Craig Unterberg is the chair of Haynes and Boone's New York-based Prime Brokerage and Equity Lending Practice Group and is a leading authority on the U.S. margin regulations. Craig provides extensive regulatory advice on margin lending issues to a multitude of financial institutions and hedge funds. Craig has worked on an industry-leading number of single stock and portfolio loan transactions to hedge funds, investment companies, and private equity groups making him a market leader in handling complex onshore and offshore margin facilities. In such role, Craig provides regulatory guidance on Regulation U, Rule 144, and Article 8 of the Uniform Commercial Code. Craig also works on a wide range of derivative, prime brokerage, and hedge fund financing transactions for both buy- and sell-side counterparties.
In addition, Craig represents borrowers and lenders in the private equity, leveraged lending, asset based and M&A financing spaces. Craig also spends significant time handling loan restructurings and DIP facilities. Craig regularly leads national CLE presentations on margin loans, intercreditor agreements, forbearance agreements and bankruptcy matters relating to lending transactions.
Selected Client Representations
- Representing a large investment bank in margin stock liquidity loan agreements in excess of $2.5 billion to domestic investment funds
- Representing the lead lender in loans and repurchase agreements in excess of $3 billion to hedge funds
- Representing certain financial institutions in a $10 billion committed reverse repurchase facility and a $10 billion committed repurchase facility of sovereign debt with a European hedge fund
- Representing the administrative agent and lead lender in margin loans in excess of $1 billion to mutual fund investment companies
- Representing the lead lender in margin loans in excess of $2 billion to hedge funds secured by margin stock
- Representing the lead agent in a US$3 billion equivalent cross-border credit facility to publicly-traded company involving U.S., Canada, Euro, Japan, Korea, and China tranches
- Advising major banks, financial institutions, hedge funds, and corporate borrowers and lenders on regulatory issues related to margin lending, including Regulation T, U, and X
- Representing lenders and borrowers in the workouts and restructuring of loans to health care providers, airlines, retail companies, real estate investors, manufacturing companies, and internet companies
- Advising lenders and borrowers with respect to the legal issues relating to the financing, leasing and foreclosing of aircraft
- "Strategies and Common Pitfalls in Commercial Lending: When Using Equity Interests As Collateral," Lorman webinar, July 2015 (available for purchase here)