Jim Fogarty

Whole Business Securitization

Jim’s whole business securitization experience includes representing:

• Neighborly Company and its subsidiaries in the issuance and sale of US$800 million notes in 2021, US$400 million notes in 2022, and US$300 million notes in 2023 under a whole business securitization by Neighborly Issuer*
• Guggenheim Securities, as initial purchaser, in multiple transactions, including:
  • The issuance and sale of US$530 million of notes by SESAC Finance, a newly formed special purpose vehicle subsidiary of SESAC Rights Management, under a whole business securitization — this was the first securitization of a performing rights organization; also includes issuance of US$305 million of notes in 2022 and US$180 million of notes in 2024*
  • 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 LP*
  • The issuance and sale of US$500 million of notes in 2023 under a whole business securitization by Applebees Funding LLC, under a whole business securitization by Dine Brands Inc.*
• Multiple initial purchasers in whole business securitization transactions, including issuances by Dunkin Donuts, Wendy’s, Five Guys, Sonic, and Domino’s*

Liability Management Transactions

• Representing multiple companies in connection with drop-down financing utilizing securitization technology*

Rental Car Securitization

• Avis Budget Rental Car Funding (AESOP), a debt-issuing vehicle and Avis Budget Group subsidiary, in connection with its rental car asset-backed security program, including eight term asset-backed security issuances in 2023 totaling over US$4 billion*

CLO and CBO Transaction

Jim’s extensive experience in the CLO and CBO market includes advising on more than 175 CLO “2.0s” and over 30 CBOs. He has represented:

• J.P. Morgan Securities*
• GreensLedge Capital Markets*
• Antares Capital*
• MSD Partners*

*Matter handled prior to joining Latham