Hawkins Assists with the Merger of Two Not-For-Profit Private Universities
Northeastern University, a private, not-for-profit university based in Boston, recently merged with Mills College, a private, not-for-profit college based in Oakland, California. Sean Tierney, a partner in the San Francisco office of Hawkins, served as counsel to Mills' lender, First Republic Bank. As lender’s counsel, Mr. Tierney reviewed the merger documentation and helped to get Mills' outstanding loan paid off as a condition to the completion of the merger. Mr. Tierney drafted documentation that established an escrow with a title company as a key feature of the closing documentation for the transaction. As a result of the merger, Northeastern acquired a campus in the East Bay (i.e. the eastern region of the San Francisco Bay Area) and Mills College was able to pay off its debt. The Mills' campus will now be called Mills College at Northeastern University.
Also of Interest
- Guidance from Treasury regarding USD LIBOR Phase-Out
The Hawkins Advisory discusses recently published Proposed Treasury Regulations that provide guidance as to the ability of parties to variable rate debt and other contracts that currently rely on LIBOR as an interest rate benchmark to alter the documents for these transactions for the purpose of incorporating interest rates reflective of other reference rates. The Advisory also reviews the status of other regulatory efforts to prepare the capital markets to transition from broad reliance upon LIBOR.
- Hawkins Elects Alexis Harrington to Partner
Hawkins Delafield & Wood LLP is pleased to announce the election of Alexis Harrington to the partnership, effective January 1, 2019.