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Title

Titrisation

Description
Réputés pour leur pratique innovante dans le secteur de la titrisation, nos avocats sont à la pointe en matière d’actifs exotiques et ont ouvert la voie sur de nombreuses opérations de titrisation inédites sur les marchés.
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  • Les avocats de Kramer Levin sont des innovateurs de premier plan dans le domaine de la titrisation, en particulier dans la structuration d’opérations impliquant des classes d’actifs exotiques. Répondant aux attentes particulières propres à nos clients, nous avons ouvert la voie sur de nombreuses transactions inédites, incluant la titrisation d’actifs solaires, de location en temps partagé, droits d’auteurs, marques déposées, brevets, licences, droits de distribution et prêts hypothécaires commerciaux, ainsi que des fusions-acquisitions ayant recours à la titrisation whole business comme source de financement. Nous représentons régulièrement la plupart des banques d’investissements new-yorkaises intervenant comme underwriter des titres adossés à des actifs exotiques ou accordant à leurs clients des warehouse loan facilities en vue de futures opérations de titrisation.

    Les clients sollicitant nos conseils nous voient comme des partenaires capables de déterminer si une nouvelle classe d’actifs peut être titrisée et disposant d’une forte expérience pour élaborer des solutions créatives adaptées aux exigences spécifiques de ces nouvelles classes d’actifs. Toujours à la pointe en matière d’actifs exotiques, nous offrons l’expertise et l’expérience tirée de notre rôle pionnier sur des nouvelles classes d’actifs et de notre capacité à répondre aux défis posés par l’application des nouvelles lois et règlements à nos programmes de financements structurés.

    Nos avocats spécialisés en titrisation sont hautement appréciés dans les domaines d’intervention suivants :

    • Energie solaire (incluant la toute première titrisation par SolarCity)
    • PACE commerciaux et résidentiels (incluant la toute première titrisation par Renovate America)
    • Actifs « efficacité énergétique »
    • Locations en temps partagé (nous sommes impliqués sur plus de 80% de ce marché)
    • Propriété intellectuelle (incluant la toute première titrisation de droits d’auteurs de David Bowie)
    • Location d’équipements,
    • Titrisation whole business (incluant la toute première titrisation utilisée pour financier l’acquisition de Bill Blass et de The Athlete’s Foot
    • Prêts automobile hypothécaires
    • Règlements échelonnés et gains de loterie
    • Marketplace lending
    • Vente au consommateur final

    De plus, nous collaborons étroitement avec l’équipe  Dérivés et produits structurés sur des opérations de financement structurés.

    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
      • 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
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      • Category
        Speaking Engagement
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        May 13, 2025
        Title
        Structured Credit Investor: Energy ABS
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      • Category
        Defining Matters
        Date
        May 06, 2025
        Title
        Kramer Levin Closes $450 Million Timeshare Securitization Transaction
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      • Category
        Defining Matters
        Date
        April 25, 2025
        Title
        Kramer Levin Closes $286 Million Solar Securitization Transaction
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      • Category
        Defining Matters
        Date
        April 02, 2025
        Title
        Kramer Levin Closes $1.35 Billion First Ever Top Level Domain Securitization
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      • Category
        Defining Matters
        Date
        April 01, 2025
        Title
        Kramer Levin Closes $225 Million Timeshare Securitization Transaction
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      • 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
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      • Category
        Defining Matters
        Date
        March 11, 2025
        Title
        Kramer Levin Securitization Team Closes Retranching of $130 Million Structured Settlement Securitization
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      • Category
        Defining Matters
        Date
        March 06, 2025
        Title
        Kramer Levin Represents Backup Manager in Connection with $1.4 Billion Fiber Network Securitization
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      • 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
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      • 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
      • Category
        Defining Matters
        Date
        Sept. 19, 2024
        Title
        Kramer Levin Closes $200 Million Timeshare 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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    • Banque & Finance
    • Dérivés et produits structurés
    • Leveraged Finance
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