Glenn S.Arden

Partner

(T) + 1.212.326.7852

Glenn Arden has practiced in the structured finance, securitization, and derivatives markets since their inception in the 1980s. He was an early advisor in the integration of swaps and other derivatives into securitization structures, culminating in a pioneering role in the creation of synthetic CDOs and total return swaps (TRS). He is experienced in the representation of issuers, sponsors, underwriters, investors, and rating agencies in connection with the issuance of asset-backed and mortgage-backed securities and structured products. Glenn also advises clients in connection with capital markets transactions involving equity derivatives, such as convertible securities with call spreads, accelerated share repurchase programs (ASRs), and sales of Visa Class B shares. As a member of the Firm's opinion committee, he has primary responsibility for the Firm's opinions as to legal isolation (true sale and substantive consolidation) and the treatment of derivatives and securities contracts under bankruptcy and banking regimes, as well as compliance with Dodd-Frank regulations such as the Volcker Rule and risk retention.

Glenn's recent new issuance experience has included the securitization of electromagnetic spectrum for telecommunications, the securitization of airline ticket receivables, and multijurisdictional trade receivables facilities.

Glenn has been a frequent speaker on securitization and derivatives. He is author of the chapter on "Derivatives and Securitization" in the treatise Securitizations: Legal and Regulatory Issues, published by Law Journal Press, and has served as an adjunct assistant professor of financial management at New York University, where he taught a graduate course in the legal analysis of structured finance.

Experience

  • ING Bank N.V., Sucursal en España and Finacity Capital Management arrange cross-border trade receivables facility for Ferroglobe PLCJones Day represented ING Bank N.V., Sucursal en España and Finacity Capital Management in connection with a cross-border trade receivables facility for Ferroglobe PLC, a leading materials innovation company.
  • Sprint completes private placement of wireless spectrum-backed notesJones Day represented Sprint Corporation, a communications services company, in connection with the issuance by three special purpose, bankruptcy-remote, wholly owned subsidiaries of Sprint (the Issuers) of $3.5 billion of Series 2016-1 3.36% Senior Secured Notes, Class A-1 (the Notes) in a private transaction exempt from the registration requirements of the Securities Act of 1933.
  • Sprint obtains $1.1 billion for additional sale and lease-back of certain leased devices to Mobile Leasing SolutionsJones Day represented Sprint Corporation, a communications services company, in connection with its $1.1 billion sale and lease-back transaction of certain leased mobile wireless devices with Mobile Leasing Solutions, LLC, a provider of mobile device financing to carriers.
  • Sprint amends existing receivables facility to include lease receivables and expands total capacity to $4.3 billionJones Day advised Sprint Corporation, a communications services company, in connection with its $1 billion increase to its existing receivables facility with Mizuho Bank, Ltd.; The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch; and SMBC Nikko Securities America, Inc., each as administrative agent.
  • Standard Chartered Bank, Daiwa Capital Markets, and Korean Development Bank act as joint lead arrangers in cross-border securitization of $350 million of Korean Air Lines' U.S. passenger ticket receivablesJones Day acted as legal and tax transaction counsel, representing Standard Chartered Bank, Daiwa Capital Markets, and The Korean Development Bank as joint lead arrangers and Citicorp International Limited as note trustee, in a cross-border securitization of Korean Air Lines' U.S. sourced passenger ticket receivables.
  • Peabody Energy amends and restates receivable securitization programJones Day represented Peabody Energy Corporation, a large private-sector coal company, in connection with the amendment and restatement of the receivable securitization program to, among other things, extend the term of the program by two years to March 25, 2018 and reduce the maximum availability under the facility to $180 million.
  • Global diversified financial services company acquires power trading portfolio of global banking and financial services companyJones Day advised a global diversified financial services company in the acquisition of the power trading portfolio of a global banking and financial services company.
  • Finacity forms Finacity Capital ManagementJones Day advised Finacity Corporation, a specialty finance company, in connection with its formation of Finacity Capital Management (FCM), a new business designed to facilitate efficient processing of trade receivables as well as access to the securitization markets for companies with smaller portfolios of receivables.
  • WESCO International enters into $550 million receivables purchase agreement with PNC BankJones Day represented WESCO International, Inc., a multinational electronics distribution and services company, and its subsidiaries in connection with the $550 million receivables purchase agreement with PNC Bank, National Association and the various purchaser groups party thereto.
  • Verizon leases over 11,300 wireless towers to American Tower for $5 billionJones Day represented Verizon Communications, Inc. with respect to the lease of over 11,300 of its company-owned wireless towers to American Tower Corporation, which also purchased approximately 165 Verizon towers, for a total up-front payment of approximately $5 billion.
  • Global diversified financial services company acquires Texas ERCOT power and natural gas commodity business of multinational banking and financial services companyJones Day represented a global diversified financial services company in the acquisition of the Texas ERCOT power and natural gas commodity business of a multinational banking and financial services company.
  • Global diversified financial services company acquires substantially all of the commodity business of multinational financial services companyJones Day advised a global diversified financial services company in the acquisition of substantially all of the commodity business of a multinational financial services company.
  • American Energy Partners forms $4 billion joint venture with Energy Transfer Partners, LP to construct and operate 3.25 Bcf/day interstate pipelineJones Day represented American Energy Partners in connection with the formation of a $4 billion joint venture with Energy Transfer Partners, LP to construct and operate a 3.25 Bcf/day interstate pipeline to transport natural gas from the Marcellus and Utica Shale areas to hubs serving the Midwest, Gulf Coast, Canadian, and U.S. Northeast markets, and related transportation services agreements.
  • UniCredit Bank AG provides financing to Alcatel USJones Day advised UniCredit Bank AG, as mandated lead arranger, in connection with a trade receivables financing provided to Alcatel US whereby Alcatel is selling, on a revolving non-recourse basis, receivables owed by Sprint Communications to Aros Funding.
  • H.I.G. Capital enters joint venture to acquire and finance 115-unit multifamily property in Upper East Side of ManhattanJones Day represented H.I.G. Capital, LLC, in its joint venture with O'Connor Capital to acquire and finance The Wellington, a 115-unit residential property located on the Upper East Side of Manhattan.
  • Wells Fargo arranges $75 million synthetic participated lease transactionJones Day represented Wells Fargo Bank, National Association in connection with the arrangement of a new $75 million synthetic lease facility for a life insurance company relating to its local headquarters in Birmingham, Alabama.
  • Finacity arranges $75 million cross-border trade receivables securitization for CHC HelicopterJones Day advised Finacity Corporation, a specialty finance company, in connection with a $75 million cross-border trade receivables securitization facility for CHC Helicopter, a leading provider of helicopter support to the oil and gas, search and rescue, helicopter training, and repair and overhaul industries.
  • OMERS enters consortium for 15-year concession with State of New Jersey to run New Jersey lotteryJones Day advised OMERS Strategic Investments in a 15-year concession to run the New Jersey Lottery as a joint venture named Northstar New Jersey Lottery Group, LCC made up of a consortium of GTECH Corporation, a wholly-owned subsidiary of GTECH S.p.A.; Scientific Games New Jersey, a wholly-owned subsidiary of Scientific Games International, Inc.; and OSI LTT NJ Grantor Trust, an affiliated entity of OMERS Administration Corporation.
  • Rock-Tenn obtains $700 million trade receivables securitization facilityJones Day represented Rock-Tenn Company, a leading corrugated and consumer packaging provider to consumer products companies, in connection with a $700 million trade receivables securitization facility.
  • T-Mobile USA and Crown Castle complete $2.4 billion cell tower transactionJones Day advised T-Mobile USA, Inc. in the monetization of its approximately 7,200 U.S. T-Mobile tower portfolio to Crown Castle International for $2.4 billion, subject to adjustment.
  • PNC Bank obtains regulatory relief under Section 943 of The Dodd-Frank Wall Street Reform and Consumer Protection ActJones Day represented PNC Bank, National Association in obtaining regulatory relief under Section 943 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
  • Additional Publications

    • August 2017Volcker Rule Reform Begins
    • July 2015Rapid Growth in Online Lending Prompts Information Request from U.S. Treasury
    • February 2013U.S. Loan Market Adjusts to Address Swaps-Related Rules Issued Under Dodd-Frank
    • Spring 2012The Fat Tail Reporter
    • August 2010More Than Just Financial Reform: Analysis and Observations on the Dodd-Frank Wall Street Reform and Consumer Protection Act
    • June 2009FDIC Delays the PPIP Legacy Loan Program to Focus on Public-Private Programs to Sell Assets from Failed Banks
    • May 2009The Federal Reserve's Term Asset-Backed Securities Loan Facility ("TALF") Update
    • May 2009The Federal Reserve's Term Asset-Backed Securities Loan Facility ("TALF") Update: Legacy CMBS and Other Developments
    • May 2009The Helping Families Save Their Homes Act of 2009 Significantly Changes the TARP, PPIP, and TALF Programs and FDIC Insurance
    • April 2009Commercial Real Estate CDO Litigation: The Credit Crisis' Next Wave?
    • March 2009The Federal Reserve's Term Asset-Backed Securities Loan Facility ("TALF")—Expanding New Credit for Consumers and Businesses
    • February 2005SEC Adopts Final Rules for Asset-Backed Securities, article also (i)selected as feature in Martindale-Hubbell's Counsel to Counsel Securities Alert & (ii)published in the March 31 & April 15, 2005 issue International Securitization & Finance Report
    • May 2004SEC Proposes New Rules for Asset-Backed Securities
    • April 2001Commodity Futures Modernization Act of 2000

    Speaking Engagements

    • October 20, 2010Mortgage-Backed Securities Litigation: Recent Developments
    • December 2006Legal and Regulatory Issues for CDOs at CDO Summit
    • February 2006Synthetic Technology and Credit Developments, ABS West Conference
    • February 2005Secondary Market Trading of CDOs Developments, ABS West Conference
    • June 2004Use of Credit Default Swaps in Synthetic CDOs, Global ABS Conference
    • March 2004Derivatives and Securitization: Legal and Regulatory Developments for Credit Derivatives, Credit Derivatives/Synthetic Securitization Conference
    • February 2004CDO Repackaging, ABS West Conference
    • February 2003Derivatives and Securitization Post-Enron, Annual ABS Symposium
    • November 2002Overview of the Credit Default Swap Market, Credit Derivatives/Synthetic Securitization Conference
    • September 2002Funding CDOs with ABCP, European Forum on ABCP
    • May 2002Synthetic CDOs, CDO Market Summit
    • February 2002Alternative Investment and Hedge Fund CDOs, ABS West Conference
    • June 2001Financial Guaranty Insurance for Equipment Lease Transactions
    • May 2001Issuer Workshop on Legal Issues in Global Securitization, Global ABS Conference
    • February 2001Derivatives and Synthetic Securities, Annual ABS Symposium
    • June 2000Arbitrage CDOs, Annual European ABS Conference
    • June 2000Asset Securitization Academy, Chairman
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