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Covington Advises Resource Capital Corp. on Investment Restructuring

November 28, 2011

NEW YORK, November 28, 2011 — Covington & Burling represented Resource Capital Corp. (NYSE: RSO) in the restructuring of its investment in Leaf Commercial Capital, Inc. (LEAF), a commercial finance joint venture in which RSO has a substantial interest.

The restructuring of RSO’s investment was undertaken in connection with a growth equity investment of $50 million by Eos Partners, L.P. and its affiliates, a New York-based private investment firm. After giving effect to the transactions, RSO has an approximately $38.5 million preferred investment in LEAF which is convertible into approximately 27 percent of the fully diluted common ownership. The transaction closed on November 16, 2011.

The New York-based Covington team was led by corporate partner Stephen Infante with associates Matthew Fox and Patrick Manchester. Also advising on the deal was Robert Heller (tax).

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