Covington Advises Resource America In Global Credit Deal

Covington Advises Resource America In Global Credit Deal

January 4, 2012

NEW YORK, January 4, 2012 — Covington & Burling advised Resource America, Inc. in its definitive agreement with CVC Capital Partners to create a global credit management business with over $7.5 billion in assets under management called CVC Credit Partners.

As part of the transaction, Resource America plans to sell Apidos Capital management, its CLO manager, to CVC Capital Partners for $25 million in cash and a 33 percent ownership interest in CVC Credit Partners. CVC is contributing its existing credit manager, CVC Cordatus, to the new business.

Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance and financial fund management sectors.

The New York-based Covington team was led by Philipp Tamussino with Gus Caywood, Amanda Weiss and Sebastian Rodriguez*. Also advising on the transaction were Gregor Frizzell, Simon Currie, Matthew Edwards and Simon Williams in London, and Kerry Burke and Brandon Gay in Washington.

*Not yet admitted to practice.