Andrew C. Coronios
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 domestic and cross-border 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 third-party credit support; and other secured and unsecured financings.
This experience has involved various industries, such as biotech, chemicals, consumer products, defense, 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.
JD, cum laude, Albany Law School of Union University, 1977
BA,Tufts University, 1974
- Represented Tesla/SolarCity in multiple 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), the first securitization based on a tax equity lease structure (A notes rated BBB+ and B notes rated BB by S&P), and the first securitization based on a tax equity partnership flip structure (A notes rated A and B notes rated BBB by Kroll).
- Represented Dividend Finance in multiple securitizations of solar loans originated through the Dividend Finance platform to consumers for the purchase and installation of residential solar generation systems and in warehouse facilities for Dividend's solar loan portfolio.
- Represented Citigroup as arranger and agent in a US$2.4 billion structured financing for a major defense contractor to support manufacture and delivery of fighter aircraft under the Foreign Military Sales program.
- 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 US$229 million securitization of a portfolio of pharmaceutical royalty payments.
- Represented a private equity firm as the originator in a monetization of royalty payments on two competing vaccines for treatment of the same indication, funded through a 144A offering.
- Represented the arranger of two separate US$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).
- Represented the arranger and agent in a US$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 US$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.
- 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.
Rankings and recognitions
- Legal 500 USA, recommended lawyer, Finance - Structured finance: securitization, The Legal 500, 2018
- International Financial Law Review Structured Finance and Securitization Deal of the Year, 2016
- Dealmaker of the Year, initial SolarCity securitizations, The American Lawyer, 2014
- Top 40 North America Innovative Lawyers, Financial Times FT, 2014
- Energy & Environmental Trailblazer, The National Law Journal, 2015
- Chambers USA, nationwide Banking & Finance, Chambers & Partners, 2011 – 2012
- "Solar Securitizations: Practical Advice," Project Finance NewsWire, April 2016
- "Solar Securitizations," Project Finance NewsWire, September 2014
This deal was voted “Best Esoteric Deal” at GlobalCapital’s fifth annual US Securitization Awards dinner..
June 12, 2018
Solar securitizations may see a hiatus for part of 2016. Seven deals have been completed outside the PACE market, with the cost of debt increasing in Q1 2016 deals to 5.81% and 6....
April 21, 2016
Chadbourne & Parke LLP represented SolarCity in its sixth securitization, which closed on February 29, 2016. The US$57.45 million issue by SolarCity LMC Series V, LLC consisted of US$52....
March 02, 2016
Chadbourne & Parke LLP advised SolarCity on its first securitization of distributed solar loan assets....
January 25, 2016