Andrew Coronios represents financial institutions and public and private companies in a wide spectrum of financing transactions, encompassing structured finance, securitization, asset-based and secured lending and unsecured credit facilities.
His extensive experience includes syndicated credit facilities, securitizations of various asset types; asset-backed commercial paper conduits; a variety of domestic and cross-border lease financing structures (such as synthetic leases, credit tenant leases and sale-leasebacks); project financings; traditional mortgage and construction lending and hybrid debt-equity mortgages (such as participating, shared appreciation and convertible mortgages); tax-exempt bonds; credit-enhanced financings utilizing letters of credit, insurance policies and other support; and other secured and unsecured financings. This experience has involved various industries, such as biotech, chemicals, consumer products, energy, health care, insurance, packaging, paper products, pharmaceuticals, real estate, shipping, technology and telecommunications. He has also been active in restructurings and workouts as well as related enforcement and bankruptcy proceedings.
Representative Matters
Represented SolarCity Corporation in several securitizations of cash flows from distributed solar generation systems, including the first-ever securitization in this assets class (single class of notes rated BBB+ by S&P), and the first securitization based on a tax equity lease structure (A notes rated BBB+ and B notes rated BB by S&P).
Represented a private equity firm in a secured acquisition financing for the acquisition of a portfolio of Burger King restaurants in three states, secured by mortgages, equipment and other personal property, and the subsequent sale – leaseback of the fee-owned sites.
Represented Citigroup as arranger and agent in a syndicated revolving credit facility for African Barrick Gold plc, a spin-off of the African gold mining interests of Barrick Gold Resources.
Represented the developer of a Midwest wind farm in the monetization of deferred payment receivables from the sale of packages of wind turbines to a utility company.
Represented Honeywell International and certain subsidiaries in the monetization of payments under energy savings improvements contracts with various agencies of the United States government.
Represented a private equity firm as the originator in a $229 million securitization of a portfolio of pharmaceutical royalty payments.
Represented a private equity firm as the originator in a single-drug monetization of royalty payments, funded through a 144A offering.
Represented the arranger of two separate $200 million life settlement transactions involving the financing of a pool of U.S. life insurance policies, one of which was funded solely through a foreign equity offering and the second of which was funded with both debt (U.S. and foreign) and equity (through a foreign offering).
Created a $350 million structured financing to monetize a prepayment under a software license agreement for a major computer services provider.
Represented the arranger and agent in a $650 million securitized synthetic lease financing for the construction of a new world headquarters building in New York City for a major financial institution.
Structured a $700 million single-seller commercial paper conduit program as a funding source for a Fortune 50 corporation. At closing, the conduit funded two classes of assets: trade receivables and lease financing notes with respect to equipment and completed real estate under a master synthetic lease facility. The structure was designed to be easily expanded to add additional assets or classes of assets in a "modular” structure in order to avoid the need to substantially modify the conduit documentation for each additional transaction.
Created a co-purchaser commercial paper conduit funded tranche for a syndicated portfolio project financing providing construction and term loan financing for the development of up to five merchant power plants, sponsored by the independently rated unregulated subsidiary of a major utility holding company. The transaction was separately rated by Moody’s.
Structured a leveraged lease facility to finance the construction and acquisition of seven cargo vessels on behalf of a major industrial company. The debt portion of the transaction was structured to be funded through co-purchaser commercial paper conduits. Credit and residual asset value support was structured to be provided by insurance policies issued by a major insurer.
Structured a commercial paper conduit funded tranche for a credit tenant net lease financing providing construction and term loan financing for the development of a major Manhattan office building as the U.S. headquarters of a foreign financial institution. Approximately 66% of the total financing was placed in the capital markets as long-term notes. The balance of the financing was provided through the commercial paper conduit funded tranche. This structure enabled the sponsor to lock in favorable long-term fixed interest rates for the bulk of the financing while avoiding the large negative carry associated with financing the entire project in the capital markets, and provided flexibility to size the final funded amounts to match final project costs.
Represented the arranger and agent in a $140 million sale/leaseback of six distribution centers for a Fortune 500 company. This year-end transaction was completed in a four-week period, from start to finish.
Represented the arranger and agent bank in aggregate-issue letter of credit-backed tax-exempt bond for the construction of a hotel, convention center, theater and retail project in Charleston, South Carolina, and subsequent conventional first mortgage refinancing.
