Michelle F.Herman

Of Counsel

New York + 1.212.326.8373

Michelle Herman's areas of practice include structured finance and securitization, aviation, equipment leasing, banking and finance, and other general corporate representations.

Michelle has considerable experience with domestic and cross-border structured finance transactions across a broad range of asset classes, including trade receivables, installment sales contracts, commercial loans, "marketplace loans," auto loans and leases, spectrum, trademarks, handsets, and natural gas assets. She also represents lenders, lessors, and lessees in a wide variety of aviation finance and equipment lease transactions, including leveraged leases, single-investor leases, operating leases, purchases and sales, servicing agreements, and foreclosures. Her practice also extends to general corporate finance, specifically the representation of financial institutions and other clients extending or receiving credit through unsecured and secured credit facilities.

Michelle has participated in the Lawyers Alliance for New York nonprofit externship program. She is a member of the New York State Bar Association and the Association of the Bar of the City of New York.

Experience

  • WestRock Company amends its $700 million accounts receivable securitization facilityJones Day advised WestRock Company, a leader in sustainable, fiber-based packaging solutions, in connection with a joinder agreement and omnibus amendment related to its $700 million accounts receivable securitization facility with Coöperatieve Rabobank U.A., New York Branch.
  • WestRock Company amends and extends its accounts receivable monetization facilityJones Day advised WestRock Company, a leader in sustainable, fiber-based packaging solutions, in connection with the amendment and extension of its $110 million accounts receivable monetization facility with Sumitomo Mitsui Banking Corporation, New York Branch, as purchaser.
  • Cascades enters into $60 million accounts receivable monetization facilityJones Day represented Cascades Inc., a producer of sustainable, innovative, and value-added packaging, hygiene and recovery solutions, and certain of its subsidiaries, in connection with a new $60 million accounts receivable monetization facility with Coöperatieve Rabobank U.A., New York Branch, as purchaser.
  • Newell Brands enters into trade receivables facilityJones Day advised Newell Brands Inc., a leading consumer products company, in connection with its seasonally adjusting $225-$275 million trade receivables facility with Royal Bank of Canada, as administrative agent.
  • WestRock Company enters into $700 million accounts receivable monetization facilityJones Day represented WestRock Company, a leader in sustainable, fiber-based packaging solutions, and certain of its subsidiaries, in connection with a new replacement $700 million accounts receivable monetization facility with Coöperatieve Rabobank U.A., New York Branch, as purchaser.
  • Oncor Electric Delivery Company enters into $500 million revolving trade receivables securitization facilityJones Day represented Oncor Electric Delivery Company LLC, a regulated electricity transmission and distribution company, in connection with a $500 million revolving trade receivables securitization facility with MUFG Bank, Ltd., as administrative agent.
  • WestRock Company amends and extends its $700 million accounts receivable securitization facilityJones Day advised WestRock Company, a leader in sustainable, fiber-based packaging solutions, in connection with the amendment and extension of its $700 million accounts receivable securitization facility with Coöperatieve Rabobank U.A., New York Branch.
  • Gray Television enters into $300 million trade receivables facilityJones Day advised Gray Television, Inc., a television broadcast company, in connection with its $300 million trade receivables facility with Wells Fargo Bank, National Association, as administrative agent.
  • Leading specialty and materials company amends and restates its receivables purchase and servicing agreementJones Day acted as transaction counsel in connection with an amendment and restatement of a leading specialty and materials company's receivables purchase and servicing agreement to incorporate, amongst others, an additional originator and to increase the programme amount.
  • MassMutual and its affiliate invest in newly formed limited partnership formed for purpose of acquiring redeemable Common Stock of SPACsJones Day represented Massachusetts Mutual Life Insurance Company and its affiliate in connection with an investment, in the form of a term loan and equity contribution, to a newly formed limited partnership formed for the purpose of acquiring and trading in redeemable Common Stock issued by Special Purpose Acquisition Companies (SPACs).
  • WESCO International obtains $100 million incremental increase to its receivables securitization facility with PNC BankJones Day represented WESCO International, Inc., a global electrical, communications and utility distribution and supply chain solutions company, in connection with a $100 million incremental increase to its receivables securitization facility with PNC Bank, National Association, as administrator, bringing the total size of the facility to $1.625 billion.
  • Flowers Foods amends and extends its $200 million trade receivable securitization programJones Day represented Flowers Foods, Inc. in connection with the amendment and extension of its $200 million trade receivable securitization program.
  • MassMutual enters into approximate $840 million transaction for purchase and financing of natural gas assets located in Pennsylvania and West VirginiaJones Day represented Massachusetts Mutual Life Insurance Company and MassMutual Ascend Life Insurance Company in connection with (a) the acquisition and financing of asset-backed notes and certificates the proceeds of which were used to acquire proved, developed, and producing ("PDP") natural gas assets in Pennsylvania and West Virginia and (b) the formation of a limited partnership and the subsequent acquisition of six proven-undeveloped natural gas wells located in Pennsylvania and West Virgina.
  • Major distributor of alcoholic beverages amends and restates its $175 million asset-based loan facilityJones Day represented a major distributor of alcoholic beverages in connection with the amendment and restatement of its $175 million asset-based loan facility, automatically increasing to $230 million on the anniversary of the closing date or sooner upon request.
  • Leading supplier to global rail industry amends and extends its $350 million receivables facilityJones Day advised a leading supplier to the global rail industry in connection with the amendment and extension of its $350 million receivables facility.
  • WESCO International obtains $125 million incremental increase to its receivables securitization facility with PNC BankJones Day represented WESCO International, Inc., a global electrical, communications and utility distribution and supply chain solutions company, in connection with a $125 million incremental increase to its receivables securitization facility with PNC Bank, National Association, as administrator, bringing the total size of the facility to $1.525 billion.
  • Wells Fargo provides $475 million senior loan facility secured by portfolio of 12 multifamily properties across multiple statesJones Day represented Wells Fargo Bank, National Association, as administrative agent, in connection with the origination of a $475 million senior loan facility secured by 12 multifamily properties across Arizona, California, and Illinois.
  • MassMutual closes $1.5 billion structured term loan secured by company's intellectual propertyJones Day represented Massachusetts Mutual Life Insurance Company and MassMutual Intellectual Property LLC in connection with refinancing a $1.5 billion structured term loan secured by intellectual property.
  • OUTFRONT Media refinances $150 million receivables facilityJones Day advised OUTFRONT Media Inc., one of the largest providers of advertising space on out-of-home advertising structures and sites in the United States and Canada, in connection with the amendment and extension of its $150 million receivables facility with MUFG Bank, Ltd.
  • PNC Bank leads syndicate of lenders on amendment, restatement, and increase of existing syndicated senior secured credit facility for ICF International, Inc.; ICF Consulting Group, Inc.; and certain of their affiliatesJones Day represented PNC Bank, National Association, as administrative agent, in connection with the amendment, restatement, and increase of an existing syndicated senior secured revolving credit, term loan, and delayed draw term loan facility for ICF International, Inc., ICF Consulting Group, Inc., and certain of their affiliates.