News & Insights

Cases & Deals

April 12, 2019

King & Spalding Closes Three More Esoteric Securitization Transactions


King & Spalding closed three esoteric securitization transactions in the last month involving a portfolio of multi-jurisdictional tax liens, a pool of solar renewable energy credit assets and franchising and company-owned location revenues of a leading franchisor in the aftermarket automobile services industry.

In a deal that closed on April 4, King & Spalding represented an issuer in its inaugural issuance of $209 million of notes backed by a portfolio of multi-jurisdiction tax lien receivables.

In a deal that closed on April 2, King & Spalding represented a major international investment bank as the sole structuring advisor, sole book-running manager and initial purchaser in an approximately $40 million securitization of a portfolio of solar renewable energy credits owned by the Connecticut Green Bank, a quasi-public agency of the State of Connecticut.  The transaction is the first securitization pool entirely comprised of renewable energy credits to date, and the notes were certified as Green Bonds.

In a deal that closed on March 19, King & Spalding represented a major international investment bank as the sole structuring advisor, sole bookrunner and initial purchaser in the securitization of the franchise assets of Driven Brands Inc. and the offering of $300 million of fixed rate notes to investors. 

These securitizations follow King & Spalding's representation of several major investment banks and issuers in other recent, headline, esoteric securitizations. The King & Spalding finance team for the transactions was compromised of partners Michael Urschel, Ryan McNaughton and Jeff Misher, counsel Anthony Mechcatie, associates Katie Weiss, Jennifer Tian, Charlene Yin and Amber Dong, and senior attorney Bert Eidson, with assistance from partners Sarah Borders (bankruptcy), John Taylor (tax), Angela Hayes (regulatory), Laura Westfall (ERISA), Floyd Newton (public finance) and Brandon Dalling (energy), counsel Kevin Manz (regulatory), senior associates Daniel Hirschfield (regulatory) and John Green (tax) and associate Sarah Primrose (bankruptcy).