"Cadwalader has once again more than earned its tier one status in structured finance and securitization through its representation of blue-chip corporate and investment banking clients [in] matters [including] CLOs and CDOs." - IFLR 1000

Cadwalader has actively represented issuers, underwriters, and collateral managers in collateralized loan obligation ("CLO") transactions and related product types for over 12 years. We have extensive experience with both "cashflow" and synthetic total return structures. We also have a dominant market position in "CLO 2.0" activity helping shape the legal aspects of CLOs as the asset class emerges from the financial downturn. While such transactions are primarily backed by broadly syndicated bank loans (i.e., "leveraged loans"), we have also been involved with transactions backed by middle market loans, high-yield bonds, and interests in other CLOs.

Our attorneys have also represented underwriters, issuers, portfolio managers and other large financial institutions in connection with the workout of distressed CLOs and leveraged loan warehouse transactions, including both cash and synthetic structures. In connection with such workouts, we have conducted extensive negotiations with all affected parties, including trustees, rating agencies, investors, warehouse lenders and credit enhancement providers. We have represented clients in the establishment of funds or other vehicles to acquire such assets. In addition, Cadwalader has extensive experience in representing traders of distressed debt, including negotiation of trading done pursuant to the Loan Syndications and Trading Association, Inc.'s (LSTA) documentation, credit opportunity funds, and other structured funds. Cadwalader has advised on all aspects of workouts including analysis of default and enforcement provisions, amendments to deal documents and liquidations of collateral by both public and private sales under Article 9 of the Uniform Commercial Code.

Our CLO practice has recently been focusing on the latest innovations in the CLO 2.0 market, including structuring transactions (both European and US) to comply with the European risk retention requirements (Article 122a for credit institutions and equivalent rules for insurers, reinsurers, UCITS and alternative investment funds). Our London office has advised on most of the CLO 2.0 transactions in the European market, including the Cairn III CLO managed by Cairn Capital and the ALME Loan Funding 2013-1 transaction managed by Apollo Credit Management.

Experience

• Advised CQS as collateral manager on the Grosvenor Place 2013-1 CLO transaction
• Advised Natixis as arranger on the HayFin Ruby II Luxembourg SCA transaction
• Advised a AAA investor on the Cairn III CLO transaction managed by Cairn Capital
• Advised a AAA investor on the ALME Loan Funding 2013-1 transaction managed by Apollo Credit Management
• Advised Glitnir Banki hf. as originator and liquidation agent on the Holt Funding ECB eligible CLO involving a portfolio of European and US. corporate loans
• Advised Invesco on the sale of seven of its European CLO mandates
• Advised five CLO transactions in connection with the Chapter 11 proceedings of their collateral manager, GSC
• Advised CIFC Deerfield on the sale of its European CLO platform to BNP Paribas
• Advised Citigroup Global Markets Limited as lead manager on the St. James’s Park CLO transaction managed by Blackstone
• Advised EuroDekania Management as investment manager on the Neptuno CLO III B.V. arranged by Barclays
• Advised Lehman Brothers as arranger on the Betula Funding 1 B.V. ECB eligible CLO
• Advised Bear Stearns as arranger on the Harbourmaster X CLO transaction managed by Harbourmaster
• Advised Lehman Brothers as arranger on the LightPoint Pan-European CLO transaction managed by Lehman Brothers
• Advised Lehman Brothers as arranger on the Axius European CLO transaction managed by Invesco
• Advised CQS as collateral manager on the Grosvenor Place CLO II B.V. transaction
• Advised Wachovia Securities International as arranger on two Euro CLO transactions with a combined value of more than €1.4 billion, managed by AIG-MezzVest
• Advised Dresdner Bank as arranger on the Gresham Capital CLO IV transaction managed by Investec
• Advised Deerfield Capital Management as collateral manager on the Gillespie CLO transaction arranged by RBS
• Advised Lehman Brothers as arranger and CQS as collateral manager on the Grosvenor Place III CLO transaction
• Advised Lehman Brothers as arranger on the GSC European CDO IV transaction managed by GSC
• Acted as deal counsel and for BlackRock Financial Management, Inc. on its and Europe’s first CRE CDO transaction, Anthracite Euro CRE CDO I p.l.c., arranged by Morgan Stanley & Co. Inc.
• Advised Bear Stearns as arranger of the Harbourmaster VII CLO transaction managed by Harbourmaster
• Advised Deerfield Capital Management on its Coltrane CLO, a quasi-market value transaction
• Advised ABN AMRO and Bear Stearns as arrangers on the Harbourmaster Pro-Rata CLO I B.V. transaction, the first synthetic pro-rata CLO in the European market
• Advised Prudential on its first European CLO, Dryden X, arranged by RBS
• Advised Citigroup as arranger of a European synthetic CLO transaction, using a total-rate-of-return swap referencing a dynamically managed portfolio of European loans.

We believe that our continued strength lies in ensuring that we attract, retain, and nurture the very best talent from all backgrounds, and we expect the future complexion of Cadwalader, Wickersham & Taft LLP will, with each passing year, more closely reflect the global community that we serve. 

Cadwalader has worked diligently to promote an inclusive work environment and, over the years, has developed many initiatives to fit our unique goals and challenges on issues of diversity and inclusion.  With the creation of the Cadwalader Center for Diversity & Inclusion (CCDI), a central resource for the firm’s diversity programs, initiatives and policies, we aim to improve upon our successes and follow through on our promise to weave diversity and inclusion principles into the fabric of our culture. 

The mission of the CCDI is to enhance gender, racial/ethnic, and LGBT diversity and inclusion within the firm to create an unrivalled environment that attracts, retains and promotes the best and brightest talent available to serve our clients. Governed by the Global Diversity Committee, chaired by Patrick T. Quinn, Managing Partner, the CCDI is a vehicle to support the work we currently perform, to reinforce our dedication to that work, to recognize outstanding effort and to communicate - to each other and to the clients we serve - our longstanding commitment to diversity and inclusion.

Recent Programs & Events

The Cadwalader Center for Diversity and Inclusion hosts programs and events throughout the year that are designed to increase cultural competence, celebrate history and heritage and educate attorneys on how to work effectively on diverse teams.

From Megan’s Law to Bernie Madoff: A Conversation with Judge Chin

- July 23, 2015

The Cadwalader Asian Pacific American Attorney Resource Group hosted a conversation with the Honorable Denny Chin, United States Circuit Judge for the Second Circuit.  During the interactive conversation, Judge Chin discussed his experiences as a federal judge and his path to the bench. Attendees had the opportunity to network and speak with Judge Chin during the cocktail reception that followed.

The Fight for Marriage Equality in the Supreme Court

- June 9, 2015

The Cadwalader LGBT Network and the Gay & Lesbian Advocates & Defenders (GLAD) hosted a Pride Month event, The Fight for Marriage Equality in the Supreme Court, featuring Mary Bonauto, GLAD’s Civil Rights Project Director and Janson Wu, GLAD’s Executive Director. During the presentation Mary discussed her experience arguing before the U.S. Supreme Court for marriage equality and Janson discussed the future of the LGBT rights movement.

Justice Denied: Wards Cove Packing Co. v. Atonio

- May 12, 2015

Members of the Asian American Bar Association of New York, including Cadwalader attorneys and the Honorable Denny Chin of the U.S. Court of Appeals for the Second Circuit presented a case reenactment of Wards Cove Packing Co. v. Atonio, a landmark employment discrimination case. The presentation told the story of the Wards Cove workers through narration, reenactment of court proceedings, and historic photographs. To view the performance, click here.

The Partner Track

- May 5, 2015

The Cadwalader Asian Pacific American Attorney Resource Group and the Women’s Leadership Initiative co-hosted a panel discussion with Cadwalader Partners, Ingrid Bagby, Kathy Chin and Athena Eastwood, focusing on their career experiences and paths to partnership. The panel was moderated by Helen Wan, author of The Partner Track, a fictional story about a young Asian-American corporate associate up for partner at her New York law firm.

“From Selma to Ferguson to Today: Why Civil Rights Matter,” featuring Professor Charles Ogletree, Harvard Law School

- April 29, 2015

The Cadwalader Black and Latino Association hosted a conversation with Charles Ogletree, Harvard Law School Jesse Climenko Professor of Law, and Founding and Executive Director of the Charles Hamilton Houston Institute for Race and Justice.  The conversation was followed by a cocktail reception where attorneys had the opportunity to network  and speak with Professor Ogletree.

The Art of Building Business Relationships and Executive Presence

- March 25, 2015

The Women’s Leadership Initiative and Diane Darling, Founder of the Darling Institute, hosted a workshop on building business relationships and executive presence.  This interactive presentation explored how professionals at all stages of their career can integrate networking and relationship-building into their everyday lives. 

WLI London Client Event: “Walking the Nile” by Levison Wood

– March 12, 2015

The Women’s Leadership Initiative hosted a special evening at our London office with Levison Wood, explorer, writer, and photographer. Formerly an officer in the British Parachute Regiment, Wood has led pioneering journeys into undiscovered regions, travelling to more than 80 countries. His nine-month walk along the length of the Nile, from source to sea, is chronicled in a recent Channel 4 documentary. During the presentation Wood described the amazing people, breathtaking places and shocking sights he encountered on his ground-breaking expedition.