Credit

Our credit practice is distinguished by its breadth of experience, the number and diversity of its clients, and its close integration with important related practice areas in the firm.

The lawyers in our group represent financial institutions and borrowers across a broad spectrum of corporate finance transactions, including:

  • Leveraged and investment-grade acquisition financings
  • Project financings
  • Structured financings
  • Recapitalizations
  • Debt restructurings and workouts
  • Debtor-in-possession and exit financings

Davis Polk advised clients on more than $47 billion in lending transactions in the first quarter of 2015, ranking the firm in the Top 5 in eight of the Thomson Reuters LPC categories for the quarter, including:

  • 1st  in overall volume
  • 1st  in overall acquisition volume
  • 1st in lender-side volume
  • 1st  in lender-side acquisition volume
  • 2nd in borrower-side acquisition volume
  • 3rd in lender-side acquisition deals
  • 4th in overall acquisition deals
  • 5th in borrower-side volume

Although our credit practice is principally based in New York City, we also are retained for transactions with parties in Europe, Asia and Latin America. With the increasing convergence of the worldwide financial market, we have filled a critical role in helping our U.S. and international bank clients understand the global legal landscape, including competing insolvency regimes and out of court restructuring practices, different market conventions, intercreditor concerns, issues relating to obtaining credit and collateral support, and other matters that make the difference in obtaining syndicated credit or high-yield financing for complex multinational enterprises.

Recognition

  • Band 1, Banking & Finance: Latin America-wide – Chambers Latin America 2014
  • Band 1, Banking & Finance: USA – Chambers Global 2014
  • Band 1, Banking & Finance: Nationwide – Chambers USA 2014
  • Band 2, Banking & Finance: (International Firms) Brazil – Chambers Latin America 2014
  • Band 2, Bank Lending (including other sources of financing) – Legal 500 U.S. 2014
  • Band 2, Banking and Finance (International Firms) – Legal 500 Latin America 2013

The Davis Polk credit practice continues to receive recognition for many of the successful representations completed on behalf of our clients over the past year, including most recently:

  • “Best Oil/Gas Financing” – 2014 LatinFinance Infrastructure Finance Awards
  • “Best Mining Financing” – 2014 LatinFinance Infrastructure Finance Awards
  • “Best Loan” – 2014 LatinFinance Infrastructure Awards
  • “Best Infrastructure Financing: Brazil” – 2014 LatinFinance Infrastructure Finance Awards
  • “Latin American Upstream Oil & Gas Deal of the Year” – 2013 Project Finance Awards
  • “Latin American Oil & Gas Deal of the Year” – 2013 Project Finance International Awards
  • “Corporate Finance Deal of the Year” – 2012 LatinLawyer Awards

Notable Matters

  • Devon Energy ($4.5 billion). We advised the sole administrative agent, sole lead arranger and sole book runner on a $4.5 billion senior bridge term loan credit facility for Devon Energy Corporation.

  • ExxonMobil ($5 billion). We advised the joint lead arrangers, joint book runners and administrative agent on the establishment of a $5 billion 364-day unsecured revolving credit facility for ExxonMobil Corporation.

  • Facebook ($6.5 billion). We advised Facebook, Inc. on a new $6.5 billion senior unsecured revolving credit facility.

  • Ford Motor Company ($10.7 billion). We advised Ford Motor Company on an amendment and extension of its existing revolving credit facility totaling $10.7 billion.

  • Hilton ($8.6 billion). We advised the joint lead arrangers and joint book runners on a new $7.6 billion senior secured term loan and $1 billion senior secured revolving credit facility for Hilton Worldwide Finance, LLC, a subsidiary of Hilton Worldwide Holdings, Inc. This term loan is the largest single tranche term loan since the financial crisis.

  • Hologic ($3.8 billion). We advised the lead arranger, sole book-running manager and syndication agent on $3.8 billion of financing provided to Hologic for its acquisition of Gen-Probe.

  • McKesson ($5.5 billion). We advised the joint book runners, joint lead arrangers and administrative agent on a $5.5 billion senior bridge term loan credit facility for McKesson Corporation.

  • Tribune ($4.1 billion). We advised the joint lead arrangers, book runners and administrative agent on a $4.1 billion of financing provided to Tribune Company for its acquisition of Local TV Holdings, LLC, consisting of $3.8 billion of senior secured term loans and a $300 million senior secured revolving credit facility.

  • Twitter ($1 billion). We advised the administrative agent and joint lead arranger on a $1 billion senior unsecured revolving credit facility provided to Twitter, Inc.

  • Verizon ($75 billion). We advised the joint lead arrangers on $75 billion of financings in connection with the Verizon/Vodafone acquisition. This is the largest-ever financing of its kind.