Mayer Brown represents Wells Fargo on agreement to acquire fund financing portfolio from WestLB
25 June 2012
Mayer Brown, a leading global law firm, announced today that it advised Wells Fargo & Company on a definitive agreement to acquire WestLB’s subscription finance portfolio. The portfolio contains approximately $6 billion in commitments (approximately $3 billion outstanding). Terms of the agreement were not disclosed.
Subscription finance provides committed revolving and term loans as well as letters of credit mainly to private equity and real estate investment funds to facilitate the funds’ investment activities. The financing is secured by the uncalled capital commitments from the funds’ institutional investors.
The transaction is expected to close by the end of the second quarter of 2012.
The Mayer Brown team was led by partners Elizabeth Raymond (Corporate & Securities, Chicago), Keith Oberkfell (Banking & Finance, Charlotte) and Mike Mascia (Banking & Finance, New York), and included: Corporate & Securities – partners Rory Cohen (New York), Tim Nosworthy (London) and Heinrich von Buenau (Frankfurt) and associate Erik Axelson (Chicago); Banking & Finance – partners Zac Barnett (Chicago), Joerg Wulfken (Frankfurt), Nigel White (London) and Simon Fisher (London); and Employment & Benefits – partners Guido Zeppenfeld (Frankfurt) and Nick Robertson (London) and counsel Karen Grotberg (Chicago).