Hybrid Financing: Certain Ideas for Uncertain Times

Exclusive Interview with

James R. Tanenbaum, Morrison & Foerster LLP

In response to the continued volatility and uncertainty in the public markets, there has been an increase in popularity of hybrid financing vehicles such as PIPEs and Registered Direct offerings for public companies seeking to raise capital.

According to James Tanenbaum, chair of Morrison & Foerster’s Global Capital Markets practice, these transactions formats, which have attributes of both private placements and public offerings, offer several unique advantages under these market conditions.

“In the case of PIPEs,” say’s Tanenbaum, “these advantages include “speed, costs and certainty of execution.”  He explains that “one of the greatest things about a PIPE is that an issuer will be able to see whether there is a transaction available, who the investors are, and what price they’re prepared to pay before there’s any public knowledge that the company is contemplating a transaction — and also before they have undertaken the cost associated with getting the transaction completed.”

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View and download a PDF transcript of the full interview here. (Coming soon.)


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ATTORNEY INFORMATION

James R. Tanenbaum
Partner, Morrison & Foerster LLP

James Tanenbaum serves as chair of the firm’s Global Capital Markets practice. Mr. Tanenbaum has concentrated his practice on corporate finance and the structuring of complex domestic and international capital markets transactions. He represents issuers, including some of the nation’s largest financial institutions, underwriters, agents, and other financial intermediaries, in public and private offerings of securities as well as issuers, investment banks, and purchasers in hybrid, mortgage-related, and derivative securities transactions. He has developed some of the most widely used hybrid techniques for the placement and distribution of securities.

Mr. Tanenbaum works closely with leading investment banks to formulate new methodologies for securities offerings and to structure innovative financial products. He has also represented many technology-based companies, including biotech and medical device companies.

Mr. Tanenbaum is a frequent lecturer on capital markets topics, and has lectured at the Securities and Exchange Commission, SIFMA and at a variety of securities industry groups. He lectures at law schools in the United States and abroad. He is the co-author of Covered Bonds Handbook, published by Practising Law Institute (2010), co-author of the treatise Exempt and Hybrid Securities Offerings, published by Practising Law Institute (2009) and also co-author of BNA Tax and Accounting Portfolio, SEC Reporting Issues for Foreign Private Issuers (BNA Accounting Policy and Practice Series, 2009). Additionally, Mr. Tanenbaum co-authored “Regulation of Financial Institutions, Financial Crises and Rescue Packages in Europe:  the Iceland Case,” a chapter in Global Financial Crisis (Globe Law and Business, 2009) and “The Law: Legal and Regulatory Framework,” a chapter in PIPEs:  A Guide to Private Investments in Public Equity (Bloomberg, 2006).

Mr. Tanenbaum has been cited as a recommended lawyer for capital markets in the IFLR1000 Guide to Leading Lawyers, as one of America’s leading lawyers for capital markets–debt and equity by Chambers USA and Chambers Global, as a recommended lawyer for capital markets–debt and equity transactions by The Legal 500 US, and as a recommended lawyer for capital markets–equity by PLC Which lawyer?.

Mr. Tanenbaum served as an Editor of the University of Pennsylvania Law Review during his time in law school. He served as Chairman of the Board of Trustees of Lehigh University and as National Chair of the Benjamin Franklin Society of the University of Pennsylvania.

Practices:

Capital Markets
Financial Institutions + Financial Services
Banking + Finance Services
Admissions:

New York

Education:

Lehigh University (B.A., 1971)
The Fletcher School of Law and Diplomacy (M.A., 1972)
University of Pennsylvania Law School (J.D., 1975)Contact:

1290 Avenue of the Americas
New York, NY  10104
(212) 468-8163

To see a full bio, visit: http://www.mofo.com/james-tanenbaum/

Recent Publications:

A Requiem for Hybrids?,” Euromoney International Debt Capital Markets Handbook 2011, August 2010 – by Anna T. Pinedo and James R. Tanenbaum

Exempt and Hybrid Securities Offerings, Practicising Law Institute (PLI), 2009 – authored by Anna T. Pinedo and James R. Tanenbaum

International Briefings: ATMs: The Other Cash Machine,” International Financial Law Review, July/August 2009 – by Anna T. Pinedo and James R. Tanenbaum

Over the Wall and Through the Woods: A Look at Wall-Crossed Deals,” GT News, June 30, 2009 – by Anna T. Pinedo and James R. Tanenbaum

The Capital Markets Two Step,” Financier Worldwide, January 2009 – by Anna T. Pinedo and James R. Tanenbaum

Over the Worst of It,” International Financial Law Review, June 2008 – by Anna T. Pinedo and James R. Tanenbaum

The Offering of Choice in 2008” International Financial Law Review, March 2008 – by Anna T. Pinedo and James R. Tanenbaum

FIRM INFORMATION

We are Morrison & Foerster—a global firm of exceptional credentials. Our clients include some of the largest financial institutions, investment banks, Fortune 100, technology and life science companies. We’ve been included on The American Lawyer’s A-List for seven straight years, and Fortune named us one of the “100 Best Companies to Work For.” Our lawyers are committed to achieving innovative and business-minded results for our clients, while preserving the differences that make us stronger.

For additional information, visit: http://www.mofo.com

 


Other Morrison & Foerster LLP Featured Video Interviews:


Share Repurchase Considerations
David M. Lynn and David H. Kaufman, Partners, Morrison & Foerster LLP
 

Click image to view the video.


Hybrid Financing: Certain Ideas for Uncertain Times
James Tanenbaum, Chair of Morrison & Foerster’s Global Capital Markets practice
 

Click image to view the video.


Preparing to Raise Capital in Volatile Markets Using a Shelf Registration
Anna T. Pinedo, Partner, Morrison & Foerster LLP
 

Click image to view the video.


“Say on Pay” and Other Issues for the Upcoming Proxy Season
David M. Lynn, Partner and Chair of Public Companies and Securities Practice, Morrison & Foerster LLP
 

Click image to view the video.


 

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