Corporate Securitization

Cadwalader has played a major role in the development of corporate and whole business securitization across Europe and in the United States.  Our sophisticated cross-practice team has structured many of the ground-breaking deals in the market.

Combining legal and market technology, our team has crafted innovative structures for a diverse range of businesses, including global music publishing companies, international franchises, UK pub chains, leading restaurant groups and marquee property businesses.  We have worked with equally varied underlying assets, including signature trademarks, franchise agreements, menu items, music publishing, stadium and pharmaceutical royalties, cinemas, pubs, and commercial property holdings.

Accomplished at advising on traditional UK whole business, true sale, asset-backed and hybrid cash flows structures, we are also developing new structures that accommodate the variety of businesses now seeking to access the international structured corporate debt market.

  • Represented Ambac Assurance Corporation in the US$1.6 billion securitisation of franchise fees, royalties and other cashflows relating to the Dunkin’ Donuts coffee and doughnut operations, Baskin-Robbins ice cream operations and Togo’s sandwich operations
  • Represented Goldman, Sachs & Co. as the sole initial purchaser and structuring adviser in the International House of Pancakes whole company securitisation financing
  • Acted on the whole business securitisation of Odeon’s UK cinema operating business, acting for Odeon – the largest cinema operator in the UK
  • Represented Annington Homes on the refinancing of its portfolio of Ministry of Defence housing. At the time this was the largest CMBS transaction completed in the UK
  • Advised on the monetisation of life books of business for Barclays Life and Friends Provident and private deals
  • Represented a global music company in a multi-jurisdictional securitisation of its music publishing assets. The transaction necessitated developing an innovative hybrid structure to securitise a diverse cross border portfolio of intellectual property assets.

4 Attorneys

Bell, Suzanne Partner London
T. +44 (0) 20 7170 8549
T. +353 (0) 1 2478050
Gambro, Michael S. Partner New York
T. +1 212 504 6825
Quinn, Patrick T. Managing Partner New York
T. +1 212 504 6067
Schacter, Ira J. Partner New York
T. +1 212 504 6035