Structured Finance

Skadden has worked with clients to develop many of the key innovations in the securitization and structured products markets over the last several decades.

We advise a wide range of market participants — including borrowers and lenders, issuers and underwriters, and originators and servicers — on all aspects of structured finance and securitization.

Our team regularly represents investment banks, investment funds, loan originators and other financial institutions in a broad array of transactions, including warehouse financings, acquisition financings, securitizations, forward flow acquisitions, portfolio acquisitions and repurchase facilities.

We have extensive experience structuring and executing transactions, as well as advising clients in connection with structured finance-related components or implications of mergers and acquisitions, traditional leveraged financings and other corporate transactions.

Key Areas of Experience

Our practice encompasses the full spectrum of structured finance transactions, including both traditional and esoteric asset classes.

Traditional Asset Classes

  • Credit card receivables
  • Auto loans and leases, including wholesale dealer loans
  • Residential mortgage loans, including reverse mortgage loans and home equity lines of credit
  • Secured and unsecured personal loans
  • Equipment loans and leases
  • Student loans
  • Trade receivables
  • Device payment plan agreements (cell phone contracts)
  • Small balance commercial loans
  • Servicing rights and excess servicing fees
  • Servicing advances
  • “Buy now, pay later” loans

Whole-Business and Other Esoteric Asset Classes

  • Whole-business assets (e.g., restaurant and other franchise revenues, operating assets)
  • Music, sports league and stadium rights, royalties and revenues
  • Pharmaceutical royalties
  • Wireless spectrum lease payments and wireless tower revenues
  • Data centers
  • Film and TV syndication contracts
  • Equipment leases
  • Middle-market loans
  • Capital call loans
  • Renewable energy and other infrastructure assets

Other Structured Finance Activities

  • Hybrid transactions using bankruptcy remote special purpose vehicles
  • Master trust structuring
  • Securities regulatory advice
  • Insurance-related securitizations
  • Commercial paper programs, including trade and other receivable financings
  • Credit derivatives

Restructurings and Business Sales

We assist clients in restructuring securities and asset exposures, as well as in restructuring and selling structured finance businesses, including refinancings and debtor-in-possession financings.

Innovations in Securitization

Skadden pioneered a range of first-of-their-kind securitizations, including those involving film syndication revenues, small business loans, commercial solar projects and master trust and collateralized debt obligation (CDO) structures. We also led the way in developing rated personal loan and whole-business securitizations.

Recognition

Skadden is regularly recognized by Chambers Global, Best Lawyers, IFLR1000 and The Legal 500 as a top firm for structured finance and structured products transactions.

Representative Clients

Our clients have included:

  • Apollo Investment Corporation
  • Bank of America
  • Barclays
  • BlackRock
  • Blackstone
  • Capital One Financial Services
  • Cardinal
  • Chase Bank USA, National Association
  • Citigroup
  • Corebridge
  • Credit Acceptance Corporation
  • Crown Castle
  • Deutsche Bank
  • DineEquity
  • Domino’s
  • Eaton Vance
  • Equitable/AllianceBernstein
  • 1st Financial Bank USA
  • Fortress Investment Group
  • Goldman Sachs
  • Guggenheim Partners
  • ING Capital
  • JPMorgan Chase
  • Lending Club Corporation
  • Macquarie Leasing Pty Limited
  • Mitsubishi Motors Credit of America
  • Morgan Stanley
  • National Hockey League
  • NCR Corporation
  • NXP Semiconductors
  • Och-Ziff (Sculptor)
  • ServiceNow
  • SIFMA
  • Sonic Corp.
  • Target Corporation