ProfessionalsJordan E. Yarett
A partner in the Corporate Department and head of the firm’s Securitization Practice Group, Jordan E. Yarett has over 25 years of experience as a financing lawyer focusing on structured finance and securitization transactions. He has handled both innovative structured finance deals involving unusual asset classes as well as securitizations and bond financings involving a wide range of more traditional assets.
Jordan regularly handles significant, high profile securitizations and other structured finance matters. In 2015 and 2018, he represented Wendy’s on two high profile whole business securitizations. In 2017, Jordan led a $900 million whole-business securitization for Coinstar, an operator of 20,000 coin-counting kiosks, in a transaction which gained recognition from the Financial Times for its innovation in accessing new markets and capital. In 2015, Jordan represented Driven Brands, Inc., parent of several automotive brands including Maaco and Meineke and a portfolio company of client Roark Capital Group, in its $460 million whole-business securitization. This transaction was named 2015’s “North America Structured Finance Issue of the Year” by International Financing Review. Further, in 2007 The American Lawyer selected Jordan as a “Dealmaker of the Year” for his representation of Lehman Brothers Inc., the lead underwriter and sole structuring agent for Dunkin’ Brands Inc. in its complex $1.7 billion whole-business securitization. He was also selected as a Lawdragon 500 Leading Lawyer in America for conceiving and executing the Dunkin’ Brands transaction.
Jordan has been recognized by Chambers USA, Chambers Global, The Legal 500 and IFLR1000 as a leading Capital Markets lawyer, and has been listed in The Best Lawyers in America for Securitization and Structured Finance Law (New York City) since 2011. In 2018, Chambers USA honored Jordan with a Band 1 designation in its listing of securitization lawyers, stating that he “enjoys an excellent reputation for his securitization work." He has also been quoted in numerous publications including The Economist, The Daily Deal, The American Lawyer, The Hollywood Reporter, Esq. and The Analyst (published in India).
As part of his practice, Jordan has worked on many groundbreaking transactions including what are believed to be the first U.S. whole-company securitization involving intellectual property, first cash flow secured franchise loan securitization, the first rated time share loan securitization, the first telecom receivables commercial paper conduit, the first structured settlement conduit program, and the first fully effective SEC registered offering of pass-through certificates in a pool of secondary market municipal bonds, as well as many early and innovative drug royalty and equipment lease securitizations. Jordan is also a leading practitioner in cell tower and PACE securitizations for public and private companies, in excess of $5 billion in transactions for the last five years. In addition, he counsels clients in connection with more conventional asset classes such as trade receivables, auto loans and leases, home equity loans, mutual fund fees and credit cards.
Representative clients include: Major League Baseball, Roark Capital Group, SBA Communications Corporation, Apollo Global Management LLC, Memorial Sloan-Kettering Cancer Center and many leading, international investment banking firms.
Some of his recent work includes representing:
- Jimmy John’s LLC in connection with the $850 million whole-business securitization of its franchise system, consisting of 2,600 fast-casual restaurants across the United States.
- Coinstar, LLC, an operator of 20,000 coin-counting kiosks, in connection with its $900 million whole-business securitization backed by coin collections, branded kiosks and related contracts, license payments and intellectual property.
- Focus Brands, a franchisor and operator of over 4,500 ice cream shops, bakeries, restaurants, and cafés in the United States, in an esoteric $800 million whole business securitization backed primarily by franchise revenue, licensing and other collateral. Focus brands operates such chains as Auntie Anne’s Pretzels, Carvel, Moe’s Southwest Grill and Cinnabon.
- TGI Friday’s in connection with the $425 million whole-business securitization of its franchised restaurant royalties.
- Arby’s Restaurant Group, Inc. in connection with the $635 million whole-business securitization of Arby’s branded restaurants in the United States, Canada and certain international jurisdictions, as well as add-on offerings.
- Driven Brands, Inc. in connection with its $460 million whole business securitization backed by substantially all of the franchise assets of its automotive brands including Maaco, Meineke, Econo Lube N’ Tune and 1-800-Radiator, as well as add-on offerings.
- dick clark productions, inc. (dcp), in connection with the issuance of $340 million of notes by a newly-formed subsidiary of dcp backed by revenues from the future production of five annual live event television programs: Dick Clark’s New Year’s Rockin’ Eve, the American Music Awards, the American Country Music Awards, the Billboard Music Awards, and the Golden Globes.
- A major investment banking firm, as initial purchaser, in connection with Dunkin’ Brands, Inc.’s $2.6 billion whole business securitization of its Dunkin’ Donuts and Baskin-Robbins restaurant chains.
- CKE Restaurants Holdings, Inc. in connection with the whole-business securitization of the Carl’s Jr. and Hardee’s restaurant chains worldwide, consisting of $1.05 billion in bonds backed by franchise royalty rights, company-owned restaurant revenues, stores and the related brands.
- Two major investment banks in a $600 million refinancing securitization of all of the franchise and real estate assets of Sonic Corp.
- A major investment bank as sole structuring advisor, lead bookrunning manager and joint bookrunner, in connection with a $355 million offering of securitized billboard revenue notes for Adams Outdoor Advertising Limited Partnership.
- Major League Baseball Industry Wide Securitization Facility and the Major League Baseball Infrastructure Fund in connection with ongoing issuance by multi-billion securitization facilities of securities backed by the league's national media revenues.
- The California Public Utilities Commission in the Department of Water Resources Power Supply Revenue Bond Program (2002-2016) in the issuance of over $15 billion of bonds to finance power supply costs for California public utilities, and in numerous stranded cost securitizations.
- Multiple parties in the cross-border securitizations of alarm and home automation receivables and other esoteric receivables.
- Memorial Sloan-Kettering Cancer Center in multiple financings, including a highly complex financing utilizing an innovative international royalties sale.
- The FDIC in its corporate and receiver capacities for certain failed financial institutions, including the issuance of over $1.4 billion in structured sale guaranteed notes collateralized by over 350 underlying mortgage backed securities transactions; in connection with a joint venture with Starwood Capital Group and TPG that oversees the distressed real estate loans of Corus Bank, valued at approximately $4.5 billion, including the issuance of more than $1 billion of Rule 144A notes; and in a securitization of distressed mortgages previously owned by over twenty failed banks.
A frequent speaker and author on developing issues in the structured finance arena, Jordan is an Adjunct Professor of Law at the University of Pennsylvania Law School and has written a chapter on derivatives litigation for Derivative Risk and Responsibility and two chapters in Securitization Legal and Regulatory Issues published by American Lawyer Media, Inc.
Jordan received his B.A., magna cum laude, from Yale University in 1975 and his J.D. from the University of Pennsylvania Law School in 1978, where he was comment editor of the Law Review. He is a member of the ABA Subcommittee on Securitization of Assets, the New York City Bar Association Committee on Securitization and a member of the National Association of Bond Lawyers.