Michael L. Urschel, P.C.

Michael has structured the majority of recent whole business securitizations of franchise and service brands, including multiple “deal-of-the-year” innovations in the asset class. Since joining Kirkland, Michael has represented:

• Jersey Mike’s in connection with its fifth securitization and $760 million note issuance.
• Initial Purchasers in a first-of-its-kind $775 million whole business securitization facility for Vital Care Infusion Services, a network of franchised home infusion service providers.
• Dine Brands Global (NYSE: DIN), the operator of restaurants under the Applebee’s Neighborhood Grill + Bar® and IHOP® brands, in a $600 million whole business securitization facility.
• Bojangles’, Inc. in the issuance of $625 million term notes and variable funding notes under its whole business securitization facility.
• Initial purchasers in connection with the offering of $1 billion of term notes and $320 million of variable funding notes by indirect subsidiaries of Domino’s Pizza Inc. (Nasdaq: DPZ) under its whole business securitization facility, marking the first major update to the platform since 2012.
• Tropical Smoothie Café, LLC in its $570 million inaugural whole business securitization facility secured by franchise agreements, royalties, and intellectual property.
• A quick-service restaurant franchisor in the issuance of $125 million term notes and delayed-draw notes under its whole business securitization facility.

Michael has pioneered and structured dozens of structured financings of digital infrastructure, including lit and dark fiber, wireless towers, data centers, distributed networks, GPUs, IP addresses and other internet backbone infrastructure. At Kirkland, Michael has been active in representing:

• Blackstone on AI infrastructure company Firmus’ US$10 billion debt financing facility, led by funds managed by Blackstone, with participation from Coatue. The financing, one of the largest private debt financings in Australian history, will support the national rollout of Firmus’ AI Factory platform based on NVIDIA’s DSX reference architecture.
• Major internet services provider in a $1.35 billion privately rated securitization of cashflows from internet infrastructure assets.
• Metronet, a provider of fiber optic telecommunications services and portfolio company of KKR, in its joint venture with T-Mobile, including the JV bridge backstop, permanent warehouse, and $1 billion private placement ABS transaction in connection with the closing of the joint venture wholesale transaction.

Michael has led dozens of hybrid-real estate lending transactions involving outdoor advertising assets, oil & gas assets, triple-net lease assets, solar energy assets and many “first-in-asset class” structuring transactions, as well as structured financings of transportation assets such as energy transportation networks and shipping containers. At Kirkland, Michael has represented:

• Midstream oil and gas company in a first-of-its kind $915 million midstream energy transport securitization of infrastructure and associated contracts across the Southern Midland Play.
• Oil and gas company in its inaugural $250+ million asset-backed securitization of recently acquired producing oil and gas wells located in the Delaware Basin.
• Diversified (NYSE: DEC), an energy company focused on natural gas and liquids production, transport, marketing and well retirement, in three securitizations of oil and gas revenues, including the creation of the ABS XI note, the proceeds of which were used to finance the acquisition of Canvas Energy Inc.
• New Mountain Capital in its inaugural $493.4 million Rule 144A offering of asset-backed securities secured by a portfolio of triple-net-lease (NNN) commercial real estate properties in both the U.S. and Canada.
• Major alternative investment fund in a $300 million aggregation facility secured by triple-net-lease (NNN) commercial real estate, with proceeds to be used to finance future acquisitions.

Michael has developed multiple structured warehouses and direct placements of non-traditional assets, including developing the infrastructure and “back leverage” for related structured private credit and private placement technology. At Kirkland, Michael has advised:

• Entertainment company in a $350 million cross-border structured credit facility secured by music rights, including musical compositions, master recordings and royalties.
• Performance-rights organization in a revolving credit facility secured by music rights.
• Equipment lender in a privately rated securitization of equipment lease contracts, interests in the related equipment and insurance policies and proceeds.
• A global marine container leasing and financing platform in an asset-backed revolving credit facility.

Partner, King & Spalding LLP

Partner, Milbank LLP