Pryor Cashman is First to Close International Investment Company Redemption Financing
Pryor Cashman client JPMorgan Chase Bank closed a $725,000,000 redemption facility for the Franklin Templeton fund family. The facility provides financing for certain Franklin Templeton funds organized under both US and non-US law, and is the first of its kind. The SEC issued a no-action letter, dated November 21, 2008, to Franklin Templeton with respect to the financing. The transaction closed on January 23, 2009.
Pryor Cashman represented JPMorgan Chase Bank, N.A. in its capacity as Administrative Agent and syndicate leader for the facility, J.P. Morgan Europe Limited as Foreign Administrative Agent, and J.P. Morgan Securities Inc. as Co-Lead Arranger and Joint-Bookrunner with respect to the facility. The Pryor Cashman team was composed of Partners Lawrence Remmel and Chris Mellevold, members of the firm's Banking & Finance Group, Tax Partner Michael Dunworth, and Associate Louis Ciccone.
