Mikhel Schecter

Paul, Weiss advised entities advised by affiliates of global alternative investment manager Centerbridge Partners, L.P., in the formation of a fully funded $120 million “first-in, last-out” (FILO) facility as part of Sabre Securitization LLC’s expansion of its existing accounts receivable securitization facility from $200 million to $235 million. Sabre Securitization is an indirect subsidiary of Sabre Corporation, a leading technology provider to the global travel industry. The increased accounts receivable facility also includes a $115 million revolving tranche provided by existing lender PNC Bank N.A., alongside the Centerbridge FILO facility. The new FILO facility and amendment and extension to Sabre’s existing accounts receivable facility continue a series of recent transactions focused on strengthening Sabre’s balance sheet, bolstering its liquidity and enhancing its financial flexibility. The Paul, Weiss team was led by partners Paul Basta, Robert Zochowski and Alice Eaton and corporate counsel Mikhel Schecter, and included corporate partner Suhan Shim.

Apr 3

1 min

Paul, Weiss advised MUFG Securities as lead underwriter in a $1.47 billion music asset-backed securities deal by Blackstone-owned Hipgnosis, a UK-based leading music rights investment and management company. The deal is backed by royalties from Hipgnosis Songs Fund’s $2.36 billion, 45,000-song music rights portfolio acquired by Blackstone in July, which includes iconic songs from the Red Hot Chili Peppers, Fleetwood Mac, Journey, The Chainsmokers, Shakira, Bon Jovi, 50 Cent and Eurythmics, among others. The order book represents one of the most diversified asset-backed securities issuances for music rights to date. Barclays, Goldman Sachs, Fifth Third Securities and SMBC Nikko served as joint bookrunners in the transaction, and Blackstone Capital Markets served as a co-manager. Proceeds from the issuance will be used predominantly to repay existing debt in full and support future acquisitions. The Paul, Weiss team was led by corporate partner Robert Zochowski and counsel Mikhel Schecter, and included partners Christodoulos Kaoutzanis and Aaron Schlaphoff and counsel Hilary Christian; tax partner Matthew Jordan and counsel Christina Cerrito; intellectual property partner John Patten; restructuring partner Kyle Kimpler; and executive compensation counsel Jake Glazeski.

Nov 11

1 min

Paul, Weiss advised Roark Capital Group in its acquisition of Subway Restaurants, one of the world’s largest quick service restaurant brands. The deal combines Subway’s global presence and brand strength with Roark’s deep expertise in restaurant and franchise business models. Financial terms of the transaction were not disclosed. The Paul, Weiss team was led, among others, by corporate partner Jeffrey Marell, and included, among others, partners Suhan Shim, Charles Pesant, Victoria Forrester, Robert Zochowski, Brian Janson, Megan Spelman, Marco Masotti, Aaron Schlaphoff and Manuel Frey, and counsel Hilary Christian, David Sobel, Stephen Koo, Mikhel Schecter, Andrew Day and Jennifer Songer; tax partners Matthew Jordan and Scott Sontag; litigation partners Jacqueline Rubin, Roberto Finzi and Paul Brachman; intellectual property partner Claudine Meredith-Goujon and counsel Elana Bensoul; executive compensation partner Lawrence Witdorchic and counsel Jacob Glazeski; restructuring partners Kyle Kimpler and Alice Eaton; and antitrust counsel Marta Kelly and Chad de Souza.

Apr 30

1 min

Paul, Weiss advised Symphony Wireless, LLC, the dedicated cell site acquisition affiliate of alternative asset manager Palistar Capital LP and the exclusive manager of Palistar's portfolio of wireless easements assets throughout the U.S., in a $200 million securitization of Palistar’s easements portfolio. Symphony and Palistar partnered with one of the largest insurance providers in the U.S. to complete the privately rated investment-grade financing. Proceeds from the financing will be used to fund the acquisition of additional assets, distributions to investors and other general corporate purposes. The Paul, Weiss team was led by corporate partners Ravi Purohit, Charles Pesant and Robert Zochowski, and included counsel Mikhel Schecter; tax partners Matthew Jordan and Scott Sontag and counsel Christina Cerrito and Samir Kurani; real estate partner Salvatore Gogliormella; restructuring partners Sean Mitchell and Kyle Kimpler; international trade counsel Richard Elliott; and executive compensation counsel Jake Glazeski.

May 29

1 min

Paul, Weiss advised Apollo and its affiliate ATLAS SP Partners in a transaction with MassMutual, a leading mutual life insurance company. As part of the multibillion-dollar deal, MassMutual has become a minority equity owner in and capital partner to the ATLAS business and has agreed to invest in Apollo’s Asset Backed Finance franchise. The Paul, Weiss team was led by corporate partners Matthew Goldstein, Robert Tananbaum and Anastasia Peterson, and included partner Christodoulos Kaoutzanis and counsel Scott Balterman, David Levine, Katherine Shaia, David Gerst, Mikhel Schecter and Jennifer Songer; and litigation partner Gregory Laufer.

Apr 24

1 min