Covington has a sophisticated finance practice active in public and private credit and capital markets.
We advise borrowers and lenders, including corporations, private investment funds, financial advisers, commercial banks, investment banks, and other financial institutions with regard to a wide variety of debt financing matters, including acquisition financings, secured, unsecured and mezzanine financings, asset based loans, lease, structured and project financings, derivative financial products, commercial bank lending transactions, restructurings, and debtor-in-possession and exit financings.
Our finance lawyers frequently complement their transactional expertise with the firm’s leading industry and regulatory expertise in areas such as communications, energy, financial institutions, life sciences, sports, technology and transportation, as well as the firm’s capabilities in creditors’ rights, bankruptcy law, antitrust, environmental regulation, ERISA, real estate, and tax.
Royalty Monetization
Covington is widely recognized as a leader in the highly specialized field of pharmaceutical royalty monetizations, structured both as sales directly to investors and as financings through special purpose vehicles. We have been involved in the royalty monetization market from its early stages and have advised on royalty monetization transactions with an aggregate value in excess of $5 billion. We advise all of the principal participants in these transactions, including major universities, financial investors, individual inventors, and life sciences companies. Covington’s deep experience in royalty monetizations has given us an understanding of, and familiarity with, the perspectives and requirements of the participants in this novel and growing market, and allows us to design structures to successfully and efficiently implement these unique and complex transactions.
Project Development and Finance
We advise developers, sponsors, equity investors, and bank groups in all aspects of project development and project finance. We represent banks lending to, and corporate sponsors and developers of, and equity investors in a variety of infrastructure projects, including the project financing of power plants and stadiums. We also advise clients through all stages of project development, including planning, acquisition, construction, financing and refinancing, and operations.
Structured Finance
Covington’s finance practice advises asset managers, investors, lenders, and other parties in structuring, executing, and managing sophisticated pooled investments and complex structured investment products. We handle transactions involving a diverse range of asset classes and deal structures, including CDO/CLOs, equity- and credit-linked notes, auction rate securities, cash and synthetic deals, and multi-tranche and single-tranche transactions. Our lawyers have extensive experience with the financial derivatives used in connection with structured products, including interest rate and currency swaps, total return swaps, credit default swaps, and equity derivatives.
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