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
- Debt restructurings and workouts
- Debtor-in-possession and exit financings
Davis Polk was credited with 128 deals involving more than $224 billion in 2013, ranking the firm among the “Top 5” in several of the Thomson Reuters league table categories, including:
- Overall acquisition volume – finished 1st
- Lender-side acquisition volume – finished 1st
- Overall volume
- Overall leveraged volume
- Lender-side leveraged volume
- Overall lender-side volume
- Overall borrower-side volume
- Ooverall acquisition deals
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.
Awards and Rankings
- Band 1 in Banking & Finance Latin America-wide – Chambers Latin America 2014
- Band 1 in Banking & Finance USA – Chambers Global 2013
- Band 1 in Banking & Finance Nationwide – Chambers USA 2013
- Band 1 in Structured Finance Transactions – Legal 500 U.S. 2013
- Band 2 in Banking & Finance (international firms) Brazil – Chambers Latin America 2014
- Band 2 in Banking Transactions (including other sources of financing) – Legal 500 U.S. 2013
- Band 2 in Banking Transactions (international firms) – Legal 500 Latin America 2013
- Band 2 in Projects and Energy (international firms) – Legal 500 Latin America 2013
- Verizon Wireless. We have advised J.P. Morgan Securities LLC, Morgan Stanley Senior Funding, Inc., Barclays Bank PLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint lead arrangers and joint bookrunners and JPMorgan Chase Bank, N.A. as administrative agent, in connection with (i) a $61 billion unsecured bridge loan facility, (ii) a $12 billion unsecured term loan facility and (iii) a $2 billion unsecured revolving credit facility for Verizon Communications Inc. in connection with its acquisition of Vodafone Group Plc’s 45% stake in the Cellco Partnership d/b/a Verizon Wireless joint venture.
- Comcast. We advised Comcast Corporation on $10.5 billion in financings associated with Comcast’s acquisition of General Electric Company’s common equity interests in NBCUniversal.
- Freeport-McMoRan. We advised Freeport-McMoRan Copper & Gold Inc. in connection with a $4 billion five-year syndicated senior unsecured term loan and a $3 billion five-year syndicated senior unsecured revolving credit facility.
- Ford. We advised Ford Motor Company on its $9 billion extension of the maturity of revolving commitments and a new expanded $12 billion cap on the aggregate outstanding revolving commitments.
- Facebook. We advised Facebook, Inc. in connection with a new $6.5 billion senior unsecured revolving credit facility. J.P. Morgan Chase Bank, N.A. acted as administrative agent, and J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint lead arrangers.
- Aetna. We have advised Aetna Inc. on a $2 billion senior unsecured bridge loan facility in connection with its acquisition of Coventry Health Care, Inc.
- Tribune Company. We have advised J.P. Morgan Securities LLC, Citigroup Global Markets, Inc., Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Credit Suisse Securities (USA) LLC as joint lead arrangers and bookrunners in connection with approximately $4.1 billion of financing provided to Tribune Company for its acquisition of Local TV Holdings, LLC, which financing includes a new $300 million senior secured revolving credit facility and the capacity to allow Tribune to refinance its existing debt.
- Hologic, Inc. We advised Goldman Sachs Bank USA as lead arranger, bookrunner and syndication agent and Goldman, Sachs & Co. as sole book-running manager in connection with $3.8 billion of financing provided to Hologic, Inc. for its acquisition of Gen-Probe Incorporated.
- Sete Brasil. We have advised Sete Brasil Participações S.A., Sete International GmbH and 21 Dutch special-purpose companies as individual borrowers (Sete Group) pursuant to 21 separate bridge loans totaling $3.4 billion. The loans will be used to finance the initial construction stages of 21 ultra-deep water drilling rigs to be built in various Brazilian shipyards, each costing approximately $950 million.
- Oracle. We advised Oracle Corporation in connection with a $3 billion unsecured revolving credit facility. Wells Fargo Bank, National Association was the administrative agent with Wells Fargo Securities LLC, BNP Paribas Securities Corp., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acting as joint lead arrangers and joint bookrunners.
- Cencosud. We advised J.P. Morgan in connection with Cencosud’s $2.5 billion acquisition of the Colombian operations of Carrefour, the world’s second-largest retailer by sales. In May 2012, we also advised J.P. Morgan as administrative agent in connection with $750 million of delayed draw term loan credit facilities provided to Cencosud S.A.
- Technicolor. We advised Technicolor S.A. in connection with the closing of a new $830 million and €200 million term loan facility for Tech Finance & Co S.C.A. Proceeds from the term loan were used to fund the purchase by Tech Finance, a stand-alone Luxembourg special-purpose vehicle, of Technicolor’s existing U.S. private placement notes and participations in loans under Technicolor’s existing credit facilities.