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Elizabeth J. Elias

Senior Associate

New York

Elizabeth Elias, a Senior Associate in Orrick’s New York office, represents issuers and investors in bespoke, esoteric asset-backed securities transactions in both the 4(a)(2) and Rule 144A markets.

She has extensive experience in the securitization of commercial PACE liens, music, TV and other intellectual property rights, whole businesses, diamond receivables, litigation settlement awards, and PDP oil & gas wellbore interests.

Elizabeth’s experience further extends to representation of a variety of market participants, including sponsors, issuers, underwriters and service providers, in public and private offerings of commercial mortgage-backed securities.

  • Property Assessed Clean Energy (PACE)

    • Advised Greenworks Lending LLC, as sponsor, on its first-rated 144A C-PACE securitization through an issuance by its affiliate, PACEWell 5 LLC, which was named 2022 Esoteric ABS Deal of the Year by GlobalCapital.
    • Advised various commercial and residential PACE issuers in the origination, whole loan sale, warehousing, and securitization of PACE liens, bonds and related assets.
    • Advised lenders in the closing of a $220 million C-PACE loan, the second-largest C-PACE financed transaction in the country.

     Music, TV and IP Rights

    • Advised investors on a $712 million securitization by an entertainment brand management group of sound recordings, musical compositions, trademarks, and other IP rights (including NIL rights and income streams derived from the exploitation of recordings and compositions) from the music catalogs of The Beach Boys, Linda Ronstadt, Cher, Joe Cocker, Dean Martin, Stevie Nicks, and other musical artists.
    • Advised investors on a $180 million transaction by a music rights acquisition company in its securitization of sound recordings, musical compositions, trademarks, and other IP rights for music library assets.
    • Advised investors on a ground-breaking $125 million securitization by Syco Entertainment, a holding company founded by Simon Cowell, backed by Cowell’s intellectual property rights in the “Got Talent” franchise.
    • Advised investors on a $223 million whole-business securitization financing of music assets.

     Whole Business and Other Assets

    • Advised Harley Marine Financing as issuer in executing a first-of-its-kind, $455 million whole business securitization of a true operating company, backed by tugs, barges and other marine transportation assets.
    • Advised Harley Marine Financing in its $425 million refinancing of its existing debt, which Marine Money magazine recognized as a Jones Act “Deal of the Year.”
    • Advised investors in the first securitization of opioid legal fee settlement awards.
    • Advised investors in a securitization by an international diamond company of diamond receivables.

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