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 on nearly 100 deals totaling over $217 billion in 2015, ranking the firm in the Top 5 in half of the 2015 Thomson Reuters LPC categories, including:

  • 1st Overall Acquisition Volume
  • 1st Lender-Side Acquisition Volume
  • 2nd Overall Volume
  • 3rd Borrower-Side Volume
  • 3rd Lender-Side Acquisition Deals
  • 4th Overall Acquisition Deals
  • 4th Lender Volume
  • 4th Lender Leveraged Volume
  • 5th Overall Leveraged 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 2016
  • Band 1, Banking & Finance: USA – Chambers Global 2015
  • Band 1, Banking & Finance: Nationwide – Chambers USA 2015
  • Band 1, Bank Lending (including other sources of financing) – Legal 500 U.S. 2015
  • Band 2, Banking & Finance: (International Firms) Brazil – Chambers Latin America 2016
  • Band 2, Banking and Finance (International Firms) – Legal 500 Latin America 2015

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

  • "Best Local Currency Financing" – 2015 LatinFinance Infrastructure Finance Awards
  • "Best Road Financing" – 2015 LatinFinance Infrastructure Finance Awards
  • "Best Infrastructure Financing: Andes" – 2015 LatinFinance Infrastructure Finance Awards
  • “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

Notable Matters

INVESTMENT GRADE FINANCING TRANSACTIONS

  • AbbVie ($18 billion). We advised the joint lead arrangers and joint bookrunners on an $18 billion senior unsecured bridge loan facility for AbbVie's acquisition of Pharmacyclics.

  • Aetna ($16.2 billion). We advised Aetna Inc. on its commitment letter in connection with its $37 billion acquisition of Humana Inc.

  • Ford Motor Company ($13.4 billion). We advised Ford Motor Company on an amendment and extension of its existing revolving credit facility totaling $13.4 billion.

  • Lockheed Martin ($9.5 billion). We advised the joint lead arrangers and joint bookrunners on $9.5 billion senior unsecured credit facilities for Lockheed Martin Corporation's acquisition of Sikorsky Aircraft Corporation and certain affiliated entities from United Technologies Corporation.

  • Molson Coors ($12.3 billion). We are advising the joint lead arrangers and joint bookrunners on a $12.3 billion senior unsecured bridge facility for Molson Coors Brewing Company's proposed acquisition of SABMiller's majority interest in MillerCoors.

  • Walgreen Co. ($12.8 billion). We are advising the lead arranger, joint bookrunner, and the administrative agent on a $12.8 billion senior unsecured bridge loan facility for Walgreens Boots Alliance's proposed acquisition of Rite Aid Corporation.

LEVERAGED FINANCING TRANSACTIONS

  • Cliffs Natural Resources ($550 million). We advised the arrangers on a $550 million asset-based revolving credit facility for Cliffs Natural Resources.
  • Coty ($4 billion). We advised the administrative agent and the joint lead arrangers in connection with $4 billion credit facilities for Coty’s acquisition of P&G’s Beauty Business through a potentially tax-free Reverse Morris Trust transaction.
  • Energizer ($650 million). We advised the joint lead arranger and bookrunner and administrative agent in connection with the $650 million senior secured credit facilities for Energizer SpinCo, Inc.
  • First Eagle Investment Management ($1.5 billion). We advised the administrative agent and the joint lead arrangers on $1.5 billion credit facilities to a subsidiary of Blackstone Capital Partners VI L.P. and Corsair Investments L.P. for its acquisition of First Eagle Investment Management.
  • Hostess ($1.325 billion). We advised the lead arrangers and bookrunners and the administrative agent on $1.325 billion senior secured credit facilities for Hostess Brands.
  • NXP B.V. ($7 billion). We advised the administrative agent and the lead arranger and bookrunner on $7 billion senior secured credit facilities for NXP B.V.'s acquisition of Freescale Semiconductor Ltd.
  • Patterson Companies ($1.5 billion). We advised the joint lead arrangers and joint bookrunning managers on $1.5 billion senior unsecured credit facilities for Patterson Companies’s acquisition of Animal Health International, Inc.

DEBTOR-IN-POSSESION FINANCING TRANSACTIONS

  • Arch Coal ($275 million). We are advising Arch Coal, Inc. in connection with a $275 million debtor-in-possession financing facility.
  • Alpha Natural Resources ($692 million). We advised the administrative agent and collateral agent, and the sole lead arranger and bookrunner, in connection with $692 million of debtor-in-possession credit facilities for Alpha Natural Resources, Inc. and certain of its affiliates.
  • Verso Corporation ($100 million). We are advising the administrative agent and collateral agent, and the joint lead arranger and bookrunner on a $100 million superpriority secured debtor-in-possession ABL credit facility for Verso Corporation and certain of its affiliates.