Jim Fogarty
Biography
Overview
Jim Fogarty is a partner in our Capital Markets group, specializing in structured finance. In high demand for his deep legal knowledge and instinctive client service approach, his diverse practice is rooted in complex structured transactions. His primary focus is on:
- Whole Business Securitizations and other non-traditional securitizations involving a broad range of asset classes, such as restaurant and home service franchise agreements, intellectual property, corporate loans and performing rights organizations. He has also been involved in multiple whole business securitizations that were used to finance an acquisition;
- Rental car securitizations;
- Liability management transactions and other distressed financings that utilized securitization technology;
- Collateralized Loan Obligations (CLOs) and Collateralized Bond Obligations (CBOs); and
- Regulatory Advice, with a focus on Volcker, Risk Retention and other regulatory concerns arising from the Dodd-Frank Act.
Jim has also represented clients in workouts of securitizations, cross-border receivables transactions and commercial fleet securitizations. His clients include leading financial institutions, asset managers and corporate clients.
Jim is part of a larger team of securitization attorneys at White & Case, which regularly works on some of the more complex and innovative transactions in the market. The New York securitization team is recognized as a leading New York securitization practice by Chambers USA, including Band 1 for Capital Markets: Securitization: Whole Business and Band 3 Capital Markets: Securitization: CLOs.
Experience
Recent representative experience:
- Neighborly Representation of Neighborly Company and its subsidiaries in the issuance and sale of US$800 million of notes in 2021, US$400 million of notes in 2022 and US$300 million of notes in 2023 under a whole business securitization by Neighborly Issuer, LLC.
- SESAC Representation of Guggenheim Securities LLC, as initial purchaser, in the issuance and sale under a whole business securitization by SESAC Finance, LLC, a newly formed special purpose vehicle subsidiary of the performing rights organization SESAC Rights Management, Inc., of US$530 million of notes in 2019, US$305 million of notes in 2022 and US$180 million of notes in 2024. This was the first securitization of a performing rights organization.
- Zaxby's Representation of Guggenheim Securities LLC as initial purchaser of the issuance and sale of US$210 million of term notes and US$75 million of delayed draw notes in 2024 by Zaxby's Funding LLC under a whole business securitization by Zaxby's Operating Company L.P.
- Dine Brands Representation of Guggenheim Securities LLC as initial purchaser of the issuance and sale of US$500 million of term notes in 2023 by Applebee's Funding LLC and IHOP Funding LLC under a whole business securitization by Dine Brands Global Inc.
- Additional representations of initial purchasers include whole business securitizations of Dunkin' Donuts, Wendy's, Five Guys, Sonic and Domino's.
- Avis Budget Regular representation of Avis Budget Rental Car Funding (AESOP) LLC, a debt issuing vehicle and subsidiary of Avis Budget Group, Inc. in connection with its rental car asset-backed security program. Recent issuances include eight term asset-backed security issuances in 2023 totalling over US$4 billion.
Recent activity in the CLO and CBO Market:
- Jim has extensive experience and expertise in the CLO and CBO market. His experience includes advising on over 175 CLO "2.0s" and over 30 CBOs.
- Jim's clients in the CLO and CBO market include investment banks, such as J.P. Morgan Securities and GreensLedge Capital Markets as well as investment managers, such as Antares Capital and MSD Partners.
Band 2, Chambers USA 2024-2023, Capital Markets: Securitization: Whole Business
Band 4, Chambers USA, 2024-2021, Capital Markets: Securitization: CLOs
Rising Star, Law360, 2020, Structured Finance
Mention, The Legal 500 US, 2023-2020, Structured Finance: Securitization
