Andrew C. Coronios

Partner

Practice Description

Andrew Coronios represents financial institutions and public and private companies in a wide spectrum of financial and real estate transactions, encompassing structured finance, securitization and asset-based and secured lending.

His extensive experience includes 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, computer systems, consumer products, energy, health care, insurance, packaging, paper products, pharmaceuticals, real estate, shipping and telecommunications. He has also been active in restructurings and workouts as well as related enforcement and bankruptcy proceedings.

Representative Matters

• Represented the originator in a $229 million securitization of a portfolio of pharmaceutical royalty payments.
• Represented 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 finance 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 to be utilized 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.