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Erik F. Franks
Partner
Corporate
Palo Alto

D650-565-3879

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  • Extensive Experience in Debt and Equity Offerings

    Erik has represented issuers and investment banks in more than 100 debt and equity offerings, including convertible, high-yield, and investment-grade notes; preferred stock; and other structured financial instruments.

  • Prominent Technology and Growth Clients

    Erik has represented numerous technology companies in convertible note, high-yield note, and investment-grade offerings, including Adobe Systems, LinkedIn, Netflix, NetApp, and Twitter.

  • Underwriter Counsel Expertise

    Erik has advised investment banks such as BofA Merrill Lynch, Goldman, Sachs, Jefferies, J.P. Morgan, and Morgan Stanley in company offerings.

Erik Franks is a partner in the Palo Alto office of Wilson Sonsini Goodrich & Rosati and a co-leader of the firm's corporate finance practice. He focuses on corporate finance and securities law and has represented issuers and investment banks in more than 100 debt and equity offerings, including convertible, high-yield, and investment-grade notes; preferred stock; and other structured financial instruments. Erik has worked with numerous issuers to repurchase outstanding shares of common stock or debt securities, including through private market repurchases, tender offers, or exchange offers. In addition, he represents borrowers in the negotiation of secured and unsecured bank financings, including Term Loan A, Term Loan B, revolving credit, and commercial paper facilities.

Erik also has experience advising on a broad range of derivative instruments, including commercial hedging arrangements such as foreign exchange derivatives, interest rate swaps, and commodity derivatives, and complex structured derivative transactions such as capped calls, tax-integrated bond hedge and warrant transactions, capped and collared accelerated stock repurchases, and prepaid forward stock purchase transactions.

Erik has been ranked and recognized as a leader in the capital markets practice in various publications, including Chambers Global and Chambers USA. Recognized by both Chambers USA and Chambers Global for having “noteworthy command of convertible offerings” and “an impressive practice that sees him advise some of the best-known technology companies and investment banks,” clients remark Erik is “a great debt specialist” who is “very responsive and knowledgeable.” 

Experience

Erik Franks is a partner in the Palo Alto office of Wilson Sonsini Goodrich & Rosati and a co-leader of the firm's corporate finance practice. He focuses on corporate finance and securities law and has represented issuers and investment banks in more than 100 debt and equity offerings, including convertible, high-yield, and investment-grade notes; preferred stock; and other structured financial instruments. Erik has worked with numerous issuers to repurchase outstanding shares of common stock or debt securities, including through private market repurchases, tender offers, or exchange offers. In addition, he represents borrowers in the negotiation of secured and unsecured bank financings, including Term Loan A, Term Loan B, revolving credit, and commercial paper facilities.

Erik also has experience advising on a broad range of derivative instruments, including commercial hedging arrangements such as foreign exchange derivatives, interest rate swaps, and commodity derivatives, and complex structured derivative transactions such as capped calls, tax-integrated bond hedge and warrant transactions, capped and collared accelerated stock repurchases, and prepaid forward stock purchase transactions.

Erik has been ranked and recognized as a leader in the capital markets practice in various publications, including Chambers Global and Chambers USA. Recognized by both Chambers USA and Chambers Global for having “noteworthy command of convertible offerings” and “an impressive practice that sees him advise some of the best-known technology companies and investment banks,” clients remark Erik is “a great debt specialist” who is “very responsive and knowledgeable.” 

Focus Areas
Recent Insights
Client Highlights
Wilson Sonsini Advises Upstart in Private Offering of $500 Million of Convertible Senior Notes
On November 15, 2024, Upstart Holdings, Inc. completed an offering of $500 million aggregate principal amount of 1.00% convertible senior notes due 2030 in a private transaction. The offering amount included the exercise in full of the option that Upstart had granted to the initial purchasers to purchase up to an additional $75 million of notes. 
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Client Highlights
Wilson Sonsini Advises Upstart on Private Offering of $431.25 Million of Convertible Senior Notes
On September 19, 2024, Upstart Holdings, Inc. completed an upsized offering of $431.25 million aggregate principal amount of convertible senior notes due 2029 in a private transaction. The offering amount included the exercise in full of the option that Upstart had granted to the initial purchasers to purchase up to an additional $56.25 million of notes. In connection with the offering, Upstart entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and other financial institutions.
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Recent Events
WSGR Events
Recent Trends in the Convertible Bond Market
When financial markets become uncertain and volatile, one capital market has historically weathered the unknown better than others. Wilson Sonsini, together with J. Wood Capital Advisors, invites you to join us as we discuss the latest conditions and trends in the convertible bond market. In addition, the presenters will provide insights into why issuers pursue convertible financings, and things that could impact the market for the remainder of 2022.
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