Firm Closes First of its Kind $130 Million IP-Backed Financing Transaction
The firm represented a publicly traded biotechnology company listed on the New York Stock Exchange in connection with a $130 million Financing Agreement pursuant to which Jefferies Funding LLC acted as the term loan lender and U.S. Bank Trust Company and National Association acted as the administrative agent and collateral agent. The transaction involved the transfer of all of the intellectual property of the borrower and its subsidiaries into a newly formed bankruptcy remote wholly owned subsidiary, and the pledging of such intellectual property along with the other assets of the borrower and its subsidiaries as security for the loan. The transaction was the first of its kind with a publicly traded company, and included insurance coverage from a consortium of insurance companies for the benefit of the lender in the event that the collateral was insufficient upon an event of default. Attorneys from the firm that worked on the transaction were Rob Lawrence, Aris Haigian, Peter Herman, Brendan McFeely, Cantesi Tiggs, Joe Ventimiglia, Max Sender, Dan Adessky, Ilana Faibish, Paul Szabo, Linda Dougherty.