rick handles derivatives-related matters as as well as standard and esoteric securitisations, across a wide range of specialty finance structures and asset classes.
  • Structured finance and fund finance solutions for funds and alternative asset managers

    • A pan-European asset-backed special opportunities fund manager on a series of fund finance transactions
    • Uro Property Holdings SOCIMI, S.A. in connection with a publicly listed €1.345 billion tenant credit-linked secured loan securitisation of its rental cash flows related to leases of Spanish bank branches leased to Santander (the first of its kind in Spain)
    • A publicly traded real estate investment trust in connection with an up to AUD350 million GMRA repo financing collateralised by repackaged Eurobonds backed by an interest in a loan advanced to finance two data centres in Australia
    • One of the world’s largest asset managers on a number of margin loans and NAV-based loans provided by EU financial institutions backed by baskets of listed equities and listed REITs
    • A publicly traded real estate investment trust in connection with a €400 million ‘loan-on-loan’ warehouse facility with Société Générale
    • A U.S. hedge fund in connection with a ‘loan-on-loan’ warehouse facility in the form of a €150 million commercial real estate CLO in respect of its European loan portfolio
    • One of the world’s largest asset managers on the establishment of a revolving warehouse facility to a buy-to-let mortgage lender structured as a private securitisation to fund the origination of new mortgage loans

    NPLs

    • A publicly traded real estate investment trust in connection with a €1 billion GMRA repo financing collateralised by a repackaged Eurobond backed by an interest in a loan advanced to acquire a portfolio of Spanish NPLs
    • A U.S. PE fund in connection with a series of Spanish NPL acquisitions financed and refinanced by a series of private securitisations including tap issuances totalling approximately €250 million
    • A U.S. PE fund in connection with a series of bids and the subsequent acquisitions of portfolios of NPLs in the U.K. and Ireland 

    Other Assets and Structured Products (including derivatives)

    • A cross-border supply chain finance platform on the establishment of a reverse factoring programme
    • An international e-commerce provider on the establishment of a merchant cash advance platform to provide liquidity to SMEs impacted by the COVID-19 crisis
    • A major nationalised U.K. financial institution on a series of derivatives transactions in the form of stand-by and back-to-back securitisation swap agreements
    • International television and telecommunications companies on revolving handset loan ABCP conduit securitisations in the U.K. and France
    • A specialised Luxembourg investment fund on a structured trade finance securitisation programme involving a loan participation note backed by agricultural trade receivables
    • A U.S. hedge fund on a loan participation note backed by a mezzanine loan secured over a European hotel portfolio
    • Major European financial institutions as conduit purchasers in the restructuring of an ABCP conduit securitisation of residential and commercial loans for a U.K. commercial mortgage lender
    • A U.K. ports business on the swap restructuring aspects of its multi-source whole business securitisation debt refinancing, involving a major ISDA amendment and novation process
    • A major financial institution as index-linked swap provider to a care home group in a major restructuring including a sale and lease-back of properties in England, Scotland and Jersey, which involved the migration and amendment of the existing long-dated index-linked swaps into a new bespoke intercreditor arrangement facing a shareholder-lender
    • Major financial institutions as bond arrangers in connection with structured bond financings for the acquisition of regulated utilities in the gas, electricity and train leasing sectors
    • U.K. utilities companies on their multi-source debt financing and whole business securitisation structures and the loan, bond and derivatives-related financings related thereto

     Please note: Rick's experience includes that prior to joining Orrick.

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