Practices
Finance
Commercial Finance

Commercial Finance

Shipman’s business lawyers represent public and private companies, including businesses that are local, regional, national, and international in scope. Our clients include businesses at all stages of development, including startup and emerging companies; closely held and family businesses; middle market companies; quasi-public agencies; and non-profit organizations.

Clients are engaged in private equity and venture capital, information technology and software, wireless technologies, telecommunications, e-business, manufacturing, distribution, banking, insurance, health care, specialty materials, real estate construction and development, transportation, retail and wholesale marketing, investment banking and advisory services, hedge fund investing, public utilities, professional and consulting services, and agricultural business.

Our team of over 50 lawyers provides a full range of services to our business clients, including corporate, securities, mergers and acquisitions, private equity, e-business, environmental, tax and contracting.

Our business lawyers pride themselves on giving practical, business-oriented and creative advice, with broad industry knowledge in those sectors in which our clients do business.

Shipman’s banking and financial services team provides sophisticated advice to market-leading multinational, money-center, regional banks, community banks, bank holding companies, commercial financial institutions, and other lenders. Our lawyers have extensive experience structuring, negotiating and documenting a wide range of sophisticated, multimillion-dollar commercial, real estate, asset-based, and other financing transactions.

Financing

Investment management

Representation of Structured Credit Fund

"Spin-off" Fund from Financial Institution

Representation of the sponsor in connection with the formation of a 'mini-master' fund structure comprised of an offshore Cayman feeder fund and onshore U.S. feeder fund, as well as an interposed intermediate Cayman limited partnership and Cayman master fund. The master fund invests principally in stressed and distressed structured credit securities, such as ABS, RMBS, CMBS and CDO securities. In addition, representation of the sponsor and its principals in the negotiation and drafting of the general partner limited liability company agreement.

Quasi-public agencies

Formation of Spin Out for Connecticut Green Bank

Connecticut Green Bank

Shipman & Goodwin represented the Connecticut Green Bank in the formation of a non-governmental entity called Inclusive Prosperity Capital (IPC). IPC will operate Connecticut Green Bank programs that finance solar panel arrays and other energy offerings for low and middle-income homeowners, multifamily properties, small businesses, schools and nonprofits. IPC’s goal is to preserve Connecticut’s efforts to increase private sector investments in solar and other forms of clean energy. Our attorneys handled the organizational documents and the application for 501(c)(3) qualification for IPC, as well as administrative support agreements and board governance and approval issues, including the statutory authority of a quasi-public agency to create a non-governmental organization to carry out its purposes. The firm also obtained a favorable Advisory Opinion of the Citizen’s Ethics Advisory Board addressing “revolving door” questions arising as a result of the transition of certain Connecticut Green Bank employees to IPC.

General

$64MM Financing of Skilled Nursing Facility in New York

Successfully closed a $64,000,000 financing including term loan and line of credit on behalf of our banking client on a skilled nursing facility located in New York. This transaction required our team to develop a complicated loan structure involving fee and leasehold collateral due to New York Department of Health regulations. In addition to drafting a large number of complex loan documents, we assisted with due diligence, handled all associated liens, and reviewed all of the approvals from the New York Department of Health.

$16M Tax Credit Financing Construction to Permanent Loan

$16M Tax Credit Financing Construction to Permanent Loan secured by leasehold mortgage in certain real property in Connecticut. The transaction also involved Low Income Housing Tax Credits (state and federal), a Department of Housing Loan, Section 8 Housing, an Affordable Housing Loan and a Subsidized Advance from Federal Home Loan Bank of Boston. Additionally, our environmental team advised on environmental and remediation requirements.

$52 Million Syndicated Credit Facility Closing

Represented People’s United Bank (lender and agent) in the $52 million syndicated credit facility closing to a group of companies (owned by private equity fund CI Capital Partners) that supply research, industrial and medical gases wholesale to hospitals, universities and private customers. The facility will allow the group of companies to acquire other companies in the industry via stock and asset purchases. This complex closing involved a variety of financing, tax, intellectual property and ERISA issues requiring experienced legal counsel.

Senior Credit Facility Refinancing

Numet Machining Techniques Inc.

Our representation of Numet Machining Techniques Inc. and its parent company involved heavily negotiating senior loan documents, making the necessary amendments to mezzanine loan documents, and coordination of the complicated termination of an existing facility, all resulting in a successful senior credit facility refinancing for our client.

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