Tax issues on stake sales and investment into managers: structuring, pitfalls and steps to take now
About
Richard advises financial institutions, private capital managers and corporates on a range of multi-jurisdictional financing matters across a wide variety of asset classes and investment strategies including consumer credit, mortgages, corporate loans (BSL, SME and middle market), credit cards, auto loans, private equity, secondaries, real estate and structured credit.
His work includes advising on:
· SRT;
· securitisation and structured products;
· ABL facilities, NAV financings and back leverage;
· rated note feeders, investor call bridge/subscription facilities, GP and manco facilities;
· repacks; and
· receivables financing, asset-based lending and speciality finance.
Clients value Richard’s guidance on complex financing structures across both domestic and international jurisdictions.
Richard is a regular contributor to the UK chapter of the Global Legal Insights Fund Finance guide. Richard is also a member of both of the fund finance documentation and guidance working party and the securitisation group of the Loan Market Association.
Experience
- Advising ARA Venn, together with Saltaire Housing Limited and Saltaire Finance plc on the establishment and updates of the bond programme for the Affordable Housing Guarantee Scheme, increasing the size of the programme from £3bn to £6bn and, separately, together with PRS Operations Limited and PRS Finance plc on the establishment of and updates of the bond programme for the Private Rented Sector Housing Guarantee Scheme and multi-billion issuances under those programmes.
- Advising a real estate credit fund on the establishment of its real estate repo back leverage note programme arranged by a UK-based investment bank.
- Advised an investment management operation as borrower in respect of a subscription-line facility of up to €365.4 million for its third debt opportunities fund.
- Advised a financial services provider of investments and pensions as noteholder, security trustee, registrar and calculation agent on the establishment of a Purpose-Built Student Accommodation Note Issuance Programme.
- Advised a global investment firm on a €600m asset-backed lending facility that both UK and US investment banks made available to an asset holding company for the global investment firm.
- Advised an investment management operation on a €1bn asset-based lending facility for its fifth direct lending fund.
- Advising a specialist equity release mortgage provider on its innovative forward flow warehouse arrangements provided by a US-headquartered multinational bank.
- Advising multiple private capital managers on over 100 SRT transactions across various asset classes and including back leverage arrangements.