In a competitive lending landscape, we help financial institutions provide the sophisticated options borrowers want, while still understanding the risks for specific transactions.
Today’s borrowers demand complex business financing solutions; to deliver, lenders call on our Commercial Finance team. The team was recognized as “absolutely fabulous” in the 2018 edition of Chambers USA: America's Leading Lawyers for Business. We provide diverse transactional experience plus deep knowledge of how changing regulations, cross-border demand for credit facilities and technology impact loan transactions. While most of our clients are lenders, we also work with borrowers, providing valuable insights from “the other side of the table.”
Experience with a full array of transactions, such as asset-based lending, syndicated lending (agent and lender representation), cash flow lending, healthcare finance and trade finance
Proficiency in structures involving multiple layers of institutional debt, complex intercreditor arrangements and payments in multiple currencies
Particular knowledge of healthcare and other industry-specific financing issues
Ability to negotiate and analyze the market for single-lender deals to highly syndicated, multi-billion-dollar facilities
Strength in complementary disciplines including bankruptcy, tax, real estate, corporate and healthcare
Cross-border capabilities through our Meritas and foreign counsel networks
Bench depth at every level
Maintaining long-term relationships with you, and helping you do the same with your borrowers, is a top priority for us. We strive to find creative legal solutions - to novel and unusual collateral and structural issues. Working diligently and cooperatively to close each deal, we keep you informed of any issue that may increase the risks of the transaction. Our clients include regional, national and international banks and other commercial lending entities, including non-bank lenders, many of whom have trusted us for decades.
To provide big-picture thinking and attention to detail, our interdisciplinary team includes both lawyers who work exclusively on commercial finance matters and those who focus on bankruptcy, workouts and restructurings, real estate, tax and healthcare law. We can identify and address potential insolvency issues at the front and back end of every transaction.
Represented a national bank, as the agent for a syndicate of lenders, in providing a $1 billion pre-petition and post-petition syndicated senior secured asset-based credit facility to a sponsor-backed national distributor of tires, which facility included a cross-border component with both U.S. and Canadian borrowers and asset pools, and featuring additional first in - last out facilities. The transaction also required the negotiation of a complex lien subordination and intercreditor agreement with the term lenders holding secured term loan debt.
Represented Bank of America, N.A., as agent, in connection with a senior secured, asset-based, cross-border revolving credit and term loan facility provided to Modular Space Holdings, Inc. and affiliates, which engaged in the sale and leasing of temporary buildings and structures. The companies filed pre-packaged chapter 11 bankruptcy cases in Delaware, and the firm represented the agent bank in the pre-petition, post-petition, and exit financings.
Represented a national bank, as agent for a syndicate of lenders, in providing a senior secured asset-based revolving credit facility to a U.S. based manufacturer and distributor. The transaction featured cross-border revolving credit facilities with U.S. and Canadian borrowers and asset pools, a sub-facility for certain assets located in Mexico, and the negotiation and documentation of an extensive array of supply chain finance transactions.
Represented affiliated distributor entities, as borrowers, in the negotiation and closing of a bank-provided secured asset- based revolving credit and term loan facility and a secured mezzanine loan facility with a new private equity fund, the proceeds of which were used to refinance an existing credit facility and to fund the borrowers’ capital restructuring. The firm assisted the client in realizing its goals for the management team’s reacquisition of majority equity ownership and control, obtaining a source of funding for future acquisitions and allowing the transition of ownership to the next generation of owner/managers.
Represented a national bank’s specialty healthcare group, as lender, in a secured revolving and term loan facility to a multi-state diagnostic imaging company. We originally documented this as an asset-based transaction, then over a seven-year period documented the borrowers’ post-default workout and forbearance, including sponsor credit enhancement, before later redocumenting the facility as a cash flow transaction. The transaction involved extensive legal and regulatory diligence, with a structure including management arrangements and joint ventures requiring analysis of federal Anti-Kickback Statute, Stark Law, Medicare Anti-Markup Rule, and state corporate practice of medicine issues.
Represented a bank, as agent for a syndicate of lenders, in providing a senior secured cash flow revolving credit facility to a consumer products manufacturer with international operations and distribution. This transaction featured cross-border revolving credit facilities with U.S. and Hong Kong asset pools.
Developed a franchise loan program for a regional bank. The firm assisted the bank in establishing underwriting criteria, prepared form loan documents and closed more than 50 loan transactions exceeding $100 million in the aggregate.
Represented a specialty healthcare group at a national bank, as agent, in ABL senior secured credit facility in connection with stock acquisition of multi-state IRF and LTCH provider by sponsor. The transaction involved extensive regulatory and compliance analysis conducted in concert with Parker Hudson’s Healthcare practice group and the negotiation of complex intercreditor agreements with both the REIT and term lender.
Represented a national bank, as the sole lender, in providing a senior secured revolving credit facility, which transaction featured dual cross-border revolving credit facilities with U.S. and Dutch borrowers and asset pools.