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MoFo Advises Spark Networks in Debt Refinancing

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Morrison & Foerster represented Spark Networks SE, a social dating company headquartered in Berlin, Germany, with offices in New York and Utah, in obtaining a new senior secured credit facility from MGG Investment Group LP. The transaction closed on March 11, 2022.

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Morrison & Foerster represented Spark Networks SE, a social dating company headquartered in Berlin, Germany, with offices in New York and Utah, in obtaining a new senior secured credit facility from MGG Investment Group LP. The transaction closed on March 11, 2022.Spark is a leading social dating platform focusing on demographic and faith-based affiliations and boasts a widening portfolio of premium and freemium dating apps, including Zoosk, EliteSingles, SilverSingles, Christian Mingle, Jdate, and JSwipe. The recent financing transaction was used to refinance Spark’s existing credit facilities and will give the company greater future covenant flexibility, as well as provide Spark with the resources to invest in the business and deliver sustainable subscription revenue growth. The company expects to drive higher awareness, engagement and subscribers by leveraging its strong brands, unique and improving user experiences, a global online dating platform of scale, and a $110+ million annual marketing budget.The multi-office MoFo team advising Spark Networks on this financing transaction was led by San Francisco private equity/finance of counsel Eric Min, together with associates Rohit Sengupta and Julietta Rose, with support from San Francisco private equity/finance partner Dario Avram. The wider team included Berlin finance partner Angela Kerek; tax partner Jens-Uwe Hinder, and senior associate Jenny Broekmann; London finance partner Chris Kandel and associate Laura Esme Van Der Griendt; New York tax partners Anthony Carbone and Dave Sturgeon and San Francisco associate Lauren Keller; executive compensation of counsel Brooke Monahan; and San Francisco technology transactions partner Justin Haan and associate Gilbert Choi.Read more about the transaction in Spark’s <a href="https://www.prnewswire.com/news-releases/spark-networks-announces-successful-completion-of-debt-refinancing-transaction-301502080.html" rel="noopener noreferrer" target="_blank">press release</a>.

MoFo Advises Spark Networks in Debt Refinancing

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Eric Min is a partner in the Finance and Private Equity Buyouts & Investment Groups at Morrison Foerster.Eric regularly advises private equity sponsors and their portfolio companies and fintech companies in a variety of complex U.S. and cross-border financing transactions, including leveraged acquisitions, syndicated lending, investment grade lending, asset-based lending, and warehouse facilities. Eric has substantial experience representing clients in transactions covering a wide variety of industries, including technology, fintech, consumer and retail and professional services.

Eric Min

Partner

Rohit Sengupta is an associate in the firm’s Finance Group.Rohit’s practice is primarily focused on the representation of private equity sponsors and their portfolio companies, public and private corporate borrowers, investment banks, private credit funds, and other financial institutions in leveraged and acquisition finance transactions. Rohit helps these clients structure, negotiate, and document complex U.S. and non-U.S. secured and unsecured financing transactions. He also counsels clients on leveraged buyout transactions, capital market, fintech, and investment grade deals, restructuring and other liability management exercises, and the refinancing and repricing of existing credit.Prior to joining Morrison Foerster, Rohit was a finance associate at a prominent international law firm in Los Angeles and an associate in the finance group of a global law firm in New York.

Rohit Sengupta

Associate

Darío Avram is co-chair of Morrison Foerster’s Finance Group and a member of the Private Equity Buyouts & Investment Group. His transactional practice is focused on financings and private equity matters, with additional experience in restructurings.Darío regularly represents private equity sponsors and their portfolio companies in a variety of complex U.S. and cross-border financing transactions, including leveraged buyouts, refinancings, and restructurings. He has led transactions covering a range of industries, including technology, financial services, healthcare and life sciences, industrials, professional services, and consumer products, among others.Darío has been recognized by Chambers USA as a notable practitioner for Banking & Finance in California. He was also recognized by Global M&A Network as one of Americas Top 50 Rising Dealmakers and by Legal 500 as a key partner for Private Equity Buyouts.

Dario D. Avram

<div class="videoWrapper"><iframe title="Meet Jens-Uwe Hinder, Tax Partner" src="https://www.youtube-nocookie.com/embed/6r09Nbw4Syk?rel=0&showinfo=0" frameborder="0" allowfullscreen="1" class="sticky-video" title="iframe"></iframe></div>With more than 20 years of experience advising German and international institutional and private investors, Jens-Uwe is the go-to partner in our German office when it comes to tax advice. One of his key focuses is advising clients in connection with their cross-border investments (share and asset deals), including tax structuring, contract drafting, and negotiating and implementing tax structures, as well as supporting them with their project management and due diligence processes or restructuring their businesses. He regularly advises clients in the media, technology, real estate, and transportation sectors.In addition to advising national and multinational enterprises, Jens-Uwe has also established a reputation for advising publicly owned undertakings, especially on tax matters in connection with their commercial businesses, such as sale and leaseback transactions, or in conjunction with their real estate assets.Jens-Uwe has been lecturing about tax and business law at the Berlin-Brandenburg Academy of Sciences and Humanities in Berlin since 2004 and income tax and international tax at the University of Potsdam since 2015. He regularly publishes in the areas of corporate income tax, trade tax matters, and international tax.He is frequently recommended in legal directories, including Legal 500, Best Lawyers, and JUVE, one of Germany’s main legal directories, describing his practice as “highly regarded for its tax law capability.” He has won the European Tax Awards from International Tax Review twice.At MoFo, Jens-Uwe heads our German Tax practice. He is an acknowledged Tax Adviser by the Berlin Senate Administration for Finance.<h4>Representative Experience</h4><ul><li>21st Century Fox regarding the sale of the Fox Mobile Group (Jamba!) to a financial investor.</li><li>21st Century Fox on the subscription of a convertible bond and the capital increase of Sky.</li><li>DAM Invest on the restructuring of financing and the acquisition of RAIL.ONE by AXA PE.</li><li>Italian investor group on the acquisition of a property portfolio.</li><li>Berliner Verkehrsbetriebe in connection with international leasing structures.</li><li>Berliner Verkehrsbetriebe in connection with the sale of the Potsdamer Strasse properties in Berlin.</li><li>KEOLIS on the bidding process for Arriva Deutschland. </li><li>JER Real Estate Partners on the sale of a residential and commercial real estate portfolio of 40 properties for a purchase price of €160 million.</li><li>APN Funds Management Limited regarding the acquisition of 200 shopping centers throughout Germany for approx. €600 million.</li><li>Colony Capital on investment matters concerning national and international investment in the US Colony Real Estate III funds.</li><li>Deutsche Bank, London, on the international tax structuring of the acquisition of a shopping center in Germany.</li><li>Catalyst Capital on the international tax structuring of investments in Berlin.</li><li>PubliGroupe S.A. with regard to a joint venture (Zanox) with Axel Springer.</li></ul>

Dr. Jens-Uwe Hinder berät seit mehr als 20 Jahren nationale sowie internationale institutionelle und private Investoren und ist der erste Ansprechpartner unseres deutschen Büros, wenn es um steuerrechtliche Fragestellungen geht. Er berät Mandanten schwerpunktmäßig in Zusammenhang mit grenzüberschreitenden Investitionen (Share und Asset Deals), einschließlich Steuerstrukturierung, Vertragsgestaltung sowie Verhandlung und Umsetzung komplexer Steuerstrukturen. Er unterstützt Mandanten auch bei deren Projektsteuerung, Due Diligence und Unternehmensrestrukturierungen mit einem besonderen Fokus auf die Branchen Medien, Technologie, Immobilien und Transportwesen.Neben der Beratung von nationalen und multinationalen Unternehmen, ist Dr. Jens-Uwe Hinder ein erfahrener und angesehener Berater von Unternehmen der öffentlichen Hand, die er bei steuerlichen Fragen im Zusammenhang mit ihren Betrieben gewerblicher Art, wie zum Beispiel Sale-and-lease-back-Transaktionen, sowie im Zusammenhang mit ihrem Immobilienvermögen berät.Von 2004 - 2018 lehrte Dr. Jens-Uwe Hinder Steuer- und Wirtschaftsrecht an der Berlin-Brandenburgischen Akademie der Wissenschaften in Berlin und seit 2015 lehrt er Einkommenssteuerrecht und Internationales Steuerrecht an der Universität Potsdam. Er veröffentlicht regelmäßig zu Fragen des Körperschaftsteuer- und Gewerbesteuerrechts sowie des internationalen Steuerrechts.Legal 500, Best Lawyers und JUVE empfehlen Dr. Jens-Uwe Hinder regelmäßig für seine Beratungstätigkeit und JUVE, Deutschlands führendes Anwaltsverzeichnis, beschreibt seine Praxis als „hoch angesehen für ihre steuerrechtlichen Fähigkeiten“. Er wurde bereits zweimal mit dem „European Tax Award“ des International Tax Review ausgezeichnet.Dr. Jens-Uwe Hinder ist Leiter der Praxisgruppe Steuer-und Bilanzrecht in Deutschland. Er hat seinen LL.M. an der University of San Diego und seinen Doktortitel (Dr. iur.) an der Universität Münster erworben. Er hat zudem einen Abschluss als staatlich geprüfter Steuerberater von der Senatsverwaltung für Finanzen in Berlin.<h4>Referenzen</h4><ul><li>Beratung von 21st Century Fox beim Verkauf von Sky Deutschland an BSkyB</li><li>Beratung der Anschutz Entertainment Group beim Verkauf von Projektentwicklungsimmobilien</li><li>Beratung einer kanadischen Pensionskasse bei Joint Venture Investitionen in Deutschland</li><li>Beratung von 21st Century Fox bei der Veräußerung der Fox Mobile Group (Jamba!) an einen Finanzinvestor</li><li>Beratung von 21st Century Fox  bei der Zeichnung einer Wandelschuldverschreibung und der Kapitalerhöhung bei Sky</li><li>Beratung der DAM Invest bei der Restrukturierung, der Finanzierung und dem Erwerb von RAIL.ONE von AXA PE</li><li>Beratung einer italienischen Investorengruppe beim Erwerb eines Immobilienportfolios</li><li>Beratung der Berliner Verkehrsbetriebe im Zusammenhang mit internationalen Leasingstrukturen</li><li>Beratung der Berliner Verkehrsbetriebe im Zusammenhang mit dem Verkauf der Immobilien Potsdamer Straße in Berlin</li><li>Beratung der KEOLIS beim Bieterverfahren für die Arriva Deutschland</li><li>Beratung der JER Real Estate Partners bei der Veräußerung eines Wohn- und Gewerbeimmobilienportfolios von 40 Objekten zu einem Kaufpreis von EUR 160 Millionen</li><li>Beratung der APN Funds Management Limited hinsichtlich des Erwerbs von 200 Einkaufszentren deutschlandweit für ca. EUR 600 Millionen</li><li>Beratung der Colony Capital bei Investitionsfragen bezüglich der Beteiligung von nationalen und internationalen Investoren an den US Colony Real Estate III Fonds</li><li>Beratung der Deutschen Bank, London, bei der internationalen Steuerstrukturierung des Erwerbs eines Einkaufszentrums in Deutschland</li><li>Beratung der Catalyst Capital bei der internationalen Steuerstrukturierung von Investitionen in Berlin</li><li>Beratung der PubliGroupe S.A. in Bezug auf ein Joint Venture (Zanox) mit Axel Springer</li></ul>

Jens-Uwe Hinder

Jenny is a senior associate at Morrison Foerster’s German office in Berlin. She advises domestic and international clients, in particular in the media, technology, real estate, and transportation sectors, on all tax law issues.One of her key focuses is national and international corporate tax law, with particular emphasis on tax structuring and transactional advice. Furthermore, she has specialized, extensive knowledge in providing comprehensive tax law advice to public-sector companies.In addition, Jenny also advises domestic and international clients, as well as their in-house tax law departments, on questions regarding the taxation of their employees. This especially includes advice on the structuring of employee participation programs and advice on all kinds of wage tax issues, such as the taxation of monetary benefits or questions regarding the posting of employees.She also focuses on tax advice in connection with cross-border investments (share and asset deals), including tax structuring, contract drafting, and the negotiation and implementation of complex tax structures.In addition, she advises NGOs on all nonprofit and association law issues.Jenny has more than six years of professional experience in the field of tax law. Before joining Morrison & Foerster, she worked as a research assistant with a focus on tax law in an international law firm in Berlin. She studied law at the University of Münster and wrote her doctoral thesis on the taxation of the use of assets under German exit tax rules (Sec. 4 (1) s. 3, 4 German Income Tax Act, Sec. 12 (1) German Corporate Tax Act).Representative Experience<ul><li>Tax advice to the shareholders of Scienion AG on the sale of their shares to the Swedish company Cellink AB, listed on Nasdaq Stockholm.</li><li>Tax advice to the Swiss asset manager Kieger on the acquisition of the legal personnel service provider Perconex.</li><li>Tax advice to the leading global dating platform Spark Networks SE on the acquisition of Zoosk, Inc.</li><li>Tax advice to Berliner Verkehrsbetriebe in connection with international leasing structures.</li><li>Comprehensive tax advice to a German real estate company on restructuring options and the implementation of a cross-border merger.</li><li>Tax advice with respect to employee participation programs.</li></ul>

Dr. Jenny Broekmann ist Senior Associate des deutschen Büros von Morrison Foerster in Berlin. Sie berät nationale und internationale Mandanten zu allen steuerrechtlichen Fragestellungen mit einem Fokus auf den Branchen Medien, Technologie, Immobilien und Transportwesen.Schwerpunktmäßig ist sie im Bereich des nationalen sowie internationalen Unternehmenssteuerrechts und dabei vor allem in der steuerlichen Gestaltungs- und Transaktionsberatung tätig. Sie ist zudem auf die umfassende steuerrechtliche Beratung von Unternehmen der öffentlichen Hand, insbesondere im Zusammenhang mit Betrieben gewerblicher Art, spezialisiert.Ebenso berät Dr. Jenny Broekmann deutsche und internationale Mandanten und deren Inhouse-Steuerrechtsabteilungen zu Fragen im Bereich der Besteuerung ihrer Arbeitnehmer, u.a. zur Ausgestaltung von Mitarbeiterbeteiligungsprogrammen, zu lohnsteuerrechtlichen Fragen zur Besteuerung geldwerter Vorteile und zur Arbeitnehmerentsendung.Zudem ist sie auf die Beratung im Zusammenhang mit grenzüberschreitenden Investitionen (Share und Asset Deals), einschließlich der Steuerstrukturierung, der Vertragsgestaltung sowie der Verhandlung und Umsetzung komplexer Steuerstrukturen fokussiert.Überdies berät sie NGOs in sämtlichen gemeinnützigkeits- und vereinsrechtlichen Fragestellungen.Dr. Jenny Broekmann verfügt über mehr als sechs Jahre anwaltliche Berufserfahrung im Bereich des Steuerrechts. Vor ihrem Eintritt bei Morrison & Foerster arbeitete sie promotionsbegleitend als wissenschaftliche Mitarbeiterin mit steuerrechtlichem Fokus in einer internationalen Wirtschaftskanzlei in Berlin. Sie studierte Rechtswissenschaften an der Westfälischen Wilhelms-Universität in Münster und verfasste ihre Promotion zum Thema der Entstrickungsbesteuerung in Deutschland (§ 4 Abs. 1 Satz 3, 4 EStG, § 12 Abs. 1 KStG).<h4>Referenzen</h4><ul><li>Steuerrechtliche Beratung der Aktionäre der Scienion AG beim Verkauf aller Aktien an das an der Nasdaq Stockholm notierte schwedische Unternehmen Cellink AB </li><li>Steuerliche Beratung des Schweizer Asset-Managers Kieger beim Kauf des juristischen Personaldienstleisters Perconex </li><li>Steuerliche Beratung der führenden globalen Dating-Plattform Spark Networks SE beim Kauf der Zoosk, Inc. </li><li>Beratung der Berliner Verkehrsbetriebe im Zusammenhang mit internationalen Leasingstrukturen</li><li>Umfassende steuerliche Beratung eines deutschen Immobilienunternehmens zu Restrukturierungsmöglichkeiten und zur Durchführung einer grenzüberschreitenden Verschmelzung</li><li>Steuerliche Beratung im Zusammenhang mit der Errichtung von Mitarbeiterbeteiligungsprogrammen</li></ul>

Jenny Broekmann-Friese

Senior Associate

Anthony J. Carbone is a partner in our New York office and chair of the Tax practice. His practice focuses on tax planning strategies and the tax consequences of a wide range of business, investment and capital markets transactions in the U.S. and internationally.He advises clients on all forms of mergers and acquisitions, reorganizations, fund formation and leveraged buyouts representing private equity funds, deal sponsors, investment banks, commercial banks and hedge funds, as well as venture capital, real estate and other funds (foreign and U.S.), acquiring target companies, and management groups.Tony has extensive experience on the tax aspects of bankruptcy matters and has been involved in many high-profile matters. He also has extensive experience in the tax aspects of corporate finance transactions representing both financial institutions and their customers and clients. He advises banks and other offshore clients on the tax aspects of their U.S. and offshore business activities, and their offerings of securities and other financial products into the U.S. His experience includes foreign investments in the U.S. and abroad, international joint ventures and international finance transactions.Tony also has extensive experience in a wide variety of securities offerings, including complex debt securities, securitization transactions and derivatives. His expertise includes debt securities that contain an embedded derivative, including finance instruments with returns linked to various types of reference assets.Tony handles federal, state and local tax controversies involving both administration proceedings and litigation in federal and state courts. Tony has also been involved in a number of cases challenging the applicability and/or constitutionality of certain New York State and city tax provisions and has successfully had such proceedings transferred from the State Tax Administration Tribunal to the New York state courts.Prior to joining Morrison Foerster, Tony was a tax partner at a large, international law firm based in New York and prior to that he was a partner at Bingham McCutchen LLP, where he was co-leader of the Tax Group, a former deputy chair of the corporate area, and co-managing partner of Bingham’s New York office. Tony is a member of the American Bar Association (Tax Section) and the New York State Bar Association (Tax Section). He is the former President of the New York Chapter of the Indiana University Kelley School of Business Alumni Association and has served as a member of the Board of Directors of the university’s alumni organization.Tony is a Certified Public Accountant.

Anthony Carbone

Chair of the Tax Practice

David Sturgeon is a partner in Morrison Foerster’s Federal Tax practice.Dave advises clients on a broad range of complex business transactions, including domestic and cross-border mergers and acquisitions, joint ventures, spin-offs and other divestitures, as well as financings, refinancings, restructurings and other business transactions.He earned his J.D. from the University of Chicago Law School, where he was a member of the Chicago Journal of International Law, and received his Master of Laws in taxation from New York University School of Law.Prior to joining Morrison Foerster, Dave was an associate at a law firm in New York, where he represented public companies, financial institutions, private equity clients and other sponsor entities across industries in an extensive range of business transactions.

Dave Sturgeon

Brooke Monahan is of counsel in the Executive Compensation practice group.Brooke’s practice focuses on executive compensation, employee benefits, ERISA, and employment law. She has extensive experience advising public and private companies on their compensation, benefits, and employment-related issues in their day-to-day operations, public offerings, financing transactions, and other corporate matters. She frequently counsels clients on various executive compensation and employee benefits matters that arise in connection with mergers and acquisitions with a particular focus on the private equity space. She also has experience designing, drafting, and negotiating compensation related agreements including severance, change-in-control, and executive employment agreements, equity incentive plans, and award agreements.Brooke earned her J.D. from Washington University School of Law in St. Louis, Missouri. While there, she was elected to the Order of the Coif and earned awards for excellence in contracts and oral advocacy. She was also a member of the Pro Bono Jurists organization, the Women’s Law Caucus, and the Washington University Law Quarterly.

Brooke Monahan

Of Counsel

Justin Haan is a partner in the firm’s Technology Transactions Group in the San Francisco office, advising leading technology industry pioneers to help them navigate their most critical IP and technology needs.Justin’s practice focuses on transactions and counseling involving intellectual property and technology, including licensing arrangements, technology transfers, and joint development activities. Justin structures, drafts, and negotiates a wide range of commercial agreements, including software and content licenses, service agreements, reseller arrangements, and collaboration, manufacturing, supply and distribution agreements. He advises clients on the development, procurement and commercialization of cutting-edge technologies, including artificial intelligence, machine learning, augmented/virtual reality, semiconductors, cloud computing services, autonomous vehicles, and unmanned aircraft systems. Justin also counsels clients on open source software, complex patent-related transactions, and the intellectual property aspects of M&A transactions. Justin’s experience includes advising OpenAI, Arm, Autodesk, Meta, Salesforce, SoftBank, Unity, and others on the IP aspects of complex projects involving cutting-edge technologies and fast-evolving areas of law. Justin serves on the firm’s AI industry committee, where he helps to lead and collaborate with attorneys across multiple practices on the rapid advances of generative AI. Justin is also a sought–after speaker and thought leader on artificial intelligence and has spoken at SXSW on the subject of multimodal AI.Before joining the firm, Justin was an intellectual property associate in the New York office of another global law firm.Justin received his J.D., with a certificate in law and technology, from the University of California, Berkeley School of Law, where he won the Prosser Prize in intellectual property in the entertainment industries and was an articles editor for the Berkeley Technology Law Journal. He received his A.B. from Harvard University.