EXPERIENCE

Michael’s recent transactional experience includes advising:

• Clifford Capital on its fifth public infrastructure asset-backed securities transaction (IABS) through Bayfront Infrastructure Capital V Pte. Ltd, in which four classes of investment grade rated notes listed on the SGX-ST (including a sustainability tranche), together with a mezzanine tranche guaranteed by GuarantCo and a sponsor tranche (US$508 million aggregate). This was Clifford Capital’s fifth and largest IABS offering, building on the success of previous IABS in 2018, 2021, 2022, and 2023, all of which Latham acted on as drafting counsel
• Cogent IPv4 LLC in connection with a first-of-its-kind Rule 144A/Regulation S securitization of approximately 12.6 million Internet Protocol version 4 (IPv4) addresses and related customer contracts globally via a special purpose, bankruptcy remote subsidiary, involving originators in eight jurisdictions, including Hong Kong and Singapore 
• Several US and Asian asset managers on their investments in synthetic securitizations for European and Asian banks
• The joint lead managers and underwriters of the issuance by Astrea 8 Pte Ltd. of private equity collateralized fund obligations (CFO) (S$520 million Class A-1 and US$200 million Class A-2), backed by cash flows from a US$1.5 billion portfolio of investments in 38 private equity funds. Latham also acted on the Astrea Platform’s three prior CFO issuances in 2019, 2021, and 2022
• A leading global commodities dealer in relation to a US$465 million structured multi-issuer commodities inventory securitization involving 15 jurisdictions
• An international bank in connection with a US$450 million trade receivables securitization program with 16 originators in 12 jurisdictions
• A global provider of technology products and services in connection with the establishment of its APAC multi-originator trade receivables financing program
• Leading originators and banks in relation to warehouse arrangements, including a leading Hong Kong property development group’s landmark residential mortgage warehouse program
• Leading funds and banks in relation to a broad range fund financings, including structured back leverage arrangements, direct lending arrangements, subscription line facilities, and structured NAV facilities, including a US$800 million subscription line facility for a leading global investment manager
• A global asset management firm in relation to a US$390 million structured acquisition of senior secured debt, including parallel repackagings, collateral management arrangements, and derivatives
• A leading international bank, as senior lender to two consumer loan securitization vehicles, in relation to the administration and restructuring of the originator
• A leading listed conglomerate in relation to a US$625 million structured pre-IPO exchangeable asset backed bond issuance
• Various banks and funds in relation to a range of interest rate, commodity, FX, deal-contingent, and other hedging arrangements