US > Finance > Bank lending: Midwest
Bank lending: Midwest
PRACTICE: Driven out of its Chicago headquarters, although by no means limited to advising clients solely on regional deals, Sidley Austin LLP’s ‘top-notch’ syndicated and leveraged finance group offers all-encompassing expertise to a client roster that includes a number of significant banking clients.
Boasting a depth of expertise that is the envy of its Midwest competitors, clients appreciate not only the excellence at partner level but also comment on ‘the very high quality of the associates at the firm’. Such an impressive pool of talent enables it to seamlessly resource a tremendous volume of transactions across the full spectrum of commercial lending activities, including working capital and leveraged acquisitions, as well as DIP financings and restructurings.
Unlike many of its competitors in the market, the practice is regularly instructed on large cap transactions such as its representation of Tribune Company, a longstanding client, on its $10.1bn senior secured credit facility and $1.6bn bridge loan credit facility to fund its going-private transaction.
On the lender side, the department recently advised Citibank, as administrative agent, on a $2.3bn multicurrency credit facility provided to Caterpillar and various subsidiaries for general corporate purposes.
CLIENTS: Clients include Tribune Company, Kraft Foods, Federal Mogul, JPMorgan Chase, Morgan Stanley, Colgate-Palmolive, Canyon Capital Partners, Fortress Credit and Commonwealth Edison.
INDIVIDUALS: Based in Chicago, James Clark ‘has an outstanding reputation that is richly deserved’. Regularly involved in the firm’s most significant financing transactions, clients include JPMorgan Chase, who he recently advised as administrative agent on a $1.9bn multicurrency revolving credit facility to Harley-Davidson.
Based in the firm’s Chicago office, Zulfiqar Bokhari ‘provides top-notch counsel, deep knowledge of trends, tremendous negotiating skills and is highly responsive to our needs’, enthuse clients.
PRACTICE: ‘One of the top firms in the country concentrating on middle-market private equity backed transactions’, Katten Muchin Rosenman LLP’s 11-partner team advises financial institutions and investment funds on senior and mezzanine credit facilities. ‘Their work product is beyond reproach’, recognize clients, who also commend ‘their exceptional level of service’.
In a difficult market, notably the practice has successfully been able to secure instructions from a number of new clients including the CIT Group and Fifth Third Bank. The team recently advised the former as administrative agent and lead arranger on a $110m senior secured credit facility to a provider of used tire recycling services.
Other highlights include advising GE Capital as administrative agent and lead arranger on a $230m senior secured credit facility to a provider of route laundry services.
CLIENTS: A strong performer in the middle-market, Katten Muchin Rosenman LLP’s lender-side client portfolio includes Ableco Finance, Madison Capital Funding, Ares Capital, Fifth Third Bank, Golub Capital, Midwest Mezzanine, Caltius Mezzanine, CIT Group and GE Capital.
INDIVIDUALS: Chair of the firm’s commercial finance team, Chicago-based partner Stuart Shulruff is ‘hard-working, smart, experienced and principled’, say clients. He handles a steady stream of middle-market leveraged finance work on behalf of lender-side clients such as Ableco Finance and Ares Capital.
‘Principled and fair, but compromising where appropriate’, Chicago-based partner Michael Jacobson advises clients across a wide range of commercial finance transactions.
PRACTICE: Providing ‘great overall service’ to clients across a diverse array of industry sectors, McDermott Will & Emery LLP’s finance group is well regarded by both lenders and borrowers. While the firm’s Chicago office is the engine room of the practice, with 14 offices strategically positioned across the US and Europe, it is less parochial than many of its rivals.
‘Detailed, prompt and proficient’, the team handles work across the waterfront of financial transactions, predominantly in the middle-market, including leveraged and asset-based financings, syndicated and bilateral lending.
Typical of recent work handled by the group is its representation of a major retailer-owned hardware cooperative, in connection with the restructuring of its existing debt and the establishment of replacement financing, including a $300m syndicated asset-based revolving loan facility with Bank of America.
CLIENTS: Clients include Actuant, GE Capital, Merrill Lynch Capital Services, Union Bank of California and Wells Fargo Foothill.
INDIVIDUALS: Chicago-based department head Michael Boykins has an excellent reputation in the market for his ‘stellar’ work on behalf of lenders and borrowers across a broad range of corporate finance transactions.
Also based in Chicago, partner Jeffrey Jung has a strong track record advising borrowers in acquisition facilities and under mezzanine, and subordinated structures.
PRACTICE: Vedder Price provides a ‘faultless service’, to a robust collection of borrowers, lenders and mezzanine financiers.
‘One of the most highly talented equipment finance groups in practice today anywhere in the world’, it is the firm’s pre-eminent aviation finance practice, however, that is undoubtedly its strongest calling card. Clients attest that it is ‘incredibly strong on the debt side’, and it represents an impressive list of investment banks and private equity firms; the team’s deeply entrenched relationship with export credit agency, Ex-Im Bank of the US informs a good deal of its workload. For example, it advised it in relation to a $940m Yen denominated facility, covering aircraft leased to a Canadian carrier.
Clients also appreciate the ‘quality and responsiveness’ of the attorneys which means they ‘are able to rely on them heavily for support and they are an integral part of our internal legal function’.
CLIENTS: Instructed by an eclectic mix of banks, export financiers and private equity firms, clients include Bank of America, Ex-Im Bank of the US, CIT, United Airlines, Credit Suisse and Macquarie.
INDIVIDUALS: President of the firm and chair of the finance and transactions practice, Michael Nemeroff is a media-savvy lawyer who, in addition to a significant M&A practice, also regularly advises funds and financiers in relation to leveraged transactions. Clients say he is ‘responsive and knowledgeable’.
‘A fine lawyer and a fine man’, John McEnroe provides a superlative service to a client base that includes traditional banks, finance companies and hedge funds.
Chair of the firm’s equipment finance group, Dean Gerber is very well known in the market for his aviation financing expertise. Instructed by an array of lenders, including core client Ex-Im Bank US, Gerber is at the vanguard of the industry and is described by clients as a ‘been there, done that, created it kind of guy’.
PRACTICE: With a core team of over 40 partners active in the corporate lending arena, Winston & Strawn LLP has the strength and depth to provide a ‘thorough and confident service’ to a slew of financial institutions, institutional investors, private equity firms and corporates. Instructed on transactions in the middle market, the leveraged syndicated market and the investment grade market, recent highlights include advising Lear Corporation in the recent extension of its original $2.7bn credit facility.
Although Chicago is undoubtedly the driving force behind the practice, it is aided by a significant domestic footprint which includes a recently opened Charlotte office, as well as offices internationally in London, Paris and Moscow.
CLIENTS: Clients include McDonnell Loan Opportunity Fund, Lear Corporation, Bank of America, JPMorgan Chase and Merrill Lynch.
INDIVIDUALS: Well known in the market for his representation of senior lenders in syndicated mandates, Gregory Murray is regularly involved in many of the firm’s highest-profile transactions. Representative clients include JPMorgan Chase and Bank of America.
Recommended by clients, Ronald Jacobson is instructed by private equity firms and investment banks on leveraged finance transactions at all levels of the capital structure.
PRACTICE: ‘User-friendly’, say clients, Baker & McKenzie advises a largely lender side client base on a range of predominantly mid-market transactions, including trade financing, syndicated loans and acquisition finance. ‘I am completely confident in their counsel and never feel I have to second guess their work’, enthuses one client.
Recent practice highlights include representing Sims Group on a $200m senior unsecured credit facility agented by Bank of America, while on the lender side it advised Wells Fargo Bank on the provision of a $250m syndicated secured revolving loan credit facility for a steel processing company and its subsidiaries.
Although it lacks visibility in the most significant domestic mandates, the Chicago office is regularly the driving force behind transactions that involve input from multiple international offices.
CLIENTS: Clients include Bank of America, Charter One Bank, Dura Automotive Systems, JPMorgan Chase and Wells Fargo Bank.
INDIVIDUALS: ‘Very impressive’, Creighton Meland offers a wealth of practical experience to both corporates and financial institutions. He was lead partner on the aforementioned Sims Group financing.
‘Thorough and professional’, Lawrence Haas is recommended by lenders and borrowers for his expertise on domestic and cross-border acquisition finance transactions. He is also knowledgeable on bank regulatory issues.
Both recommended lawyers are based in Chicago.