Cadwalader Advises Wheeler Real Estate Investment Trust on Term Loan and Modified Dutch Auction Tender Offer

December 24, 2020

Cadwalader advised Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) in connection with a new term loan secured with Powerscourt Investments XXII, LP, an affiliate of certain funds managed by Waterfall Asset Management, LLC, an SEC-registered investment adviser focused on structured credit and loans with approximately $9.4 billion in assets under management, as of December 1, 2020.  The net proceeds of the loan were used to pay off certain existing indebtedness and to fund a “modified Dutch auction” cash tender offer for Wheeler’s outstanding 8.75% Series D Cumulative Convertible Preferred Stock.  Cadwalader is also advising Wheeler on the cash tender offer, which launched one day after the closing of the loan.

Wheeler Real Estate Investment Trust, Inc. is a fully integrated, self-managed commercial real estate investment trust, with a portfolio of sixty-one retail shopping centers.     

The Cadwalader team was led by Corporate partner Daniel Raglan and includes associates Niral Shah, Monica Lindsay, Lindsey Kister and Frank Bozzi; Finance partner Christopher McDermott and associate Michael Lynch; Tax associate Matthew Seitz; Bank Regulatory partner Scott Cammarn; Real Estate Finance partner Christopher Dickson; and Financial Services senior counsel Maurine Bartlett.