Edward So
Biography
Overview
Ed is a partner in White & Case's New York office and a member of the Firm's Americas Capital Markets Regional Section and the Global Derivatives Interest Group. Ed focuses on derivatives transactions over a wide spectrum of asset classes, including cash and synthetic fixed income, rates, equity, credit, commodity and FX products. He has broad experience structuring, negotiation, and documentation of derivatives in connection with financing, investment and agency trading. He also frequently advises clients on futures, OTC clearing and prime brokerage documentation, as well as related netting, margin and other regulatory issues. Ed's practice also includes interpretation and implementation of the Dodd-Frank Act and related regulations affecting broker dealers, futures commission merchants, investment funds, end-users and other participants in the securities, futures and swaps markets. His experience extends to assisting clients in the derivatives aspects of financing, dispute resolution and mergers and acquisition.
Ed has served as the Secretary of the New York City Bar Association Futures & Derivatives Committee since 2021 and Co-Chair of the New York City Bar Association Digital Technologies Task Force since 2022.
Experience
Represented The Bank of Nova Scotia, KfW IPEX-Bank GmbH, ING Capital LLC, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Instituto de Crédito Oficial E.P.E. as lenders and issuing banks and MUFG Bank Ltd., as administrative agent and intecreditor agent in connection with the non-recourse first/second lien project financings of: (i) the US$217 million financing for a 235 MW wind farm owned and operated by Ibereólica Cabo Leones II S.A. located in Atacama, Chile and (ii) the US$103.2 million financing for a 101MWp solar PV power plant, owned and operated by GPG Solar Chile 2017 SpA located in Antofagasta, Chile.
Represented the initial purchasers (led by Morgan Stanley & Co. LLC) and the capped call transaction counterparties on DraftKings Inc.'s offering of US$1.265 billion aggregate principal amount of its 0% convertible senior notes due 2028, which includes the full exercise of the initial purchasers' option to purchase additional notes, and the negotiation and execution of the associated capped call transactions. DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirits of sports fans with products that range across daily fantasy, regulated gaming and digital media.
Represented Varonis Systems, Inc., a pioneer in data security and analytics, on its US$253 million offering of 1.25% convertible senior notes due 2025, and the negotiation and execution of the associated capped call transactions with various dealer counterparties. The notes were sold in a private offering pursuant to Rule 144A under the Securities Act of 1933.
Represented an investment fund in connection with preferred equity financing provided to 99 Cents Only Stores LLC, the leading operator of extreme value stores in California and the Southwestern United States, which was consummated on December 22, 2020.
Represented Saudi Arabian Oil Company (Saudi Aramco), the world's largest oil company by production, in its US$69.1 billion acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC), one of the world's largest chemicals companies, from the Public Investment Fund, the sovereign wealth fund of the Kingdom of Saudi Arabia. SABIC is headquartered in Riyadh and has more than 33,000 employees across 50 jurisdictions. Investors own the remaining 30% stake in SABIC through shares traded on the Saudi stock exchange (Tadawul). The deal is a major step in Saudi Aramco's strategy of expanding its refining and petrochemicals business and remains subject to certain conditions, including regulatory approvals.
Represented Invenergy and Energía del Pacifico, Ltda. de C.V., as sponsor and borrower respectively, in the development and financing of a 378 MW power plant in El Salvador and its related infrastructure, including a floating storage and regasification unit (FSRU) permanently moored through a modified spread mooring system for liquefied natural gas (LNG) delivery, storage and regasification, as well as a natural gas pipeline running from the FSRU to the power plant. The transaction has been recognized as "Infrastructure Financing of the Year: Central America" by LatinFinance Project & Infrastructure Finance Awards.
Represent U.S. and international financial institutions, private equity funds, hedge funds and end-users on prime brokerage, futures and ISDA-based and other derivatives trading documentation.
Counsel swap dealers in recovering against defaulting counterparties on foreign exchange trades documentations and the ISDA Master Agreements.
Advise market participants on preparation for LIBOR benchmark replacement.
Represent financial institutions on the FICC Sponsored Repo Platform including documentation to implement trading.
Advise U.S. and international FinTech companies on foreign exchange, interest rate and other derivatives and payment issues.
Advised market participants on interpretation of ISDA Credit Derivatives Definitions and the auction process, including whether a Credit Event has occurred and the deliverability of certain debt obligations.
Advised market participants on derivatives claim trading.
Represented corporate clients in unwinding hedges relating to convertible bonds.
Key Differences between EU and US Digital Asset Regulation, FIA L&C Division Webinar, November 2023, Panelist
Lecture on US Digital Asset Regulation & Comparative EU Analysis, November 20, 2023: New York Law School, New York NY, Guest Lecturer
Event Markets, Retail & Innovative Products Panel, FIA Law & Compliance Division Conference, April 2023, Panelist
Carbon & Climate Change Panel, ABA Derivatives and Futures Committee Winter Meeting: February 2023, Hilton Head, South Carolina, Panelist
Lecture on Repurchase Transactions & Prime Brokerage, May 3, 2022, University of Chicago Law School, Chicago IL, Guest Lecturer
Lecture on International Banking, March 31, 2020 and April 7, 2020: George Washington School of Business, Washington, DC, Guest Lecturer
Business Roundtable with the Prime Minister of Estonia, October 2019: Baltic American Chamber of Commerce
"Financial Products and Investment Strategies", October 25, 2018: Business Law for Lawyers, New York City Bar Association, New York, Speaker
Application of the Forward Contracts Exclusion to Carbon Credits Derivatives, April 2023, Futures & Derivatives Law Report
Legal Issues in Carbon Credit Markets and Trading, February 2022, Futures & Derivatives Law Report, Volume 42, Issue 2, (co-author)
CFTC Jurisdiction Over Cryptocurrency: Implications for Industry Participants, February 2020, The Banking Law Journal
Recognized as a Powerhouse Derivatives Lawyer, Business Today, 2023
Band 4, Chambers USA, 2022 - 2023, Derivatives
Next Generation Partner, The Legal 500 US, 2021-2023, Structured Finance: Derivatives and Structured Products