David M. Reicher, a partner and business lawyer with Foley & Lardner LLP, primarily represents end-users on various derivatives products, including credit, interest rate, currency, and total return derivatives. He is a member of the firm’s Finance & Financial Institutions, Public Finance, Education Finance, and Swaps and Derivatives Practices.
David has represented providers and end-users in a variety of derivatives transactions since 1984. In the mid-1980s, he represented a provider of interest rate protection products (swaps, collars, caps) in connection with some of the first interest rate derivatives used with tax-exempt financings.
- A broad range of national and international end-users and providers on compliance matters relating to the Dodd-Frank Act, related CFTC and SEC regulations, and EMIR, together with related documentation matters.
- One of the nation’s largest public pension funds in renegotiating swaps and derivatives master agreements with its trading partners and in negotiating agreements with futures commission merchants in connection with clearing activities resulting from the Dodd-Frank Act.
- Derivatives counterparties to Lehman Brothers entities in connection with the Lehman bankruptcies.
- The State of Wisconsin in the negotiation and execution of multiple interest rate swaps relating to its $1.8 billion general fund annual appropriation bonds.
- Numerous health care systems in the negotiation, termination or novation of interest rate derivatives and in the renegotiation, novation or termination of derivatives portfolios in connection with system reorganizations and mergers.
Since 1977, David also has represented issuers and underwriters and served as bond counsel in connection with the issuance of student loan asset-backed securities, revenue bonds, and commercial paper notes in over 18 states.
These transactions represent a wide variety of short-term and long-term financing vehicles, including securities registered with the SEC and those exempt from registration, tax-exempt and taxable asset-backed securities issued with senior and subordinated series, short-term demand notes, bank lines of credit, variable rate instruments, puts, short-term bond issues backed by take-out commitments, letters of credits, or both, issues covered by bond insurance, long-term stand-alone bond issues, and taxable commercial paper.
In addition to David’s extensive experience in a broad range of student loan asset-backed securities transactions and in representing education finance clients in matters before various federal agencies, sample transactions and matters handled by David include representing:
David graduated from Rutgers College with highest honorsin 1974, and from the National Law Center, George Washington University with honors in 1977, where he was a notes editor of The George Washington Law Review.
Admissions and Professional Memberships :
David is a member of the Wisconsin and Illinois bars. He also is a member of the National Association of Bond Lawyers.
Representative Matters :
- Represented the State of Wisconsin in the negotiation and execution of multiple interest rate swaps with five different providers relating to its $1.8 billion general fund annual appropriation bonds, and the termination of all or portions thereof upon the refinancing.
- Counseled a higher education finance client who was party to certain swap and cap agreements with Lehman Brothers Special Financing, Inc. (LBSFI) related to student loan asset-backed securities issued by the client. Lehman Brothers Holdings, Inc., the Lehman parent entity, guaranteed LBSFI’s obligations under the swap and cap agreements.
- Since 2007, represented one of the nation’s largest public pension funds in negotiating and renegotiating its swaps and derivatives master agreements with its trading partners.
- When the credit crisis hit in 2008, Foley took a leading role in representing various issuers of student loan asset-backed securities in working with the U.S. Department of Education to develop and then execute its Master Loan Sales and Master Participation Programs under § 459A of the Higher Education Act. With the student loan-asset backed credit markets effectively frozen shut, these programs provided financing of FFELP loans for student loan issuers throughout the country.
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