US > Finance > Bank lending: East Coast
Bank lending: East Coast
PRACTICE: ‘Highly service-orientated and very responsive’, say clients, Dechert LLP advises an eclectic mix of borrowers and lenders across all layers of the capital structure. Driven out of its New York office but supported by finance lawyers round the globe, including nascent offices in Asia, the practice has the capacity to resource big-ticket cross-border mandates in addition to national instructions, although it is most regularly found on middle-market matters.
‘Very thorough and with an excellent grasp of both the legal and business issues of the transaction’, the attorneys are often instructed by clients on deals that require a high degree of structural complexity. For example, it advised Universal American in the $500m acquisition financing of Member Health, utilizing a unique delayed-draw-term loan.
The firm has a niche area of strength advising non-traditional providers of finance, including hedge and mezzanine finds. In this respect, the group recently advised Golub Capital, a private investment firm, as lender in the $61m financing to fund Lynx Capital Partners’ acquisition of McBride Electric.
Other highlights include advising Wachovia, as agent, on a $1.25bn secured revolving credit facility for CapitalSource.
CLIENTS: Clients include Centre Partners Management, Court Square Capital Partners, One Equity Partners, TCW/Crescent Mezzanine Partners, GarMark Partners, Monster Worldwide and Wachovia.
INDIVIDUALS: New York-based head of the firm’s leveraged finance practice, Scott Zimmerman ‘has a deep knowledge of the inter-workings of the layers of the capital structure and is well-versed in the market conventions for these transactions’. ‘He is an experienced, thoughtful business and legal advisor with a wonderful facility to balance strong business judgment with the appropriate legal structure’, say clients.
Recently promoted New York-based partner Jay Alicandri is a very facile leveraged finance lawyer who is appreciated by clients for his ‘outstanding work ethic and strong command of legal as well as business facts’.
Based in New York, Jeffrey Katz advises a range of lender and borrower clients in a myriad financings, including cross-border, asset-based lending and syndicated loans.
PRACTICE: Spearheaded by the New York office but aided by several lawyers on the West Coast, Morgan Lewis’ 14-partner bank lending group offers ‘highly responsive’ advice to financial institutions across a range of leveraged transactions. Clients perceive that ‘the lawyers at the firm are an extension of our team’.
Demonstrating industry-specific expertise across a range of sectors, including telecommunications, healthcare and hotels, the group is particularly accomplished advising lenders on entertainment-related finance transactions. Longstanding primary bank counsel to JPMorgan on its financings in this field, the team recently advised it as agent in a new three-year, $295m syndicated secured credit facility for MRC II Distribution, a leading independent producer of motion picture programming.
Clients are complementary of the team’s ‘depth of expertise, problem-solving capabilities and positive approach to getting deals closed’.
CLIENTS: Banking clients include JPMorgan Chase, Citi and Merrill Lynch.
INDIVIDUALS: New York-based practice leader Michael Chapnick ‘is brilliant and can manage a significant workload’, say clients. ‘Experienced and with a strong work ethic’, he is regularly involved in the firm’s entertainment-related finance transactions.
Based in New York, Richard Petretti ‘is experienced, fun to work with and has good business acumen’, say clients that include a number of prominent banks.
PRACTICE: Led from Boston and New York, Proskauer Rose LLP’s ‘top-notch’ leveraged finance expertise comprehensively covers the disciplines, including acquisition financings, working capital loans and asset-based facilities. Described by clients as ‘the best-in-class for junior capital and restructuring advice in the middle market’, Proskauer Rose LLP excels at advising non-traditional lenders at all levels of the balance sheet.
Servicing a client base of more than 50 private equity and debt providers, the team has a strong foothold in the market and is able to add value for clients as a result of its ‘practical approach to the theoretical process of documentation’.
‘Responsive, reliable and accurate’, the department has handled a raft of complex multi-tranche deals, which as a result of the market conditions have been increasingly necessary. In one such transaction, the group advised Sankaty Advisors, as one of the mezzanine lenders on the acquisition of The Weather Channel by a consortium including NBC Universal, Blackstone Group and Bain Capital.
With industry expertise across an array of industry sectors, the firm’s pre-eminent reputation in the sports arena recently manifested itself with regard to its representation of the New York Jets in the $1.6bn stadium financing due for completion in 2010.
‘They do a great job, and attorneys across the table notice it as well and respect their knowledge and fair approach’, endorses one client.
CLIENTS: Instructed by a redoubtable collection of lenders, sponsors and corporates, clients include Banco de Credito del Peru, Wells Fargo Foothill, New York Jets and Ares Management.
INDIVIDUALS: Based in the firm’s Boston office, Steven Ellis, Stephen Boyko and Peter Antoszyk ‘all have tremendous understanding of inter-creditor agreements and market provisions, and understand the essential economic and inter-creditor terms’, say clients.
In New York, corporate finance co-head Vincenzo Paparo is also recommended, as is Joseph Leccese, for sports finance.
PRACTICE: ‘Business-orientated and highly professional’, say clients, Sullivan & Cromwell LLP’s ten-partner banking practice provides expertise in syndicated transactions, bridge financings and asset-backed loans.
Leveraging off its pre-eminent banking regulatory prowess, and working closely with members of complementary tax and M&A practices, this New York-based group has been found at the center of many of the significant issues emanating out of the credit crisis.
As well as advising AIG on its Federal Reserve facilitated $85bn emergency financing plan, the team also represented Barclays on its acquisition of Lehman Brothers’ North American investment banking and capital market businesses.
Best known for borrower-related financing work, its portfolio of heavyweight clients provides a regular flow of corporate finance mandates. Recent highlights include the team’s role as US finance counsel for InBev in relation to its $54.8bn acquisition of Anheuser Busch.
CLIENTS: Clients include AIG, InBev, Eisai, Newsday, JP Morgan, Goldman Sachs, Total, StatoilHydro, Collective Brands, Barclays Capital and CEMEX.
INDIVIDUALS: A legend in the industry for his bank regulatory prowess in particular, New York-based managing partner of the firm, Rodgin Cohen has been a ubiquitous presence on many of the major transactions involving the beleagured financial services industry. ‘The guy you turn to when there’s a crisis’, he recently advised Barclays on its acquisition of Lehman Brothers’ US investment banking and capital markets operations.
New York-based partner Erik Lindauer offers expertise across a range of financings, including secured lending, acquisition financing and restructurings. As well as being involved in the aforementioned Barclays transaction, he also played a pivotal role advising InBev on the financing of its acquisition of Anheuser Busch.
PRACTICE: Chadbourne & Parke LLP’s ‘excellent’ finance practice represents an eclectic selection of domestic and foreign commercial and investment banks, investment funds, venture capital funds and multinational corporates, as lenders and borrowers.
Having successfully diversified from its core strength in asset finance, the practice has become a significant player in the syndicated loan market, servicing banks like Citigroup. Clients appreciate its ability to provide a one-stop shop on deals that require the input of lawyers in complementary areas, including bankruptcy, tax and capital markets.
Knowledgeable across numerous industry sectors, including consumer products and energy, the group recently advised Citibank as administrative agent for JPMorgan and Sun Trust on a $200m financing for energy investment fund, Solar Capital.
Praised for its availability at all times, ‘they cheerfully take on assignments no matter how short the timeframe or over holidays’, say clients.
CLIENTS: Clients include ArvinMeritor, Banc of America Securities, Citigroup Global Markets, Citibank, Dexia Credit Local and GLG Partners.
INDIVIDUALS: Based in the firm’s New York office, Andrew Coronios, Vincent Dunn and Lawrence Rosenberg ‘are very intelligent, adept at spotting issues and bend over backwards to give us the best possible service’, comments one institutional client.
Paul, Hastings, Janofsky & Walker LLP
PRACTICE: ‘A truly excellent firm made up of excellent and committed professionals’, Paul, Hastings, Janofsky & Walker LLP advises a largely lender-biased client base on financings at all levels of the capital structure, including senior and mezzanine financing.
With 13 partners active in leveraged finance transactions out of the firm’s New York headquarters, the East Coast accounts for a large proportion of the group’s mandates, although with a significant West Coast presence, as well as an international network, many of its instructions are handled utilizing a multi-office approach.
Although less active on the borrower-side, it recently represented a major public company in relation to the restructuring of its complex capital structure, including several billion dollars of private and public debt, and equity instrument amendments and exchanges.
CLIENTS: Clients include Wells Fargo, Citibank, Cerberus, Goldman Sachs, Morgan Stanley, GE Capital and Wells Fargo Foothill.
INDIVIDUALS: New York-based partner William Schwitter ‘has a great balance between technical proficiency and business practicality, which is a rare and excellent trait in an outside advisor’, say clients.
PRACTICE: With ten partners in its New York-based finance group, Schulte Roth & Zabel LLP has more than enough firepower to handle a diverse range of transactions across the capital structure. Regularly instructed by both mezzanine funds and specialist debt funds, the firm’s position at the forefront of the investment fund industry is brought in to even starker focus in the current economic climate where non-bank lenders are increasingly being sought out to fund LBOs. Frequently instructed by Ableco Finance, the team recently advised the specialist finance company as co-arranger, along with Goldman Sachs Canada Credit Partners, on a $362m senior secured facility to Allen-Vanguard.
For more traditional debt finance work, the department regularly represents lenders providing secured financing for middle-market companies. For example, it represented Wells Fargo Foothill on a $140m senior secured revolving credit facility provided to Take-Two Interactive Software and its subsidiaries.
CLIENTS: Instructed by a coterie of banks and non-traditional lenders, clients include Ableco Finance, Wells Fargo Foothill and Silver Point Finance.
INDIVIDUALS: Practice head Frederic Ragucci is recommended by lenders and borrowers on acquisition, DIP and subordinated debt financings.