Firms To Watch: Commercial lending

Baker McKenzie LLP stands out for its proficiency in ESG-related financing, particularly within the context of the energy and infrastructure sectors.
Best known for its work in sports lending, Choate, Hall & Stewart has a strong record in assisting financial institutions with franchise loans to major sports teams.

Commercial lending in United States

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP has a solid debt finance practice, which works closely with its restructuring and bankruptcy practice assist with debtor-in-possession financings and Chapter 11 cases. On the lender side, the firm focuses on assisting alternative lenders such as investment funds, while the borrower practice has a client portfolio that includes numerous energy and construction companies. The New York office is home to corporate practice co-head Zachary Wittenberg, in addition to Scott Welkis and Meng Ru. John Goodgame leads the Houston team.

Practice head(s):

Zach Wittenberg; John Goodgame

Other key lawyers:

Scott Welkis; Meng Ru

Key clients

True Religion and its debtor and non-debtor affiliates

Certain funds managed by GSO Capital Partners LP and certain funds managed by Blackstone Tactical Opportunities

Advisors L.L.C.

New Mountain Capital, LLC

Global Eagle Entertainment, Inc. Official Committee of Unsecured Creditors

Kennedy Lewis Investment Management

Francisco Partners Management, LLC

CEC Entertainment

GoldenTree Asset Management

Intelsat Jackson Ad Hoc Group

Goldman Sachs

The Official Committee of Unsecured Creditors of Purdue Pharma LP.

Diamondback Energy, Inc.

Viper Energy Partners LP

U.S. Concrete, Inc.

Genesis Energy L.P.

Laredo Petroleum, Inc.

The ad hoc committee of Weatherford International plc

Oaktree Capital Management

Ad Hoc Group of First Lien Lenders of Foresight Energy LP

Vista Credit Partners

Blue Water Industries LLC

Work highlights

  • Represented Kennedy Lewis Investment Management in a series of financial transactions.
  • Represented long-time client Diamondback Energy, Inc. as a borrower in its $1.6bn revolving credit facility.
  • Represented U.S. Concrete, Inc. as borrower in a $300m ABL facility.

Allen & Overy LLP

In the words of one client, Allen & Overy LLP has ‘rapidly built their banking and finance practice since Jake Mincemoyer joined the team’. Mincemoyer, who arrived in February 2021 from White & Case LLP to lead the leveraged finance practice, has since been joined by fellow former White & Case practitioners Stanimir Kostov and Gordon Mak, who arrived in May and June 2021 respectively, as well as Ilona Potiha, recruited from Davis Polk & Wardwell LLP in October 2021. The result of these developments is that the firm has a highly proficient lender-side practice, which is solicited by both banks and alternative lenders on all types of leveraged finance facilities, including asset-based loans, high-yield debt offerings and debtor-in-possession financings. Below partner level, counsel Joseph Furst stands out.

Practice head(s):

Jake Mincemoyer

Other key lawyers:

Gordon Mack; Ilona Potiha; Rajani Gupta; Judah Frogel; Stanimir Kostov; Joseph Furst

Testimonials

‘A&O has rapidly built their banking and finance practice since Jake Mincemoyer joined the team early last year. It is early days yet, but Jake has been instrumental in building the banking and finance platform over the course of the past 12 months.’

‘I have worked with Jake extensively at his prior firm. He is a sophisticated lawyer who handles complex finance transactions and handles with ease any complexities arising therefrom.’

They are the absolute best. Market leading practice with great depth in their bunch. Extremely commercial, smart, sophisticated. On the very cutting edge of the leveraged market.’

Key clients

Bank of America

Barclays

BMO Capital Markets

Citibank

Coherent, Inc.

Colfax Corporation

Credit Suisse

Deutsche Bank

Goldman Sachs

Golub Capital

Jefferies

JPMorgan

Macquarie Capital

Morgan Stanley

Nomura

RBC Capital Markets

Scotiabank

Work highlights

  • Advised Bank of America on a $2.19bn first lien term loan facility to SRS Distribution Inc. and certain of its affiliates.
  • Advised Credit Suisse on first lien closing date initial term loans of $955m, revolving commitments of $165m and delayed draw commitments of $200m
  • Advised Credit Suisse as administrative agent on a $1.307bn first lien term loan for the acquisition of TricorBraun Holdings, Inc. by AOT Packaging Products Acquisition Co LLC.

Bracewell LLP

With a strong standing in the Texas market, Bracewell LLP‘s finance practice is focused on the energy sector; the firm represents lending banks, private equity companies and energy providers in the financing of upstream, midstream and downstream energy projects. The Houston office houses much of the national team, including joint departmental leads Dewey Gonsoulin Jr , Heather Brown  and Alan Rafte, though the firm also has offerings in Austin, Dallas and Washington DC. In New York, Robin Miles , also a co-practice head, recently lead a team that advised MUFG Union Bank on a$1.7bn unsecured revolving credit facility to Continental Resources, Inc.

Practice head(s):

Dewey Gonsoulin Jr.; Heather Brown; Alan Rafte; Robin Miles

Other key lawyers:

Kate Day; Stephanie Koo Song; Martha Kammoun

Key clients

DT Midstream, Inc.

Kinder Morgan, Inc.

Pioneer Natural Resources Company

DCP Midstream Operating, LP

Ferrellgas, L.P.

Société Générale

MUFG Union Bank, N.A.

Equinor Wind Services LLC

Citibank, N.A.

JPMorgan Chase Bank, N.A

The Carlyle Group

Crédit Agricole

DT Midstream, Inc.

Kinder Morgan, Inc.

Pioneer Natural Resources Company

DCP Midstream Operating, LP

Ferrellgas, L.P.

Société Générale

MUFG Union Bank, N.A.

Equinor Wind Services LLC

Citibank, N.A.

JPMorgan Chase Bank, N.A

The Carlyle Group

Crédit Agricole

DT Midstream, Inc.

Kinder Morgan, Inc.

Pioneer Natural Resources Company

DCP Midstream Operating, LP

Ferrellgas, L.P.

Société Générale

MUFG Union Bank, N.A.

Equinor Wind Services LLC

Citibank, N.A.

JPMorgan Chase Bank, N.A

The Carlyle Group

Crédit Agricole

DT Midstream, Inc.

Kinder Morgan, Inc.

Pioneer Natural Resources Company

DCP Midstream Operating, LP

Ferrellgas, L.P.

Société Générale

MUFG Union Bank, N.A.

Equinor Wind Services LLC

Citibank, N.A.

JPMorgan Chase Bank, N.A

The Carlyle Group

Crédit Agricole

DT Midstream, Inc.

Kinder Morgan, Inc.

Pioneer Natural Resources Company

DCP Midstream Operating, LP

Ferrellgas, L.P.

Société Générale

MUFG Union Bank, N.A.

Equinor Wind Services LLC

Citibank, N.A.

JPMorgan Chase Bank, N.A

The Carlyle Group

Crédit Agricole

DT Midstream, Inc.

Kinder Morgan, Inc.

Pioneer Natural Resources Company

DCP Midstream Operating, LP

Ferrellgas, L.P.

Société Générale

MUFG Union Bank, N.A.

Equinor Wind Services LLC

Citibank, N.A.

JPMorgan Chase Bank, N.A

The Carlyle Group

Crédit Agricole

Work highlights

  • Represented DT Midstream, Inc in a $750m revolving credit facility and $1 billion term loan B.
  • Represented Kinder Morgan, Inc., in a $3.5bn unsecured revolving credit facility with Barclays Bank PLC.
  • Represented Ferrellgas, L.P. in its $650m aggregate principal amount of 5.375% senior notes due 2026.

Cadwalader, Wickersham & Taft LLP

Cadwalader, Wickersham & Taft LLP is developing a strong reputation for lender side work and has a significant presence on the Charlotte market. Michael Mascia, Christopher McDermott and Jeffrey Nagle co-lead the team which, alongside its transactional work, gained widespread recognition in 2021 for its work advising the Alternative Reference Rates Committee on contractual fallback language for LIBOR denominated bilateral business loans and securitizations. The firm expanded its team throughout 2021 with the February addition of  partner Chad Stackhouse from Troutman Pepper, in addition to special counsels Leah Edelboim in January and Perry Hicks in October from Clifford Chance and Hunton Andrews Kurth LLP respectively.

Practice head(s):

Michael Mascia; Christopher McDermott; Jeffrey Nagle

Other key lawyers:

Chad Stackhouse; Perry Hicks; Leah Edelboim

Key clients

Alternative Reference Rates Committee

The Loan Syndications and Trading Association

The Renco Group Inc.

Bank of America Corp.

Coöperatieve Rabobank U.A., New York Branch

Federal Reserve Bank of Boston

Kingsland Holdings Limited

BNP Paribas

MUFG Bank Ltd.

Investec Bank plc

ING Capital LLC

Natixis

Work highlights

  • Advising the Alternative Reference Rates Committee in drafting recommended contractual fallback language for U.S. Dollar LIBOR denominated bilateral business loans and securitizations.
  • Advised BNP Paribas on a $1.7bn senior secured working capital facility for Castleton Commodities International LLC.
  • Advised Coöperatieve Rabobank U.A., New York Branch, on a $500m sustainability-linked senior secured revolving credit facility for Mercon Coffee Group.

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP is highly active in advising banks on leveraged finance transactions, with a considerable deal volume within the space. The group, which is based in New York, has a deep roster of partners with vast experience of working with the premier lenders in the market, including JP Morgan, Credit Suisse, Wells Fargo and Deutsche Bank.  Corey Wright‘s wide-ranging practice spans high-yield bond financings and refinancing, debt and equity offerings and out-of-court debt restructurings. Department stalwart James Clark continues to advise on a range of transactions in addition to sitting on the firm’s executive committee, while Jennifer Ezring  focuses on asset-based lending and leveraged finance deals. Veteran Jonathan Schaffzin is another name to note. Douglas Horowitz, the go-to partner for JP Morgan, left for Gibson, Dunn & Crutcher LLP in April 2022,

Other key lawyers:

James Clark; Jonathan Schaffzin; Corey Wright; Marc Lashbrook; Jennifer Ezring; Joshua Zelig

Key clients

JPMorgan Chase Bank, N.A.

Morgan Stanley & Co. LLC

Credit Suisse

Deutsche Bank

Citigroup Global Markets Inc.

Wells Fargo Securities

Jefferies Finance LLC

Nomura Securities International, Inc.

Mizuho Bank, Ltd.

Truist Securities

Work highlights

  • Represented the lead arrangers in connection with a $1.787bn term loan B incremental credit facility for Caesars Resort Collection, LLC, a subsidiary of Caesars Entertainment, Inc.
  • Represented the lead arrangers in connection with a $5bn senior unsecured revolving credit facility for Dell International L.L.C. and EMC Corporation.
  • Represented ICON in approximately $5.8bn of debt financings for an acquisition.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton‘s New York-based debt finance department is instructed to represent multinational corporates, private equity houses, and government institutions on leveraged loans, investment grade deals, high-yield offerings and asset-based facilities. Duane McLaughlin  and Amy Shapiro lead the borrower-focused team; the former works with private equity funds including Brookfield, while the latter’s proficiency in advising corporate borrowers is evident in recent work assisting International Flavors & Fragrances with a  $7.5bn facility in connection with its merger with DuPont’s Nutrition & Biosciences. In addition to its typical deal flow, the team has also been assisting US government departments with providing financial relief to the airline sector under the  Coronavirus Aid, Relief, and Economic Security Act. Katie Reaves  and the ‘technically superb’ Meme Peponis are heavily involved in the private equity space and collaborate to advise key client Warburg Pincus on numerous acquisition financings.

Practice head(s):

Duane McLaughlin; Amy Shapiro;

Other key lawyers:

Meme Peponis; Katie Reaves; Victor Chiu

Testimonials

‘The level of client service this team brings is unmatched. The technical expertise is certainly present as that is table stakes, but what sets them apart is the depth of their knowledge of the market, creativity and problem solving abilities, business acumen and responsiveness. We have used other top tier law firms, but I simply can’t imagine doing a debt deal with another firm or team.’

‘Meme Peponis and Victor Chiu are all stars. Meme simply has the ability to get the deal done on the best terms possible for us. She quickly identifies the key issues, develops a plan of attack and executes flawlessly. Technically superb and I appreciate the ability to call her with a question and get direct advice. She is consummate professional and is always available even for the last minute question. Victor is an exceptionally gifted technical lawyer and has spotted issues that have lingered for years that prior debt counsel never identified. Easy to work with and a problem solver.’

Key clients

International Flavors & Fragrances

Verizon

Warburg Pincus

American Tower

Sotera Health

Walgreens

ESL Investments

Astound Broadband

Howmet Aerospace

Starbucks

Work highlights

  • Advising a government agency in its financial assistance of the U.S. airline industry pursuant to the Coronavirus Aid, Relief, and Economic Security Act.
  • Represented IFF in the $7.5bn bridge and term loan financing for the merger of IFF and DuPont’s Nutrition & Biosciences (N&B) business in a Reverse Morris Trust transaction.
  • Represented Verizon in a $25bn delayed draw term loan.

Cooley LLP

Much of Cooley LLP‘s most notable work comes in the healthcare and life science sector. The department, which is  primarily spread across multiple California offices, regularly both lending banks and healthcare providers on acquisition financings, secured and unsecured credit facilities, structured financings and convertible note offerings. Primary San Francisco-based, Mishi a Marca ‘s practice spans lender and borrower representation, and recently included assisting 1Life Healthcare with a $75m  in relation to the $2.1bn acquisition. Michael Tollini, who co-leads the national team alongside Marca, is the key name in the Washington DC office.

Practice head(s):

Mischi a Marca; Michael Tollini

Other key lawyers:

Cynthia Bai

Testimonials

‘Incredibly knowledgeable team in all aspects of the legal process. Well versed in market standard practices. Very responsive.’

‘Cynthia Bai is the best lawyer I work with, bar none. She is quick to provide a strong legal opinion and works quickly through the issues. She is very well respected in the industry and has a great team that I choose work with whenever possible. She is also easy going and great to work with on a personal level.’

Key clients

1Life Healthcare, Inc.

NerdWallet, Inc.

Stitch Fix, Inc.

1Life Healthcare, Inc.

NerdWallet, Inc.

Stitch Fix, Inc.

Work highlights

  • Represented 1Life Healthcare, Inc., as lender to Iora Health, Inc. in connection with 1Life’s agreement to acquire Iora for $2.1bn.
  • Represented Stitch Fix in obtaining a $100m loan facility from Silicon Valley Bank, JPMorgan Chase Bank and CitiBank.
  • Represented NerdWallet on a $100m loan facility made available by Silicon Valley Bank, JPMorgan and HSBC.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP‘s lender-side practice is strong in the New York market, advising major banks as lead arrangers and administrative agents in a variety of complex, high value leveraged transactions. Tatiana Lapushchik  is a prolific dealmaker, and assists lending banks with transactions relating to sectors including energy, technology and retail. In addition to its representation of banks, the group also has a strong borrower-side practice, which frequently handles multicurrency mandates; managing partner George Zobitz ‘s representation of Viatris Inc. in its $4bn revolving credit facility and ¥40bn term loan facility was a undoubted highlight in 2021. Michael Goldman heads up the practice and has vast experience in all types of debt financing transactions, as does practice lead Stephen Kessing , who works with a range of corporate borrowers in addition to banks. Matthew Kelly was promoted to partner in January 2021.

Practice head(s):

Michael Goldman; George Zobitz; Stephen Kessing

Other key lawyers:

Joseph Zavaglia; Tatiana Lapushchik; Matthew Kelly

Key clients

AdvanSix

Amblin

Fortress Transportation and Infrastructure Investors

Gannett

Lindsay Goldberg

Qualcomm

Viatris

WestRock

AdvanSix

Amblin

Fortress Transportation and Infrastructure Investors

Gannett

Lindsay Goldberg

Qualcomm

Viatris

WestRock

Work highlights

  • Represented Qualcomm Incorporated, as borrower, in its $4.47bn revolving credit facility.
  • Represented a Lindsay Goldberg portfolio company, Alpine US Bidco LLC, as borrower, in $550m of credit facilities to finance the acquisition of the North American bakery operations of ARYZTA AG.
  • Represented AdvanSix Inc., as borrower, in its $500m revolving credit facility.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP combines strong finance and corporate law expertise, and maintains a first rate lender-side practice in addition to a strong borrower offering. The group, which operates from New York, has close relationships with major US banks and represents them in bridge loans, structured finance and asset-based lending negotiations, but it is also increasingly active in the direct lender space, counting Owl Rock, Blue Owl and Golub Capital in its client portfolio. Jason Kyrwood, who co-leads the department alongside James Florack, has advised on some of the largest and most high-profile investment grade acquisition financings of recent years, while Sartaj Gill is the key partner for private equity work. At junior partner level, John Perry and direct lending specialist Nicholas Palumbo are the stand out names.

Practice head(s):

James Florack; Jason Kyrwood

Other key lawyers:

Monica Holland; Kenneth Steinberg; Sartaj Gill; Meyer Dworkin; John Perry; Nicholas Palumbo; Welton Blount

Testimonials

‘DPW has the best combination of legal and business advice of the major finance law firms. They also have a very deep bench of Partners and senior associates.’

‘Jason Kyrwood, Jim Florack, and Meyer Dworkin are tremendous. They are very efficient, they understand the issues that matter very quickly and offer solutions to the issues. They have good report with the in house counsel teams of their clients, and with the counsels on the other side of the table such that they can expeditiously get to the heart of the matter and solve problems. They have the trust of their counterparts.’

‘Very deep industry background. Broad practice with deep bench of high quality professionals.’

‘Jason Kyrwood has expertise across both IG and NIG debt financings, which makes him very unique.’

‘DPW Finance has a strong and dedicated team. They actively assist in including the most up to date market terms and provisions in our credit agreements across our portfolio. They offer balanced advice and are helpful in sharing the other side’s (lender’s) perspective to help frame and work through issues. The DPW team is very diverse and collaborative across the platform.’

‘The individuals at DPW are very hardworking and have excellent experience to be able to provide great advice. I work primarily with John (JW) Perry and Welton Blount – they are both excellent – highly recommend!’

Key clients

Advent International

Atairos

BDT Capital

Bridgepoint

Brookfield Business Partners

CDPQ

Charterhouse

Cornell Capital

Crestview

Elliott Management

GHK

KKR

Lightyear Capital

Loews

Madison Dearborn Partners

Metalmark

Sycamore

Symphony Technology Group

Tailwind Capital

Credit Suisse

JPMorgan

Jefferies

Morgan Stanley

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP, which focuses on representing borrowers from its office in New York, is prolific in all areas leveraged finance, including syndicated bank loans, high-yield debt offerings, second lien financings and mezzanine capital investment. Jeffrey Ross  leads the team and recently co-led, alongside Ramya Tiller, a team which advised Discovery Inc. on the financing elements of its $130bn acquisition of WarnerMedia. In addition to its work with corporate borrowers, the firm also works extensively with private equity houses; Clayton, Dubliner & Rice is the key client in this regard and provided the group with several cross-border acquisition financings in 2021. Ryan Rafferty, promoted to partner in July 2021, is appreciated by clients for being ‘incredibly responsive, knowledgeable and helpful on capital structure questions, existing credit agreement compliance and review’.

Practice head(s):

Jeffrey Ross

Other key lawyers:

Paul Brusiloff; David Brittenham; Sunil Savkar; Scott Selinger; Ramya Tiller; Ryan Rafferty

Testimonials

‘I have worked with multiple legal firms throughout my career who have helped me with designing / documenting financing agreements (debt, derivatives, private equity), managing covenants flexibility, assisting with financial reporting questions. The team at Debevoise is at the top of my list for providing such assistance.’

‘Ryan Rafferty is the key partner on our account. I find him to be incredibly responsive, knowledgeable and helpful on capital structure questions, existing credit agreement compliance and review, and understanding how our transactions activity impacts such. His understanding of capital market conditions and recent deal activity has benefited our discussions and influenced my thinking on terms and conditions, more so than previous counsels I have worked with.’

‘Scott Selinger is the best in the business. His capital markets expertise and client-first mentality are second to none. I have stopped using other law firms and consolidated all my business with Scott and his team.’

Key clients

Blackstone Group

Booz Allen Hamilton

Carlyle Group

Cerberus Capital Management

Clayton, Dubilier & Rice

Cloudera, Inc.

Cornerstone Building Brands

Discovery Communications, Inc.

HarbourVest

Huntsworth PLC

Kelso & Company

KKR

Morgan Stanley Investment Management

Providence

Prudential Financial

S&S Activewear

Stone Point Capital

Syniverse Holdings

Verizon Communications

White Cap Supply

Work highlights

  • Advising Discovery, Inc. on the financing aspects of its acquisition of WarnerMedia from AT&T Inc..
  • Advising Clayton, Dubilier & Rice in financing aspects of its £7bn recommended cash offer for Wm Morrison Supermarkets PLC.
  • Advising entities managed by Blackstone in the financing aspects of the $2.8bn acquisition of Allstate Life Insurance Company from The Allstate Corporatio.

Dechert LLP

Straddling the lender and borrower sides of the market, Dechert LLP has a solid debt finance practice that the has an identifiable presence in the middle market, advising on senior credit facilities, first lien/second lien financings, mezzanine debt, and restructurings. The group operates on a cross office basis: Scott M Zimmerman and Jay Alicandri  act from New York;  David Forti and Sarah Gelb operate from the Philadelphia office; and Richard Jones splits his time across both locations. The practice grew further in 2021 with the May arrival of Soo-ah Nah and the addition of Ani Ravi, who joined in September. The pair formerly worked at Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cahill Gordon & Reindel LLP respectively.

Practice head(s):

Jay Alicandri; Richard Jones; Scott Zimmerman; David Forti

Other key lawyers:

Samantha Koplik; Lindsay Flora; Edward Newlands; Angelina Liang; Soo-ah Nah; Ani Ravi

Testimonials

‘Understands our needs’

‘I work mainly with the fund finance lawyers, where we are entering into financings for our funds as borrowers. The key differentiator is the breadth of Dechert’s involvement in deals and their broader funds practice (regulatory, tax, etc).’

‘Jay Alicandri is excellent. He is practical and efficient and has a good command of the market.’

Ed Newlands and Angelina Liang are good junior partners. They are very client-friendly and have a good breadth of market knowledge.’

‘They have the most robust, deep practice in leverage finance (asset-based lines, subscription lines, hybrids) for funds in the middle market credit asset manager space. They have good personal relationships with all the lending banks and bankers, are familiar with their credit document forms, know their trigger points. They also work on most of debt facilities for middle market credit general partners, so know what everyone in the market is doing. They have state-of-the-art expertise in this area.’

‘Jay Alicandri is a standout partner. He knows everyone on both sides of the table in the industry. He works non-stop and is available in the blink of an eye. He is commercial, good at herding cats, is unafraid to go to battle for his clients, but ultimately wants to get the deal done quickly so strikes a good balance between pushing on points and conceding and moving on. He understands the underlying business, and this informs his advice regarding the credit facilities he works on on behalf of asset manager/fund borrowers. He is familiar with all the fund forms/structures and how a fund structure will impact the needs of his client regarding the leverage facility.’

Key clients

FS/KKR

Thoma Bravo

Crown Holdings

Deutsche Bank AG

B&G Foods, Inc.

ING Capital

Bank of America

Main Street Capital Corporation

Wells Fargo

Blackstone Secured Lending Fund/Blackstone Private Credit Fund

Cerberus

Court Square Capital Partners

Crown Holdings

CVC Capital Partners

FS/KKR

Thoma Bravo

Crown Holdings

Deutsche Bank AG

B&G Foods, Inc.

ING Capital

Bank of America

Main Street Capital Corporation

Wells Fargo

Blackstone Secured Lending Fund/Blackstone Private Credit Fund

Cerberus

Court Square Capital Partners

Crown Holdings

CVC Capital Partners

Work highlights

  • Advised FS/KKR Advisor LLC on its $4bn multicurrency senior secured revolving credit facility
  • Advised Crown Holdings, Inc. on the financing matters related to the sale of its European tinplate business to an affiliate of KPS Capital Partners, LP for €2.25bn
  • Represented CVC Capital Partners as the leader of a consortium sponsoring the transaction to combine WorldWide Express LLP and GlobalTranz Enterprises, LLC

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer LLP‘s New York commercial lending practice regularly assists with multi-jurisdictions financings alongside its offices in the UK, Canada and mainland Europe. Primarily focusing on the borrower space, the group’s undoubted highlight for 2021 was its work with AstraZeneca, which involved negotiating a new $17.5bn bridge-financing facility. David Almroth leads the practice and works closely with borrowers from a variety of industries including TMT, pharmaceuticals, manufacturing and sport.

Practice head(s):

David Almroth

Other key lawyers:

Kyle Lakin

Key clients

TriNet Group, Inc.

WorldRemit

Team, Inc.

Cargill, Incorporated

One Equity Partners

AstraZeneca

CPP Investments

Paine Schwartz Partners

Work highlights

  • Advised AstraZeneca on a new committed $17.5bn bridge-financing facility to support the financing of the offer consideration.
  • Advised Cargill on negotiating the debt commitment papers and term sheet for the take-private acquisition of Sanderson Farms Inc. and its merger with Wayne Farms.
  • Advised a customer service company on a $1.4bn term loan, a €1bn term loan, and a $250m revolving credit facility to support its acquisition of Sykes Enterprises, Incorporated.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP, which operates out of New York, is one of the most respected names in the debt finance middle market. Equally capable of advising lending banks, corporate borrowers and private equity sponsors, the firm assists with both investment grade and leveraged transactions. Christian Nahr leads the team and advises on syndicated secured facilities, second lien loans, mezzanine financings and private placements, while departmental stalwart William Reindel continues to represent private equity sponsors, hedge funds and investment  banks. Daniel Bursky  and Mark Hayek frequently collaborate to advise the firm’s corporate borrower clients; in 2021, this included representing Merck, Under Armour and T-Mobile. Beyond the senior partners, Adam Summers  is ‘absolutely fantastic’ when it comes to negotiating commitment letters in relation to acquisition financings.

Practice head(s):

Christian Nahr

Other key lawyers:

William Reindel; Daniel Bursky; Brian Murphy; Emil Buchman; Adam Summers; Ezra Schneck

Testimonials

‘Fried Frank does a lot of large debt deals and they are incredibly knowledgeable about the market and what terms borrowers and lenders should be negotiating. They are also great communicators that explain complicated terms clearly and help us make the best decisions.’

‘The individuals we work with are incredibly responsive and easy to understand. They also make every client feel like they are the most important.’

‘The practice is unique because they have an excellent sense of the market and trends, and they have fantastic relationships with different lenders. As a result, they are able to provide advice on non-legal terms and a perspective on how different lenders behave.’

‘Adam Summers is absolutely fantastic. He is accessible, sharp, looks around corners, and proactive.’

‘They all treat us like we are their only client, clearly not the case

 

Key clients

AEA

Antares Capital

Ares Capital

Bank of America

Citi

Credit Suisse

CVC

Goldman Sachs

Golub Capital

Humana

Informatica

Jefferies

MasTec

Morgan Stanley

New Mountain Capital

Onex Corporation

Park Square

Partners Group

Permira Advisers

ProQuest

RedBird Capital Partners

T-Mobile

Tapestry

Under Armour

Work highlights

  • Advised Procter & Gamble in a $3.2bn 5 year revolving credit facility and a $4.8bn 364 day revolving credit facility.
  • Advised Under Armour in an amendment and extension to its $1.1bn revolving credit facility.
  • Advised Informatica in refinancing its existing credit facilities with a $1.875bn term loan and a $250m revolving facility.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP is well regarded for its borrower representation, and primarily works with major commercial borrowers from the a variety industries on acquisition financings, high-yield offerings and real estate finance transactions. The department is notable for its national network of practitioners; Los Angeles partner Linda Curtis‘ numerous specialisms include investment fund financings, while Aaron Adams, who co-leads the group alongside Curtis, is based in New York. Oil and gas is one of the firm’s areas of particular strength, thanks in part to its presence in Texas. Houston-based Shalla Prichard is a key name in the regard and focuses on the upstream, midstream and downstream energy sectors. Douglas Horowitz arrived from Cahill Gordon & Reindel LLP  in April 2022.

Practice head(s):

Aaron Adams; Linda Curtis

Other key lawyers:

Janet Vance; Laura Rupenian; Cromwell Montgomery; Shalla Prichard; Douglas Horowitz

Key clients

Magnite

Huntington Ingalls Industries

Valero Energy Corporation

Stone Canyon Industries Holdings

The Williams Company

Conflicts Committee of Delek Logistics

Wolverine World Wide

Welltower Inc.

Ranger Oil Corporation (formerly known as Penn Virginia Corporation (Penn Virginia))

Quidel Corporation

Goodwin

Though active on both sides of transactions, it is borrower representation that is Goodwin's specialty. The firm client base spans private companies and private equity sponsors, which it advises on acquisition financing, subscription-secured financing and asset-based transactions. The group has a presence in many of the firm’s network of US offices, and recently expanded into California in a bit to develop the team’s profile. Kristopher Ring now operates from the Santa Monica office, and represents public, family-owned, and private equity-backed companies. Jennifer Bralower continues to lead the team from New York and counts syndicated credit facilities and junior capital among her specialisms. In September 2021, Milena Tantcheva departed the firm to take up an in-house role.

Practice head(s):

Jennifer Bralower

Other key lawyers:

Kristopher Ring; Fredrich Lim; Anna Dodson; Mohammed Alvi; Melissa Schwab Wright

Key clients

Benefit Street Partners

Crescent Capital Group

PennantPark Investment Advisers

Bregal Sagemount

Charlesbank Capital Partners

TA Associates

Piney Lake

AEA Mezzanine

Thoma Bravo LLC

Fortress Investment Group

Benefit Street Partners

Crescent Capital Group

PennantPark Investment Advisers

Bregal Sagemount

Charlesbank Capital Partners

TA Associates

Piney Lake

AEA Mezzanine

Thoma Bravo LLC

Fortress Investment Group

Work highlights

  • Advised an investment fund and certain affiliated investment funds on their agreement to acquire ECP-PF Holdings, LLC, a Planet Fitness franchisee operating 108 gyms in the U.S. and Canada.
  • Represented a healthcare company in connection with the financing for the acquisition of all of the equity interests University Health Care, Inc.
  • Represented a media organisation in connection with the financing in its sale to Vista Equity Partners.

Jones Day

Jones Day‘s finance practice is noted for its breadth, as the firm assists financial institutions, direct lenders, corporations, private equity firms and hedge funds with negotiating various financial structures. Equally comfortable on either side of transactions, the debt finance department is complimented by the firms strength in restructuring, financial litigation and regulatory issues. Brett Barragate and Rachel Rawson lead the team from New York and Boston respectively; the former recently advised healthcare company Steris Plc on obtaining $2.55bn in financing across multiple facilities, while the latter focuses on asset-based lending and investment grade financings . Cleveland-based Caitlin Hunter was promoted to partner in January 2021.

Practice head(s):

Brett Barragate; Rachel Rawson

Other key lawyers:

Aldo LaFiandra; Charles Bensinger; Lewis Grimm; Corbin Kenelly; Caitlin Hunter; Kevin Samuels

Testimonials

‘Knowledgeable and great to work with’

‘Experts in protecting our business while also client friendly.’

‘Al LaFiandra is the best lawyer / advisor that I’ve worked with in my 30 year career.’

‘The Jones Day team has been a backbone of growing our leveraged finance practice over the last 5-10 years. Their team runs through walls to get the job done. We have utilized them on a number of corporate / public company issuances, all of which have been executed with precision. They take the time and do the research on market precedent, even when its a specific issue that requires a deep dive. There is a general level of trust and understanding within our organization when they represent us.

They work well with our team, treat every part of the organization with respect, are already willing to take their own time (associate and partner level) to explain issues to our organization.’

‘Al Lafiandra and Corbin Kennelly. They are available 24/7, always meet our expectations with regards to comparable transactions, client timelines, diligence work, structural advice. We use them at every opportunity available.’

Key clients

Cleveland-Cliffs, Inc.

Ferro Corporation

KeyBank National Association

PNC Bank, National Association

PolyOne Corporation (n/k/a Avient Corporation)

Santander Bank, N.A.

The Riverside Company

The Timken Company

TransDigm Inc.

WESCO International, Inc.

J.P. Morgan Chase

Truist Financial Corporation

U.S. Bank National Association

ACI Worldwide, Inc.

CITGO Petroleum

Follett Corporation

Kaiser Aluminum Corporation

Macy’s Inc.

Nutrien Ltd.

OGE Energy Corp.

Wells Fargo

Cleveland-Cliffs, Inc.

Ferro Corporation

KeyBank National Association

PNC Bank, National Association

PolyOne Corporation (n/k/a Avient Corporation)

Santander Bank, N.A.

The Riverside Company

The Timken Company

TransDigm Inc.

WESCO International, Inc.

J.P. Morgan Chase

Truist Financial Corporation

U.S. Bank National Association

ACI Worldwide, Inc.

CITGO Petroleum

Follett Corporation

Kaiser Aluminum Corporation

Macy’s Inc.

Nutrien Ltd.

OGE Energy Corp.

Wells Fargo

Work highlights

  • Represented KeyBank National Association in a $325m revolving credit facility.

Katten

Katten‘s main focus is working with private credit companies. The group, primarily operating out of the firm’s Chicago office, advises some of the biggest alternative lenders on the market, including Ares Capital, The Carlyle Group and Twin Brook, on an array of financing transactions. Michael Jacobson  leads the team and focuses on deals in the health care, software, technology, sports and entertainment sectors, while Jennifer Wolfe ‘s experience spans acquisitions, leveraged buyouts and recapitalization. The firm also has a Los Angeles presence, which includes Glen Lim and Jan Harris Cate.

Practice head(s):

Michael Jacobson

Other key lawyers:

Jennifer Wolfe; Stuart Shulruff; Derek Ladgenski; Glen Lim; Jan Harris Cate

Key clients

Antares Capital

Ares Capital

Balance Point

BMO Sponsor Finance

Capital One, National Association

Comvest Credit Partners

Madison Capital Funding LLC

Maranon Capital

Midwest Mezzanine

Morgan Stanley

NXT Capital, LLC

The Carlyle Group

Twin Brook Capital Partners

Varagon Capital Partners

Work highlights

  • Represented Capital One, National Association in connection with the execution of operative senior secured first-out/last-out credit documentation.
  • Represented The Carlyle Group as agent in respect to a $270m senior secured financing of Alpine Investors’ acquisition of Redwood Services Group.
  • Assisted Twin Brook with a loan from Linden Capital to orthodontic practitioners network Smile Doctors, with the value in excess of $1bn.

King & Spalding LLP

King & Spalding LLP has an established presence in the middle-market, with capabilities than span investment grade and leveraged financing transactions.  The firm’s lender clients include major global banks, as well as a number of premier direct lenders, while borrower side client include sports teams, private equity houses and retail businesses. In Atlanta, Carolyn Alford leads the leveraged finance & restructuring practice and has experience structuring programmatic lending platforms in addition to representing both lenders and borrowers in financing agreements. The corporate finance & investments group is led from New York by Todd Holleman, who focuses on private credit and special situations investing.

Practice head(s):

Todd Holleman; Carolyn Alford

Other key lawyers:

Ellen Snare; Amy Peters; Jennifer Daly

Key clients

Accent, Inc.

Butterball, LLC

Cousins Properties, LP.

FleetCor Technologies Operating Company, LLC

Schweitzer-Mauduit International, Inc.

Tenex Capital Management

Trane Technologies plc

United Flow Technologies Intermediate Holdco II, LLC

USALCO

Yancey Bros. Co.

Antares Capital

Apollo Capital Management

Barclays Bank PLC

Bank of America, N.A.

Blackstone Alternative Credit Advisors, LP

Blue Owl Capital

Capital One, N.A.

Citizens Bank, N.A.

Fortress Credit Corp.

Golub Capital

JP Morgan Chase Bank, N.A.

KKR Credit Advisors

Monroe Capital

NXT Capital

The Prudential Insurance Company of America

Sound Point Capital

Truist Bank

Tree Line Capital Partners, LLC

Webster Bank, N.A.

Wells Fargo Bank, N.A.

Varagon Capital Partners, LP

Work highlights

  • Represented FleetCor Technologies Operating Company, LLC as borrower in connection with a $4.96bn syndicated credit facility.
  • Represented Trane Technologies plc and certain of its subsidiaries in connection with a $1bn credit agreement.
  • Represented USALCO, a portfolio company of H.I.G. Capital, in connection with a merger with G2O Technologies with a total enterprise value of approximately $1 billion.

Kirkland & Ellis LLP

Kirkland & Ellis LLP maintains a considerable market share of the borrower-side debt finance market, and hits strong numbers with regards to both deal count and total deal value. Private equity work is the real specialty of the group, which works with market-leading companies such as Blackstone Inc., Carlyle, Warburg Pincus and KKR on leveraged buyouts across a number of industries, though the firm is also capable in restructuring matters. The department’s central hub is in New York, home to Melissa Hutson and Jay Ptashek, though the firm’s market position is thanks in part to its national coverage; Michelle Kilkenney and Maureen Dixon are based in Chicago, while David Nemecek and Eric Wedel spend much of their time in Los Angeles. The firm added to an already deep bench with the arrival of the ‘practical, responsive, knowledgeable’ Rachael Lichman from Baker Botts L.L.P. in March 2021. Linda Myers retired in February 2022.

Other key lawyers:

Jay Ptashek; David Nemecek; Michelle Kilkenney; Maureen Dixon; Eric Wedel; Jason Kanner; Melissa Hutson; Rachael Lichman; Sonali Jindal

Testimonials

‘We have been working with the Kirkland team with respect to our credit facilities for more than a decade. They always do a great job and we rely on them for their expertise. They always go above and beyond to help us achieve our desired results. Can’t say enough good things about this team.’

Rachael Lichman is outstanding. Practical, responsive, knowledgeable. She “owns” the results and can navigate expertly through complex situations.’

‘My debt financing team at Kirkland & Ellis, led by Sonali Jindal (Partner), is such a joy to work with. Sonali and her primary team, specifically Austin Glassman and Aditi Iyer, have a much more positive, proactive and collaborative attitude than any other counsel teams that I’ve worked for. They also have fantastic diversity with 2 of 3 being females and minorities.’

‘We followed our debt team here from another firm. They know our business and our lenders and are a great partner for us to help think strategically about our financing needs and covenant flexibility we need to run our business.’

‘My review is for Rachael Lichman and her team who are excellent. I can’t speak for other areas of the firm.’

‘K&E is not only a thought leader in the financing space but also a market maker. Eric Wedel and his team provide consistently differentiated advice and insight on a wide range of matters, spanning across traditional LBO financings to de novo structures for complicated transactions. Many of Kirkland’s peer firms provide excellent client service but no one is as embedded with our team or portfolio company as K&E.’

‘We work with Eric Wedel and his team on our financing transactions. Eric approaches each matter with the same high level of engagement, thoughtfulness, and focus on delivering best in class execution. We are constantly impressed with how extensive his knowledge is on all the latest market innovations (as well as his ability to innovate on any given transaction), the accuracy of his guidance on how to navigate thorny situations, and the way he can convert the breadth of his relationships across the street into truly seamless processes. Incorporating him into our deals as an extension of our team is invaluable.’

Huge comprehensive breadth of expertise. Fast moving and practical.’

Key clients

Advent International

Apax Partners

Bain Capital Private Equity

Blackstone Inc.

The Carlyle Group

Centerbridge Partners

Clearlake Capital Group

Francisco Partners

Gryphon Investors

GTCR

The Jordan Company

KKR

L Catterton

Nordic Capital

RBC Barings

Stone Point Capital

TA Associates

Thoma Bravo

Thomas H. Lee Partners

Vista Equity Partners

Warburg Pincus

Ares Capital Management

Atlantic Park

Bain Capital Credit

The Carlyle Group

Fortress Credit Corporation

Investec

Oaktree Capital Management

Latham & Watkins LLP

From its position at the upper end of the lender and borrower markets, Latham & Watkins LLPComparative Guides promotional icon uses its ‘knowledgeable and super responsive attorneys’ to assist the biggest banks, private equity sponsors, direct lenders and corporate borrowers on syndicated loans, multi-tiered capital structures, and complex bank and bond covenant packages. In New York, Daniel Seale , who has developed strong relationships with premier banks such as Bank of America, JP Morgan and Credit Suisse, leads the global banking practice. Michèle Penzer is also based in New York, as is up-and-coming partner Alfred Xue, a specialist in cross-border transactions and acquisition financings. The private equity group is run from Washington, DC by Manu Gayatrinath , who advised The Carlyle Group on a ESG-linked credit facility valued at $4.1bn, demonstrating the group’s ability to assist with innovative and novel financial structures. There are also experienced names in other locations, with Greg Robins and Brandon R. Anderson  operating from Los Angles and Chicago respectively.

Practice head(s):

Daniel Seale; Manu Gayatrinath

Other key lawyers:

Greg Robins; Jason Licht; Josh Tinkelman; Michèle Penzer; Alfred Xue; Josh Holt; Brandon R. Anderson

Testimonials

‘The team at Latham is exceptional. I wouldn’t think of using another firm. They leave no stone unturned, and then continually work on behalf of their client (us) to achieve the best outcome. I am continually impressed by their diversity – every deal i work on with them includes a mix of men and women, and various racial backgrounds. It’s something we aspire to and Latham already does a great job.’

‘Joshua Tinkelman is in my opinion the best finance lawyer on the street. His understanding of the market is exceptional, and he goes above and beyond to help us (non-lawyers) understand all of the key elements of our documents. He has an excellent understanding of the business side of things, and is able to focus my time efficiently on the most important areas in our deals. He allows me to do my job more effectively and I have complete trust in him.’

‘Team at Latham is a strong differentiator among other law firms I have worked with. Latham has a very deep bench with various levels of expertise, knowledgeable and super responsive attorneys.’

‘Josh Holt – smart, commercial, extremely hard working, detail oriented, responsive.’

Key clients

American Airlines Group Inc.

Aspen Dental Management, Inc.

Atotech Limited

Authentic Brands Group

Blend Labs, Inc.

Caesars Entertainment, Inc.

Centerbridge Partners

Dicerna Pharmaceuticals, Inc.

EQM Midstream Partners

Leonard Green & Partners

Mattel, Inc.

One Rock Capital Partners, LLC

PAI Partners

Platinum Equity

Safehold Inc.

Southwestern Energy Company

TechnipFMC plc

The Carlyle Group

The Walt Disney Company

Veritas US Inc.

Antares Capital

Apollo Management

Ares Management

Bank of America

Bank of Montreal

Barclays Bank PLC

Blackstone Alternative Credit Advisors

BNP Paribas

Carlyle Global Credit

Credit Suisse

Goldman Sachs Bank USA

Golub Capital

Hercules Capital, Inc.

Jefferies Finance LLC

JPMorgan Chase Bank, N.A.

KKR

Leonard Green & Partners

Morgan Stanley

Owl Rock Capital

Scotiabank

UBS Securities LLC

Work highlights

  • Represented JPMorgan Chase Bank in connection with a term loan and revolving credit facility, concurrent with a $5.3 billion bond offering, for Organon & Co.
  • Advised Goldman Sachs Bank USA with regards to term loans and revolving credit facility in connection with Thoma Bravo’s acquisition of RealPage, Inc.
  • Advised Blackstone Alternative Credit Advisors as well as credit arms of Apollo and KKR, and Antares, in connection with the financing for Thoma Bravo’s acquisition of Medallia, Inc.

Mayer Brown

Mayer Brown‘s finance practice is held in high regard for its breadth, with the team able to assist investment banks, alternative lenders and private companies on all aspects of leveraged finance transactions. On the borrower side, the firm's longstanding relationship with General Motors stands out; in 2021, New York partner Mae Rogers led a team which advised on the refinancing of the company’s $4.3bn three-year revolving facility and $2bn 364-day revolving facility. ‘Never ruffled’, Scott Zemser is also based in New York, where he assists banks and other lenders with acquisition, tender and bridge financings. In Chicago, Fred Fisher, a go-to partner for key clients such as JPMorgan, Bank of Montreal, Macquarie and LKCM Headwaters, ‘is laser focused on the big picture’. Fellow Chicago practitioner Matthew O’Meara  leads the national team alongside Zemser and Kiel Bowen, who resides in Charlotte.

Practice head(s):

Kiel Bowen; Matthew O’Meara; Scott Zemser

Other key lawyers:

Mae Rogers; Fred Fisher; Chris Chubb

Testimonials

‘Fred Fisher and the team have been a tremendous partnership for me and my client relationships. They are extremely knowledgeable, provide great work with an extremely quick turnaround. Mayer Brown is exceptional at managing a process and marching toward a timeline. When a legal issue is presented to me, they will have two or three suggestions for how best to move forward, reducing considerable stress in the closing process. From sole bank deals to large syndications, they have the skillset to understand the various markets we compete within. I will not do an ESOP related deal without Mayer Brown as my representation.’

‘Fred Fisher is my go to partner at Mayer Brown. He understands and coordinates the proper deal staffing depending on the size, ownership type, industry, and asset type. Fred is laser focused on the big picture and process and trusts his team to manage the details.

‘Chris Chubb is an ESOP Extraordinaire – From documenting a new ESOP formation through to complex seller note negotiations, he has been a tremendous partner to identify and avoid key risks in what is a very complex ownership structure.’

I have enormous respect for this firm and the team I work with, and they are as friendly as they are diligent.’

‘Solid pulse on the market and deep bench’

‘Fred Fisher knows the market and helps provide thoughtful guidance. Jennie Kratochvil helps lead their LIBOR transition team and is an incredible resource.’

‘Scott Zemser is an excellent partner. He has seen it all and negotiated countless complex agreements. He is never ruffled, is clear in his explanations, and manages to win over clients and opposing counsel on key points of our concern. He is also collaborative and helps the entire negotiating process more collaborative and less confrontational.’

Key clients

Ampler QSR Holdings

Atkore

Barclays Bank

The Cheesecake Factory

General Motors Company

The Huntington National Bank

JPMorgan Chase Bank

KKR

Mizuho Bank

PNC Bank, National Association

RBC Capital Markets

Silvus Technologies

Société Générale

Southwire Company

Värde Partners

YUM! Brands

McDermott Will & Emery LLP

Though capable of advising lenders, it is McDermott Will & Emery LLP‘s borrower-side work that is most worthy of note. The firm routinely works with private equity houses, as well as corporate borrowers, on acquisition financing, asset-based lending, bond financing and loan workouts. Michael Boykins  and Stephanie McCann  are the names to note in Chicago; both have vast experience in advising on matters relating to the healthcare sector, an area whether the firm is particularly strong. Gary Rosenbaum , based in Los Angeles, leads the team alongside McCann and Boykins. Jared Bryant, arriving from Kirkland & Ellis LLP, joined the New York office in January 2021.

Practice head(s):

Michael Boykins; Stephanie McCann; Gary Rosenbaum;

Other key lawyers:

Joshua Samis; Ikechukwu Chidi; George Houhanisin; Jared Bryant

Key clients

American Builders & Contractors Supply Co., Inc.

Amulet Capital Partners

AUA Private Equity Partners

Brookfield Renewable Partners

Castle Harlan Partners V, L.P.

City National Bank

Clearwell Group, LLC

Comvest Partners

Cresco

Daddies Board Shop, LLC

Fifth Third Bank

Gemspring Capital Management, LLC

Geras, LLC

Gladstone Capital Corporation

Great Point Partners

H.I.G. Capital, LLC

Hidden Harbor Capital Partners

Independent Pet Partners

Industrial Opportunity Partners, LLC

JPMorgan Chase Bank

LaSalle Capital

LightBay Capital

Living Spaces Furniture, LLC

Martis Capital Management, LLC

McNally Capital, LL

Meduit Group, LLC

MidCap Financial Services

Milestone Technologies Inc

New Harbor Capital

NexPhase / Oliver Wine Company

Pamlico/Canadian Orthodontic Partners ULC

Patrick Industries

Peak Rock Capital

American Builders & Contractors Supply Co., Inc.

Amulet Capital Partners

AUA Private Equity Partners

Brookfield Renewable Partners

Castle Harlan Partners V, L.P.

City National Bank

Clearwell Group, LLC

Comvest Partners

Cresco

Daddies Board Shop, LLC

Fifth Third Bank

Gemspring Capital Management, LLC

Geras, LLC

Gladstone Capital Corporation

Great Point Partners

H.I.G. Capital, LLC

Hidden Harbor Capital Partners

Independent Pet Partners

Industrial Opportunity Partners, LLC

JPMorgan Chase Bank

LaSalle Capital

LightBay Capital

Living Spaces Furniture, LLC

Martis Capital Management, LLC

McNally Capital, LL

Meduit Group, LLC

MidCap Financial Services

Milestone Technologies Inc

New Harbor Capital

NexPhase / Oliver Wine Company

Pamlico/Canadian Orthodontic Partners ULC

Patrick Industries

Peak Rock Capital

Work highlights

  • Advised Patrick Industries on a financing with a concurrent new credit agreement and bond private placement.
  • Represented Fifth Third Bank in connection with a $470m credit facility consisting of a USD 220 million revolving loan facility and a USD 250 million term loan facility. c.
  • Represented H.I.G Capital in four major acquisition finance deals in the hundreds of millions of dollars.

McGuireWoods LLP

McGuireWoods LLP has one of the busiest lender-side practices in the US, primarily due to its longstanding relationships with key banking clients Wells Fargo and Bank of America. The firm is particularly noteworthy for its standing in the Charlotte market; Erick Burk and debt finance lead Kevin McGinnis are both based in the region and regularly advise on syndicated deals across numerous industry sectors. Outside of Charlotte, the group has a presence in Los Angeles through Hamid Namazie and Atlanta thanks to Chris Molen. In addition to its lender work, the department is developing a capable borrower practice that handles acquisition financing.

Practice head(s):

Kevin McGinnis

Other key lawyers:

Eric Burk; Chris Molen; Hamid Namazie; Raj Natarajan

Key clients

Bank of America Corp.

Wells Fargo

Wingspire Capital

LBC Credit Partners

Capital One

Truist Bank

White Oak Healthcare Finance

NXT Capital

Regions Bank

PNC Financial Services, Inc.

Work highlights

  • Advised Bank of America Business Capital on a $5bn senior asset-based credit facility for Southern Glazer’s Wine and Spirits LLC.
  • Represented Wells Fargo Bank, N.A., as administrative agent in BlackRock’s tenth amendment to its Five-Year Revolving Credit Agreement.
  • Represented Dominion Energy in connection with its syndication of a sustainability, diversity and inclusion-linked credit facility totalling $6bn.

Milbank

Milbank has a strong record in advising on market-leading leveraged finance transaction; the firm is frequently instructed by leading investment banks and direct lenders to assist with leveraged buyouts, tender offers and go-private transactions as well as recapitalizations, bridge and mezzanine financings. Every member of the team operates from New York, where Marcus Dougherty leads the US team, in addition to co-leading the global team; in addition to working with banks, Dougherty often works on recurring lender counsel designations for premier private equity firms. Other key names include up-and-coming partner Charles Stern, who recently led a team alongside Dougherty which represented RBC in connection with $1.325bn worth of financing facilities for the acquisition of LegalShield. Former practice head Marc Hanrahan retired from the firm in 2021, while Spencer Pepper was promoted to partner, Kamal Nesfield joined from Latham & Watkins LLP in December 2021 and Benjamin Miles transferred from elsewhere in the firm.

Practice head(s):

Marcus Dougherty

Other key lawyers:

Lauren Hanrahan; Eric Reimer; Charles Stern; Benjamin Sayagh; Spencer Pepper; Benjamin Miles; Kamal Nesfield

Key clients

Goldman Sachs & Co.

Credit Suisse

Royal Bank of Canada

Jefferies & Company

Oaktree Capital Management

GSO Capital Partners

Morgan Stanley

Antares Capital

Oak Hill Advisors

HSBC

Work highlights

  • Advised the arrangers led by Bank of America in raising $8.7bn of senior secured credit to finance the $32bn acquisition of Medline Industries LP by Blackstone Inc., The Carlyle Group, Inc. and Hellman & Friedman LLC.
  • Advised RBC on a a first lien revolving facility, a first lien term loan, and a second lien term loan for LegalShield.
  • Advised an investment company on financing in connection with the take-private acquisition of McAfee Corp.

Moore & Van Allen, PLLC

Moore & Van Allen, PLLC is very active in the lending middle market and works with a number of banks as well as non-bank lenders on leveraged financing transactions. Due to its presence in Charlotte, the firm regularly works with Wells Fargo and Bank of America on deals which span structured finance unitranche financing, subscription finance and asset-based lending. Tom Mitchell and Wayne McKinzie lead the practice, which also includes serial dealmakers Meredith Reedy and Tripp Monroe. Sandra Lazorcheck joined the team from King & Spalding LLP in June 2021.

Practice head(s):

Tom Mitchell; Wayne McKinzie

Other key lawyers:

Meredith Reedy; Tripp Monroe; Sandra Lazorcheck

Key clients

Bank of America, N.A./BofA Securities, Inc.

Wells Fargo Bank, National Association/Wells Fargo Securities, LLC

Truist Bank

Regions Bank

Fifth Third Bank

TIAA/Nuveen/Churchill Asset Management

CoBank, ACB

KeyBank N.A.

PNC Bank, National Association

U.S. Bank, National Association

Work highlights

  • Represented BofA Securities, Inc. as left lead arranger, and Bank of America, N.A. as administrative agent, in connection with a $2bn revolving credit facility to Flex Ltd.
  • Represented Bank of America, N.A. and BofA Securities, Inc. in connection with a $750m syndicated Revolving Credit Facility for Sonoco Products Company.
  • Represented a Japanese bank in connection with a $350m syndicated Revolving Credit Facility for Packaging Company of America.

Morgan, Lewis & Bockius LLP

With its national network of offices, Morgan, Lewis & Bockius LLP is able to provide a comprehensive service from lenders at various levels of the market. The group’s leveraged finance practice primarily focuses on the growing alternative lending market, and acts for major clients such as Ares Capital. The firm also has a strong asset-based lending practice which represents sought-after clients such as JPMorgan Chase and HSBC in complex transactions with complex borrower capital structures, such as subordinated and pari passu high-yield debt. Boston is home to finance lead Jonathan Bernstein and transactional finance head Matthew Furlong, though the firm also has key partners in New York, Hartford, and Houston. Mark Kirsons and Luis Herrero joined the Chicago office from Sidley Austin LLP in February 2021.

Practice head(s):

Jonathan Bernstein; Matthew Furlong

Other key lawyers:

Marshall Stoddard; Daniel Papermaster; Rick Eisenbiegler; Marc Leduc; Marjorie Crider; Elizabeth Khoury Ali; Mark Kirsons; Luis Herrero

Key clients

Wells Fargo Bank, N.A.

JPMorgan Chase Bank, N.A.

Bank of America, N.A.

HSBC

Citibank, N.A.

U.S. Bank National Association

Capital One NA

SLR Credit Solutions

Ares Capital Corporation

Calvert Impact Capital and Local Initiatives Support Corp.

EnTrust Global

Institutional Investors

Work highlights

  • Represented Citibank, N.A. in connection with $10.5bn of 364-day, three-year, and five-year senior unsecured cross-border revolving credit facilities provided to Caterpillar Inc.
  • Represented institutional investors in a $2bn debt private placement financing of senior secured notes to a Cayman Island KKR Core Investments fund.
  • Represented JPMorgan Chase Bank, N.A. in connection with a senior, unsecured, multicurrency, cross-border revolving credit facility for Mettler-Toledo Inc. and certain of its subsidiaries equalling $1.25bn.

Paul Hastings LLP

Well regarded for its lender work, Paul Hastings LLP has a proven track record in complex financial transactions, including those involving credit agreements and refinancing. Much of the team is based in New York, including practice heads John Cobb  and Jennifer Yount, though the firm also has a strong presence in California and Illinois. Beyond the lender space, the firm also has a borrower practice, which recently advised tech company Aptiv Corporation on the refinancing of its existing credit facility. Former practice head Michael Baker  departed the firm in August 2021 to take up an in-house role, as did Shekhar Kumar. In September 2021, Andres Mena left the firm, while Jeffrey Goldfarb joined the firm’s New York office from Willkie Farr & Gallagher LLP in October 2021.

Practice head(s):

John Cobb; Jennifer Yount

Other key lawyers:

Katherine Bell; Peter Burke; Jennifer Hildebrandt; Holly Snow; Jeffrey Goldfarb

Testimonials

‘The best thing about working with the PH team on credit facilities is that the whole team is extremely knowledgeable. If the partner, Holly, isn’t able to join a call I know her team is just a knowledgeable so it is a very efficient process.’

‘They are very commercial and the advise that they give is very practical. Unlike other law firms that will fight every point tooth and nail, PH concentrates on the important points and makes the process much more efficient.’

 

Key clients

JP Morgan

Barclays

Bank of Montreal

Royal Bank of Canada

Bank of America

Wells Fargo

Capital One

TD Securities

Guggenheim Partners

Owl Rock Capital Partners

Société Générale

Credit Suisse

Goldman Sachs

Apollo Global Management

AXA Global

Kayne Anderson

Work highlights

  • Represented a group of lenders on the consummation of the unitranche debt financing of Thoma Bravo’s acquisition of Stamps.com for $6.6bn.
  • Represented JP Morgan and Barclays in the $1.5bn financing for MKS Instruments’ $5.1bn acquisition of Atotech.
  • Represented an automotive company as US parent borrower on the $2.5bn refinancing of its existing credit facility.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP does ‘tremendously good work‘ for borrower clients, advising on transactions ranging from first and second lien facilities to asset-based loans and restructurings and rescue financings. The firm has a particularly strong roster of private equity clients, which it assists with the financing elements of LBOs; such clients include Apollo Global Management, Insight Partners and Oaktree Capital Management. Gregory Ezring is one of the key names in this regard, also servings as global chair of the finance and capital markets groups. Ezring sits in the New York office, which is also home to private equity specialist Monica Thurmond and global debt finance co-head Thomas De La Bastide. Eric Goodison retired from partnership in January 2021, continuing to work in an of counsel role.

Practice head(s):

Gregory Ezring; Thomas de la Bastide

Other key lawyers:

Monica Thurmond; Eric Goodison; Brian Janson; David Tarr; Austin Witt; Brian Bolin

Testimonials

‘Paul Weiss has done tremendously good work for us on an number of complex transactions. They are comfortable with complexity, great at imposing order on the chaos, very efficient and response and drive points to resolution rather than merely “ping-ponging” them back and forth between counsel until the principals step in.’

‘Austin Witt–Highly comfortable with complexity, deeply knowledgeable, excellent at running negotiations in a pleasant, professional yet decisive manner with opposing counsel.

Brian Bolin–Great young partner, always available, extremely intelligent, highly responsive, great demeanour with clients and their counsel.’

Key clients

Apollo Capital Management

Diamond Resorts

The Michaels Companies

Insight Partners

Oaktree Capital Management

Work highlights

  • Advised portfolio companies of Apollo on the financing arrangements in connection with various transactions.
  • Represented The Michaels Companies in its $2.95bnsenior secured credit facilities in connection with its $5bn merger with funds affiliated with Apollo Global Management.
  • Advised Diamond Resorts International, alongside Apollo Global Management and their co-investors, on the financing elements of the $1.4bn sale of Diamond Resorts to Hilton Grand Vacations,

Proskauer Rose LLP

In recent years, Proskauer Rose LLP has cemented itself as a dominant force in the alternative lender market, and is now one of the most active firms with regards to representing private capital providers in the middle-market. The practice counts almost all of the major non-bank lenders in its client portfolio, frequently working with Owl Rock Capital Partners, Antares, Apollo and others on senior secured credit facilities. The group also has a history of innovation, having developed novel structures including upside-down unitranches and synthetic mezzanine loans , as well as migrating the bifurcated unitranche into the European market. Steven Ellis and Stephen Boyko co-lead the national team from Boston, though the department also has a presence in New York and Los Angeles. Boyko’s expertise includes representing sovereign wealth funds, private debt funds, and insurance companies, while advises more than 75 asset managers. New York partner Ron Franklin is the go-to practitioner  for fund finance.

Practice head(s):

Steven Ellis; Stephen Boyko

Other key lawyers:

Justin Breen; Ron Franklin

Key clients

AB Private Client

Antares

Apollo

Ares

BlackRock

The Carlyle Group

Churchill Asset Management

Crescent Capital

Deutsche Bank

Fortress Investment Group LLC

Golub Capital

Goldman Sachs

KKR

MGG Investment Group

MidCap Financial Trust

Neuberger Berman

Owl Rock Capital Partners

Partners Group

Sixth Street Partners

Varagon Capital

Ropes & Gray LLP

Advising on both sides of debt financing transactions, Ropes & Gray LLP is one of the most active firms in borrower work, representing first-rate private equity firms in high-value refinancing mandates and the financing of significant leveraged buyouts and strategic acquisitions. The group also handles the financing elements of corporate agreements, including joint venture agreements and business combinations. Stefanie Birkmann and Michael Lee lead the finance practice group from New York and Boston respectively, while veteran partner Byung Choi, also based in Boston, continues to assist private equity houses with acquisition financing. The firm’s lender work is largely focused on bankruptcy and restructuring issues, often representing clients in chapter 11 proceedings and debtor-in-possession financings. Boston’s Jeffrey Katz and New York-based Leonard Klingbaum co-lead the capital solutions and private credit group. Gregory Bauer joined the firm’s Chicago office from Holland & Knight LLP in September 2021.

Practice head(s):

Stefanie Birkmann; Michael Lee; Leonard Klingbaum; Jeffrey Katz

Other key lawyers:

Andrea Hwang; Alyson Gal; Joanne De Silva; Kevin Jarboe; Alexander Zeltser; Gregory Bauer; Byung Choi

Key clients

TPG Capital

Bain Capital

New Mountain Capital

CCMP Capital

H.I.G. Capital

Partners Group

TSG Consumer Partners

Advent International

Berkshire Partners

American Industrial Partners

Silver Lake Partners

Golden Gate Capital

Genstar Capital

Dunkin’ Brands Group, Inc.

Sixth Street Partners (f/k/a TPG Sixth Street Partners)

Audax Group

Invesco

Cyrus Capital Partners

Keyframe Capital Partners

Blackstone

Blue Torch Capital

Park Square Capital

Altamount Capital

Aquiline Capital Management

Hilco

Marathon Asset Management

Work highlights

  • Representing TPG Capital and DirecTV in connection with the multi-billion-dollar senior secured debt financing for the spin-off of DirecTV.
  • Representing CCMP Capital and The Hillman Group in its business combination with Landcadia Holdings III, Inc.
  • Representing a private equity investor in connection with its acquisition of a 42% interest in Galway Insurance Holdings.

Shearman & Sterling LLP

Primarily operating from New York, the ‘responsive, internationally oriented, competent‘ team at Shearman & Sterling LLP provides advice on leveraged and investment grade financing to a range of clients, though the firm most frequently represents investment banks and alternative lenders. As part of an internationally renowned firm, the team frequently collaborates with peers in the London and Toronto offices to advise on cross-border and multicurrency transactions. Practice heads Maura O’Sullivan  and Alan Rockwell both have strong relationships with some of the biggest financial institutions, representing clients such as Credit Suisse and Bank of America as lead arrangers, administrative agents and underwriters. The practice has been looking to expand following a number of departures in recent years, as can be seen by the arrival of Heather Waters Borthwick in January 2021 and Daniel Tristan in April 2021 from White & Case LLP  and Baker Botts L.L.P. respectively.

Practice head(s):

Maura O’Sullivan; Alan Rockwell

Other key lawyers:

Michael Chernick; Gus Atiyah; Jonathan DeSantis; Andrew Tsang; Arshia Asif; Mike Steinberg; Heather Waters Borthwick; Daniel Tristan

Testimonials

‘JD DeSantis, Maura O’Sullivan and Alan Rockwell are all top notch – with extensive experience and are practical and commercial, and have a great balance of raising the issues but having a clear view of what is material and what is not.’

‘The team is incredibly diligent and thoughtful. ability to tackle complex situation on a timely basis.’

‘Michael Chernick, Andrew Tsang and Arshia Asif  were the attorneys we interacted with. Close coordination w/ banks and ability to tackle enormous amount of work under short timeline was the differentiating factors vs. some of the other firms we worked with.’

‘Michael Steinberg is a capable lawyer with subject matter expertise who works tirelessly and is very hands on.’

‘The team is very knowledgeable, works efficiently, and able to execute complex transactions with tight deadlines.’

‘The team is very responsive, internationally oriented, competent, and a pleasure to work with.’

‘Solid and good sized team that is able to handle a broad spectrum of financings.’

‘Alan Rockwell and Michael Chernick are always available and manage lenders well.’

Key clients

Bank of America

JPMorgan

Morgan Stanley

Jefferies

Goldman Sachs

UBS

Barclays

Credit Suisse

Macquarie Capital

Nomura Securities

Truist

Tikehau Investment Management

Bank of America

JPMorgan

Morgan Stanley

Jefferies

Goldman Sachs

UBS

Barclays

Credit Suisse

Macquarie Capital

Nomura Securities

Truist

Tikehau Investment Management

Work highlights

  • Advised GLAS USA LLC and GLAS Trust Corporation Limited on a £2.5bn financing for Albion Financing LLC and Albion Financing 3 S.à r.l.
  • Advised Goldman Sachs Bank USA on a $425bn financing for Cincinnati Bell Inc. consisting of a $150m term loan B facility and $275m revolving credit facility.
  • Advised Jefferies Finance on a $2.12bn acquisition financing for Mavis Tire Express Services, consisting of a $1.92bn first-lien term loan facility and a $200m revolving credit facility

Simpson Thacher & Bartlett LLP

One of New York’s premier finance firms, Simpson Thacher & Bartlett LLP is noted for its continued ability to sit at the very top of both the lender and borrower side markets, representing an impressive range of leading investment banks, private equity sponsors, direct lenders and corporate borrowers in numerous high-value, complex transactions every year. The group’s lender practice is best known for its longstanding relationship with JP Morgan; William Sheehan is a key name in this regard and recently co-led a team, alongside practice head Patrick Ryan, which represented the bank in a $41.5bn senior unsecured bridge loan to finance the combination of AT&T’s WarnerMedia with Discovery. With regards to borrower work, James Cross continues to advise on acquisition financing, while Jennifer Hobbs assists corporate borrowers such as Dell Technologies with securing multi-billion credit facilities. Outside of New York, the firm expanded its partner ranks in January 2021 with the promotion of Michael Vernace in California.

Practice head(s):

Patrick Ryan

Other key lawyers:

James Cross; Jennifer Hobbs; William Sheehan; Alexandra Kaplan; Alden Millard; Brian Steinhardt; Matt Einbinder

Key clients

Ancestry.com

Aramark Corp

Avantor

Best Buy

Blackstone

BrightSpring Health Services

BMC Software

CBRE

Cigna Corp

Cimpress

Dell Technologies

Dillard’s Inc

Edelman Financial

EQT

First Student and First Transit

Heartland Dental Care Inc

Hilton Grand Vacations

Internet Brands Inc

KKR

Mars Inc

MultiPlan Inc

MyEyeDr

National Mentor Holdings Inc

Pharmaceutical Product Development Inc

Recorded Books Inc

Sirius XM Radio Inc.

Southwest Airlines Co

Ultimate Fighting Championship

Ultimate Software Inc

USI Inc (USI Insurance Services)

Vivint Inc

VMWare

Waystar Inc

WW International Inc

Zayo Group Holdings

Bank of America Merrill Lynch

Bank of Montreal

Bank of Nova Scotia

BNP Paribas

CIBC

Citigroup

Crédit Agricole

Credit Suisse

Deutsche Bank

Goldman Sachs

HSBC

JPMorgan

KeyBank National Association

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley

MUFG Union Bank

Royal Bank of Canada

Scotiabank

Société Générale

Toronto Dominion (Texas)

UBS

Wells Fargo

Borrower Side

Ancestry.com

Aramark Corp

Avantor

Best Buy

Blackstone

BrightSpring Health Services

BMC Software

CBRE

Cigna Corp

Cimpress

Dell Technologies

Dillard’s Inc

Edelman Financial

EQT

First Student and First Transit

Heartland Dental Care Inc

Hilton Grand Vacations

Internet Brands Inc

KKR

Mars Inc

MultiPlan Inc

MyEyeDr

National Mentor Holdings Inc

Pharmaceutical Product Development Inc

Recorded Books Inc

Sirius XM Radio Inc.

Southwest Airlines Co

Ultimate Fighting Championship

Ultimate Software Inc

USI Inc (USI Insurance Services)

Vivint Inc

VMWare

Waystar Inc

WW International Inc

Zayo Group Holdings

Lender Side

Bank of America Merrill Lynch

Bank of Montreal

Bank of Nova Scotia

BNP Paribas

CIBC

Citigroup

Crédit Agricole

Credit Suisse

Deutsche Bank

Goldman Sachs

HSBC

JPMorgan

KeyBank National Association

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley

MUFG Union Bank

Royal Bank of Canada

Scotiabank

Société Générale

Toronto Dominion (Texas)

UBS

Wells Fargo

Work highlights

  • Advised Blackstone and other investors in connection with the financing related to their majority investment in Medline Industries, Inc.
  • Advised JPMorgan Chase Bank, Goldman Sachs Bank, and Goldman Sachs Lending Partners in connection with senior unsecured bridge term loans in an amount up to $41.5bn for the announced combination of AT&T’s WarnerMedia with Discovery.
  • Advised Citigroup Global Markets, Goldman Sachs Bank and Goldman Sachs Lending Partners on a bridge term loan facility of up to $24bn for AerCap Holdings to finance its $30bn acquisition of GE Capital Aviation Services.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP is a respected name on the borrower side of the market, working with corporate lenders and private equity sponsors on a range of financing deals, spanning investment grade and leveraged transactions. asset-based lending, restructuring and real estate financing. Seth Jacobson leads the global banking group form Chicago, while Steven Messina heads up the New work practice.

Practice head(s):

Seth Jacobson; Steven Messina

Troutman Pepper

Following a 2020 merger, Troutman Pepper has a diverse lending practice that is able to advise on revolving credit loans, mezzanine financing and restructuring. In addition to mainstream lending work, the team has particular expertise in assisted living real estate finance, having advised on financing for senior housing and skilled nursing facilities in 42 states. Philadelphia is home to many experienced practitioners, including key partner Bradley Boericke, though the firm also has a presence in Atlanta; Washington DC; Berwyn; and Raleigh. Former practice head Harris Winsberg departed the firm in January 2022, while Ann Brown retired from the partnership.

Other key lawyers:

Bradley Boericke; Ann Brown; Hazen Dempster; Lisa Kabnick

Testimonials

‘Strong value proposition for a larger firm. Partners are pulled in when expertise and experience are needed to ensure quality but associates are trusted to do much of the work and represent the firm with some autonomy. I’ve been consistently impressed by the quality of the associates. The firm also applies resources to emerging topics and is therefore equipped to provide expertise and context as these topics become mainstream.’

‘Lisa Kabnick has a unique blend of tactical pragmatism and long-term big-picture mindset that enables her to consistently provide great advice on a wide range of topics. Her deep experience lets her make well-informed estimates while she’s humble enough to know when true subject matter expertise needs to be involved. She takes time to understand the motivations at work in a situation and the various alternative paths that could unfold.’

Key clients

Unisys Corporation

Carpenter Technology Corporation

DNA Diagnostics Center (DDC)

Capital One, NA

JPMorgan Chase Bank, N.A.

Deluxe Corporation

First Cobalt Corp.

Wells Fargo Trade Capital

Truist Bank

Southern Company

Vinson & Elkins LLP

Vinson & Elkins LLP has a strong position within the Texas market, though its work in the debt finance space is felt across the US. Given the group’s location, it is unsurprising that the energy sector is an area of particular focus; in addition to assisting commercial banks lending to actors in the sector, the firms also represents upstream, midstream, and downstream energy companies in major syndicated financings. Brian Moss  and Erec Winandy co-lead the national team from Houston and Dallas respectively and are both experienced in  acquisition and leveraged finance as well as asset-based and reserve-based lending. Outside of Texas, the group has a New York presence which includes David Wicklund  and Brett Santoli .

Practice head(s):

Brian Moss; Erec Winandy

Other key lawyers:

David Wicklund; Brett Santoli; Christopher Dewar; Guy Gribov

Testimonials

‘The V&E team has a pragmatic, efficient approach that allows us to get deals done. They produce high quality work and have excellent perspective on market developments.’

‘Guy Gribov is consistently great to work with for the reasons set forth above.’

‘The team is very knowledgeable of current trends in commercial lending and the underlying legal strategies from a borrower’s perspective. They are highly collaborative and well-staffed / resourced.’

‘The V&E team that I work with is very responsive and understand our credit agreement and other debt agreements well.’

Key clients

7-Eleven, Inc

Anadarko Petroleum Corporation

Antero Resources Corporation

Daseke, Inc

TPG Capital Management, L.P

Riverstone Holdings LLC

Southwest Airlines Co

MoneyGram

Chevron Phillips Chemical Company LLC

HollyFrontier Corporation

AMP Capital Investors (US) Limited

Meritage Midstream

Enviva Holdings, LP

Takkion TP&L Holdings LLC

Jonah Energy LLC

Tinicum, Inc.

TG Natural Resources LLC

Wildfire Energy LLC

Navitas Midstream Partners, LLC

Wells Fargo Bank N.A.

JPMorgan Chase Bank, NA

Citibank, N.A.

Texas Capital Bank

Bank of America, N.A.

Societe Generale

Morgan Stanley Capital Group, Inc

Royal Bank of Canada

AMP Capital Investors (US) Limited

Riverstone Credit Management LLC

Mizuho Securities USA Inc

The Carlyle Group

Investec Bank Plc

CSG Investments, Inc

Barclays Bank, PLC

Apollo Global Management, Inc.

Bank of Nova Scotia

Oaktree Capital Management, L.P.

The Blackstone Group, L.P.

Work highlights

  • Advised Southwest Airlines on an $1bn aggregate senior notes offering.
  • Represented a resources company in a $600m syndicated, reserve-based revolving credit facility.
  • Represented Wells Fargo Bank in an exit financing for Oasis Petroleum North America, including a$1.5bn syndicated, reserve-based revolving credit facility.

Weil, Gotshal & Manges LLP

A ‘dedicated team with great market knowledge’, Weil, Gotshal & Manges LLP is highly regarded across the market for its acquisition finance practice, which advises lenders and borrowers alike. Operating from New York, the US department is led by Douglas Urquhart  and counts premier investments banks, major private equity companies, and international corporate borrowers among its client base. Daniel Dokos  leads the global practice and assists the firm’s largest borrower clients on complex work including revolving credit facilities. When it comes to lender work, Morgan Bale  is a specialist; in 2021 he was instructed by a number of key investment banks. Heather Viets is another name to note, having built up a strong reputation for advising financial institutions and issuers on banking and securities transactions,

Practice head(s):

Daniel Dokos; Douglas Urquhart

Other key lawyers:

Andrew Colao; Benton Lewis; Morgan Bale; Heather Viets; Justin Lee; Andrew Yoon

Testimonials

‘Very strong track record in high profile investment grade events. Differentiated knowledge of precedents. Not just processing – real tangible input and ideas.’

‘Morgan Bale an outstanding partner with very deep, relevant experience.’

‘Dedicated team with great market knowledge.’

‘Andrew Yoon and Benton Lewis are the lead finance partners servicing our firm. Both provide great coverage and are practical, commercial lawyers.’

Key clients

Advent International Corporation

Alaska Air Group, Inc.

American Securities

Asurion LLC

Ashford Hospitality Trust, Inc.

Avolon Holdings Limited

Bain Capital

Berkshire Partners

Black Knight, Inc.

Brookfield Asset Management

Campbell Soup Company

CEC Entertainment

Citi

Core-Mark Holding Company, Inc.

Cornell Capital

The Estée Lauder Companies Inc.

Flexera Software LLC

General Electric Company

GI Partners

Work highlights

  • Advised Citi in $9.1bn committed unsecured bridge financing to support the acquisition by Parker-Hannifin Corporation of Meggitt plc.
  • Advised American Securities in $1.1bn senior secured bridge, term and ABL revolving facilities to finance its $1.37bn take-private of Foundation Building Materials, Inc.

White & Case LLP

White & Case LLP ‘has a very strong team and is extremely knowledgeable in middle market LBO financing’, advising traditional and alternative lenders as well as borrowers on a range of complex transactions. Global debt finance head Eric Leicht  operates from the New York office,  as does regional lead Eliza McDougall, though the practice also has a significant West Coast presence. Justin Wagstaff  plays a key role in the borrower side practice, which represents corporations, private equity sponsors and their portfolio companies in acquisition financing. As a recent example, the firm assisted CVC Capital Partners and The Carlyle Group with the financing elements of the $1.15bn acquisition of Medrisk, LLC. The department saw a number of departures in 2021: Heather Borthwick departed in January, while Nicholas PalumboJake Mincemoyer , and Gordon Mak left in March and May respectively, while Rebecca Gottlieb departed for an in-house position in November. In response, Kerrick Seay, Nicole Rodger and Christoffer Adler were promoted to partner in January 2022, while up-and coming partner Binoy Dharia continues to build a strong reputation in the market.

Practice head(s):

Eric Leicht; Eliza McDougall

Other key lawyers:

David Ridley; Eric Klar; Brenda Dieck; Sherri Snelson; Rob Morrison; Binoy Dharia; Justin Wagstaff

Testimonials

‘White & Case has a global presence and is deep within every industry sector. Thus the W&C team brings significant experience and expertise in many countries and sectors. In addition, the team provides premium services and makes themselves available 24/7 as needed. Strategic thinkers and coming up with creative solutions for any hurdles along the deal process.’

‘A true partner during the deal process. Always thinking outside the box and coming up with creative solutions and leverage strong negotiation tactics.’

‘They are the best and we use them for everything we can. They see a ton of transactions across a wide range of deal and counterparty types and have a great, up-to-the-minute sense of where the market is on various non-price terms and how transactions are evolving. The partners are responsive and involved; they roll up their sleeves and get their hands dirty on actual work.’

‘David Ridley is great and our main point of contact in the US; encyclopaedic knowledge of transaction terms and up-to-the-minute market standards.’

‘W&C has a very strong team and is extremely knowledgeable in middle market LBO financing, which is the part of the market where we participate. They work well as a team and also support our new and existing deal efforts. They are always very responsive and do a great job of following up on open items. We rarely have open items ‘fall through the cracks’ when working with them.’

‘Justin Wagstaff and team are really good at explaining challenging concepts and are also creative at finding solutions that can save time and effort. They played an integral role in negotiating the credit agreements/note purchase agreements that we use in our deals, and as a result, it’s no surprise that they tend to have a better grasp on the key features and nuances of those documents than others that we work with.’

‘This practice is excellent at communicating with its clients. W&C has always been there for my business through tough deadlines and are always there to make financing process most easy for me. W&C has the expertise across the board, in Legal, Tax, Due Diligence and specialized matters. I’d gladly work with them again.’

‘Rob Morrison is a standout partner at W&C. When recently working on a financing, Rob was always 5 steps ahead in advice. He made the process easier with his expertise, he met every deadline under short notice, he posted of issues with the counterparty immediately, and finally he educated on new legal matters that arose in a timely manner. I enjoy working with Rob.’

Key clients

Hertz Corporation

Harvest Partners

Pilot Travel Centers

Stone Point Capital

CVC Capital Partners

Dominus Capital

Hg Capital

Entrepreneurial Equity Partners

Swissport

Credit Suisse

Deutsche Bank

JPMorgan Chase

UBS

Citibank

Jefferies LLC

Goldman Sachs

Morgan Stanley

Truist

Blackstone Alternative Credit Advisors

Bank of Montreal

Barclays

KKR Capital

HSBC Bank USA

Owl Rock Capital Advisors

Bridgepoint Credit

Ares Capital Corporation

Antares Capital LP

MidCap Financial

Golub Capital

Varagon Capital Partners

Work highlights

  • Advised Hertz Global Holdings on its $1.65bn Debtor-in-Possession financing to provide financial flexibility while the company was in Chapter 11.
  • Advised CVC Capital Partners and The Carlyle Group on the $1.15 billion acquisition financing of MedRisk, LLC. CVC Fund VII acquired a majority interest in MedRisk.
  • Represented a buyer as borrower of $2.1bn secured facilities to finance its acquisition of Veterans Evaluation Services, Inc.

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLPprovides high quality service’ to borrower clients, in addition to a growing number of lenders, across all main areas of debt finance. Private equity sponsors make up the main part of the client base, and the team regularly conducts LBOs and dividend recapitalizations for the likes of Platinum Equity and Insight Partners . The firm has welcomed a number of new arrivals in recent months: Andres Mena joined from Paul Hastings LLP in September 2021 to serve as joint-practice head alongside Viktor Okasmaa; Chicago’s Melainie Mansfield arrived from Milbank in Jun 2021; and January 2022 saw Sarah Gelb move over from Dechert LLP. With regards to departures, David Tarr left in April 2021 and Jeffrey Goldfarb departed in October. All names listed are based in New York unless otherwise stated.

Practice head(s):

Viktor Okasmaa; Andres Mena

Other key lawyers:

Joshua Deason; Sarah Gelb; Melanie Mansfield

Testimonials

Willkie provides high quality service and great coordination across various teams (M&A, commercial lending, tax, litigation, etc.) We use them across all of the different areas which streamlines communications and deliverables. People are great and always available.’

Key clients

AlixPartners

Aquiline Capital Partners

Bayou City

Bridge Growth Partners

CIBC

Cowen

CPPIB

Dubin Clark & Company

FFL Partners

FIS

Franchise Group

Genstar Capital

Insight Partners

JP Morgan

Juniper Capital

Massif Oil & Gas

NextEra Energy

Platinum Equity

Resideo

Samson Resources II, LLC

Toronto Dominion Bank

UBS

WBH Energy Partners

West Texas National Bank

Winston & Strawn LLP

Winston & Strawn LLP‘s position in the debt finance middle-market is well established. Capable of assisting with subordinated debt, asset-based lending and acquisition financing, the firm is particularly active in the lender space and is instructed by both banks and alternative lenders.  The group’s four team heads are split across the two main offices; Mats Carlston  and William Brewer  are based in New York, while Chicago is home to Patrick Hardiman  and Michael Mullins . The department was bolstered by the April 2021 arrival of Rachel Gray-Pundir from Kirkland & Ellis LLP, which offset the departure of Michael O’Brien  in June.

Practice head(s):

Mats Carlston; Michael Mullins; William Brewer; Patrick Hardiman

Other key lawyers:

Jason Bennet; Charles Boehrer; Rachel Gray-Pundir

Key clients

Antares Capital LP

LBC Credit Partners, Inc.

Wells Fargo Bank, National Association

Citibank, N.A.

Rock Hill Capital

Crestline Investors, Inc.

Goldman Sachs Specialty Lending Group, L.P.

Sterling Group Credit Fund, L.P.

Work highlights

  • Represented Wells Fargo Bank, National Association, as administrative agent, in connection with an $800m cash flow revolving credit facility for Owens Corning.
  • Represented Antares Capital LP, as administrative agent, in an amendment and extension of its existing $438.35m first lien credit facility to Nellson Nutraceutical, LLC.
  • Represented an insurance financer as administrative agent and collateral agent, in connection with a $270m credit facility for RPX Corporation.