Firm Represents Deutsche Bank as Agent in Community Preservation Corporation’s Restructuring
02.06.12
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The Firm represented Deutsche Bank in its capacity as agent in Community Preservation Corporation’s (CPC) restructuring.
Deutsche Bank was agent on CPC’s $405 million bank facility which matured on January 31, 2012. Comprised of over 70 lenders, the bank facility was extended for two years with CPC agreeing to provide, among other things, a fixed amortization schedule and additional collateral to the lenders. CPC is a not-for-profit corporation that was formed in the 1970s to provide affordable financing to low and medium income neighborhoods in New York City and other areas of the State.
The Simpson Thacher team included Sandy Qusba, Soogy Lee, Jay Rao, Nick Baker and Samantha Braunstein (Restructuring and Credit); David Rubinsky (Executive Compensation and Employee Benefits); and Victoria Bjorklund (Exempt Organizations).