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Title

Securitization and Structured Finance

Description
Known as innovators in the field of securitization, our lawyers are at the forefront regarding esoteric assets and have pioneered many first-of-a-kind securitization transactions.
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  • Kramer Levin lawyers are innovators in the field of securitization, especially in structuring transactions involving esoteric asset classes. Responding to our clients’ unique needs, we have pioneered many first-of-a-kind transactions — including securitizations of solar assets, commercial and residential PACE, time-shares, copyrights, trademarks, patents, licensing rights, distribution rights and commercial mortgages, as well as M&A transactions using securitization as the source of financing in the form of a “whole business” securitization. We regularly represent most of the investment banks in New York that underwrite esoteric asset-backed securities or that provide warehouse loan facilities to their clients as a path to an eventual capital markets securitization offering.

    Clients seek our advice because they see us as partners able to determine whether a novel asset can be securitized and highly experienced in crafting the type of creative solutions that are tailored to the unique needs of new asset classes. Always at the forefront regarding esoteric assets, we offer the knowledge and experience gained from being the first to test new asset classes and, and the first to respond to the challenge of applying newly adopted regulations to our structured financing programs.

    Our Securitization and Structured Finance lawyers are highly regarded in the following areas:

    • Solar (including the first-ever securitization by SolarCity)
    • PACE, commercial and residential (including the first-ever securitization by Renovate America)
    • Energy efficiency assets
    • Time-share loans (we are involved in more than 80 percent of the time-share market)
    • Intellectual property (including the first-ever securitization of music royalties by David Bowie)
    • Healthcare loans
    • Trade receivables
    • Leveraged loans
    • Equipment leases
    • Whole business securitization (including the first-ever securitizations used to finance the management buyouts of Bill Blass and The Athlete’s Foot)
    • Subprime auto loans
    • Structured settlements and lottery winnings
    • Marketplace lending
    • Consumer retail sales finance

    We also work closely with the firm’s Derivatives and Structured Products team, advising on complex financings.

    Defining Matters

    • Kramer Levin Closes $977.5 Million Solar ABS Transaction – Largest Ever Solar Securitization

      Kramer Levin represented the sole structuring agent, joint bookrunners and initial purchasers in connection with a $977.5 million securitization of solar assets subject to tax equity transactions. The notes were rated by Kroll Bond Rating Agency LLC. The transaction closed on June 11, 2024.
    • Kramer Levin Closes First of its Kind Solar Securitization With Indirect Guarantee by US Department of Energy

      Kramer Levin represented the structuring agent and joint bookrunners in connection with a first of its kind asset backed securities transaction of solar loans which is supported by a first of a kind loan guarantee program with the United States Department of Energy. Based on the indirect guarantee by the U.S. Department of Energy, this was the first time solar loan backed securitization notes have achieved a AAA rating. The transaction closed on Nov. 8, 2023.
    • Kramer Levin Closes Largest Solar Securitization in History

      Kramer Levin represented the structuring agent, placement agent, joint bookrunners and co-managers in connection with a $795 million securitization of solar assets. This transaction was the largest solar securitization in history. The notes were rated by Kroll Bond Rating Agency LLC.

    • Kramer Levin Closes $384.9 Million Solar Asset Securitization

      Kramer Levin represented the structuring agent, joint bookrunners and co-managers in connection with a $384,950,000 back-leverage securitization of solar assets. The notes were rated by Kroll Bond Rating Agency, LLC.
    • Kramer Levin Closes $323.5 Million Solar Asset Securitization

      Kramer Levin represented the structuring agent and the initial purchaser in a $323.5 million capital markets securitization of solar assets, including solar assets subject to tax equity transactions. The securitization consisted of $323.5 million of notes issued in two classes, each of which were rated by Kroll Bond Rating Agency. The transaction closed on April 26, 2023.
    • Kramer Levin Advises ATLAS SP Partners and Citi in Connection With Sunnova’s $3 Billion Conditional Commitment from U.S. Department of Energy to Develop Virtual Power Plant Capabilities and Support Clean Energy Access

      Kramer Levin is representing ATLAS SP Partners and Citi, financial advisors to Sunnova Energy International, Inc. (Sunnova), in connection with the U.S. Department of Energy’s conditional commitment to provide an up to $3.0 billion partial loan guarantee to make distributed energy resources, including rooftop solar, battery storage and virtual power plant (VPP)-ready software available to more American homeowners. The transaction is known as “Project Hestia."
    • Kramer Levin Closes $380 Million Timeshare Securitization Transaction

      Kramer Levin represented the initial purchasers in connection with a $380 million capital markets securitization of timeshare loans. The deal closed on April 13.
    • Kramer Levin Closes $256 Million Commercial PACE Securitization

      Kramer Levin represented the sole structuring agent and joint bookrunners in connection with a $256,581,000 capital markets securitization of commercial PACE assets. The transaction closed on April 6, 2023.
    • Kramer Levin Closes $250 Million Timeshare Securitization Transaction

      Kramer Levin represented the initial purchasers in connection with a $250 million capital markets securitization of timeshare loans.
    • Kramer Levin Closes $227.7 Million Solar Loan Securitization

      Kramer Levin represented the structuring agent and bookrunner in connection with a $227.7 million capital markets securitization of solar loans.
    • Kramer Levin Closes $269 Million Timeshare Securitization

      Kramer Levin represented the Initial Purchasers in connection with a $269,170,000 capital markets securitization of timeshare loans.
    • Kramer Levin Closes $397 Million Solar Loan Securitization

      Kramer Levin represented the sponsor and issuer of a $397,145,000 securitization of loans originated to install solar panels and energy storage systems. The securities were rated by Kroll Bond Rating Agency and S&P Global Ratings. The transaction closed on Aug. 10, 2022.
    • Kramer Levin Closes $100 Million Solar Loan and Other Sustainable Home Improvement Loan Securitization Warehouse

      Kramer Levin represented the administrative agent and lenders in connection with a $100,000,000 securitization facility. The facility is secured by solar loans and other sustainable home improvement loans. The transaction closed on June 30, 2022.
    Kramer Levin Naftalis & Frankel LLP is known for its work involving unique asset classes and can lay legitimate claim to a position at the forefront of clean energy and PACE bond securitizations.
    — Legal 500 US

    Practice Contacts

      • Gilbert K.S. Liu

        • Partner
        • Partner, Chair, Securitization and Structured Finance
        • New York
        • gliu@kramerlevin.com
        • T 212.715.9460
        • F 212.715.8460
      • vcard
      • David S. Berg

        • Partner
        • Partner, Chair, Private Credit
        • New York
        • dberg@kramerlevin.com
        • T 212.715.9176
        • F 212.715.8176
      • vcard
      • Daniel Michaelson

        • Partner
        • New York
        • dmichaelson@kramerlevin.com
        • T 212.715.9225
        • F 212.715.8000
      • vcard
      • Laurence Pettit

        • Partner
        • New York
        • lpettit@kramerlevin.com
        • T 212.715.9458
        • F 212.715.8458
      • vcard
      • Jamie Kocis

        • Partner
        • Deputy Chair, Corporate; Co-Chair, Women's Initiative Committee
        • New York
        • jkocis@kramerlevin.com
        • T 212.715.9103
        • F 212.715.8103
      • vcard
    • Perspectives

      Search More
      • Category
        Sponsorship
        Date
        May 16, 2025
        Title
        PACENation Summit 2025
        Read More
      • Category
        Defining Matters
        Date
        May 14, 2025
        Title
        Kramer Levin Closes $390 Million Healthcare Services, Life Sciences, Technology and Recurring Revenue Loan Securitization
        Read More
      • Category
        Speaking Engagement
        Date
        May 13, 2025
        Title
        Structured Credit Investor: Energy ABS
        Read More
      • Category
        Defining Matters
        Date
        May 06, 2025
        Title
        Kramer Levin Closes $450 Million Timeshare Securitization Transaction
        Read More
      • Category
        Defining Matters
        Date
        April 25, 2025
        Title
        Kramer Levin Closes $286 Million Solar Securitization Transaction
        Read More
      • Category
        Defining Matters
        Date
        April 02, 2025
        Title
        Kramer Levin Closes $1.35 Billion First Ever Top Level Domain Securitization
        Read More
      • Category
        Defining Matters
        Date
        April 01, 2025
        Title
        Kramer Levin Closes $225 Million Timeshare Securitization Transaction
        Read More
      • Category
        Defining Matters
        Date
        March 19, 2025
        Title
        Kramer Levin Closes $350 Million Timeshare Securitization Transaction
        Read More
      • Category
        Defining Matters
        Date
        March 11, 2025
        Title
        Kramer Levin Securitization Team Closes $150 Million Structured Settlement Securitization
        Read More
      • Category
        Defining Matters
        Date
        March 11, 2025
        Title
        Kramer Levin Securitization Team Closes Retranching of $130 Million Structured Settlement Securitization
        Read More
      • Category
        Defining Matters
        Date
        March 06, 2025
        Title
        Kramer Levin Represents Backup Manager in Connection with $1.4 Billion Fiber Network Securitization
        Read More
      • Category
        Announcements
        Date
        Feb. 18, 2025
        Title
        Chambers Global 2025 Recognizes Kramer Levin Lawyers and Practices
        Read More
      • Category
        Defining Matters
        Date
        Feb. 18, 2025
        Title
        Kramer Levin Closes $695 Million Solar Securitization Transaction
        Read More
      • Category
        Defining Matters
        Date
        Dec. 20, 2024
        Title
        Kramer Levin Represents Structuring Agent and Initial Purchasers in Solar Assets Securitization
        Read More
      • Category
        Defining Matters
        Date
        Dec. 03, 2024
        Title
        Kramer Levin Closes a Forward Flow Facility of Consumer Loans
        Read More
      • Category
        Defining Matters
        Date
        Dec. 03, 2024
        Title
        Kramer Levin Closes an Equipment Warehouse Facility
        Read More
      • Category
        Defining Matters
        Date
        Nov. 12, 2024
        Title
        Kramer Levin Closes $498.5 Million Solar Securitization Transaction – Largest Solar Retail Installment Contract Securitization Ever
        Read More
      • Category
        Defining Matters
        Date
        Nov. 07, 2024
        Title
        Kramer Levin Closes $500 Million Timeshare Securitization
        Read More
      • Category
        Defining Matters
        Date
        Nov. 07, 2024
        Title
        Kramer Levin Represents Administrative Agent and Lenders in $300 Million Home Improvement Loan Warehouse Facility
        Read More
      • Category
        Defining Matters
        Date
        Nov. 06, 2024
        Title
        Kramer Levin Closes $197 Million Securitization of C&I and Community Solar Assets
        Read More
      • Category
        Defining Matters
        Date
        Nov. 06, 2024
        Title
        Kramer Levin Closes $407 Million Solar Loan Securitization
        Read More
      • Category
        Defining Matters
        Date
        Nov. 06, 2024
        Title
        Kramer Levin Closes $418.5 Million Securitization of Home Improvement and Equipment Contracts
        Read More
      • Category
        Defining Matters
        Date
        Nov. 05, 2024
        Title
        Kramer Levin Closes $324 Million Solar Loan Securitization
        Read More
      • Category
        Defining Matters
        Date
        Nov. 04, 2024
        Title
        Kramer Levin’s Securitization Group Closes $325 Million Timeshare Securitization Transaction
        Read More
      • Category
        Announcements
        Date
        Oct. 24, 2024
        Title
        2024 New York Super Lawyers and Rising Stars Lists Include Over 90 Kramer Levin Attorneys
        Read More
      • Category
        Announcements
        Date
        Oct. 18, 2024
        Title
        Howard T. Spilko and Jamie Kocis Named to Lawdragon 500's Leading Dealmakers in America List for 2025
        Read More
      • Category
        Announcements
        Date
        Oct. 10, 2024
        Title
        Kramer Levin Formalizes Private Credit Practice, Serving Clients Seeking Creative Financing Strategies and Access to New Asset Classes
        Read More
      • Category
        Defining Matters
        Date
        Sept. 30, 2024
        Title
        Kramer Levin Closes $445 Million Timeshare Securitization Transaction
        Read More
      • Category
        Defining Matters
        Date
        Sept. 30, 2024
        Title
        Kramer Levin Closes $66 Million Timeshare Loan Securitization
        Read More
      • Category
        Defining Matters
        Date
        Sept. 26, 2024
        Title
        Kramer Levin Closes $402.8 Million Solar Securitization Transaction
        Read More
      View More
    • Recognition

      Year
      2019 – 2025
      Name
      Chambers and Partners' Chambers Global
      Description
      Recognized for Capital Markets: Securitization (ABS and PACE)
      Year
      2019 – 2025
      Name
      U.S. News & World Report and Best Lawyers' Best Law Firms
      Description
      Ranked in Tier 1 for Securitization and Structured Finance Law (National, New York)
      Year
      2018 – 2024
      Name
      Legal 500 US
      Description
      Recognized for Finance – Structured Finance: Securitization
      Year
      2018 – 2020, 2022 – 2024
      Name
      GlobalCapital US Securitization Awards
      Description
      Esoteric ABS Law Firm of the Year (2019, 2023, 2024); Esoteric ABS Deal of the Year (2024); ESG Deal of the Year (2024); Finalist, ABS Law Firm of the Year (2022); ABS Law Firm of the Year (2020); Overall Best Securitization Law Firm (2018)
      Year
      2022
      Name
      Financial Times Innovative Lawyers Awards: Innovation in Sustainability
      Description
      Standout Firm: Groundbreaking solar energy securitization
      Year
      2019 – 2024
      Name
      Chambers USA
      Description
      Recognized for Capital Markets: Securitization (Nationwide); Securitization (ABS and PACE)

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    • Derivatives and Structured Products
    • Leveraged Finance
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