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Kenneth J. Steinberg
Partner

Mr. Steinberg is a partner in Davis Polk’s Corporate Department, practicing in the Credit Group. He represents lenders and borrowers on a variety of credit transactions, including leveraged acquisition financings and asset-based financings.

In addition, he has substantial experience in both in-court and out-of-court restructuring and financing transactions, including debtor-in-possession financing and bankruptcy exit financings, representing both senior secured lenders and borrowers.

Work Highlights

Acquisition Financings – Lender Representations

  • $390 million first-lien term loan facility, $160 million second-lien term loan facility and $200 million asset-based revolving credit facility to AEA Investors LP for the acquisition of Gypsum Management and Supply, Inc.
  • $655 million senior secured credit facilities to AEA Investors LP for the acquisition of Siemens Water Technologies
  • $495 million senior secured credit facilities to Madison Dearborn Partners for the acquisition of Walgreens Infusion Services from Walgreen Co.
  • $465 million senior secured first-lien credit facilities to AEA Investors LP for the acquisition of Pro Mach Group, Inc.
  • $100 million senior secured asset-based revolving credit facility to Bain Capital Partners, LLC for the acquisition of TI Fluid Systems, LLC

Bankruptcy and Restructuring Financings – Agent Representations

  • $1.1 billion debtor-in-possession term and asset-based revolving credit facilities for Federal-Mogul Corporation, and its subsequent $3.5 billion of bankruptcy exit term and asset-based revolving credit financing
  • $950 million debtor-in-possession term and asset-based revolving credit facilities for Eastman Kodak Company
  • $630 million debt restructuring for Fontainebleau Miami
  • $560 million superpriority debtor-in-possession credit facility for Exide Technologies

Borrower Representations

  • $2.5 billion first- and second-lien bankruptcy exit term and revolving credit facilities and subsequent refinancing for Delta Air Lines, Inc.
  • The Federal Reserve Bank of New York in connection with the term asset-backed securities loan facility (TALF)

Other Notable Representations

  • $2.14 billion senior secured term loan facility and $500 million secured revolving credit facility to facilitate a spin-off of Windstream Service, LLC’s communication distribution systems into Communication Sales & Leasing, Inc.

Recognition

Mr. Steinberg has been recognized as a leading lawyer in:

  • IFLR1000 U.S. – Banking: Bank Lending

Of Note

Publications

  • “Key Developments and Trends in DIP Financing,” Practical Law Finance

Memberships

  • American Bar Association
  • New York State Bar Association

Professional History

  • Partner, 2012-present
  • Associate, 2005-2012

Contact

  • 450 Lexington Avenue
    New York, NY 10017
    P: 212-450-4566
    F: 212-701-5566

Bar Admissions

  • State of New York
  • U.S. District Court, S.D. New York

Education

  • B.S., Finance and Accounting, University of Pennsylvania, The Wharton School, 1987
    • summa cum laude
  • M.B.A., Finance, Columbia Business School, 1992
    • Dean's List
  • J.D., Fordham University School of Law, 2005
    • Dean's List
    • summa cum laude
    • Staff Member, Fordham Law Review