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

Notable Matters

  • Devon Energy ($4.5 billion). We advised the sole administrative agent, sole lead arranger and sole book runner in connection with 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 in connection with the establishment of a $5 billion 364-day unsecured revolving credit facility for ExxonMobil Corporation.

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

  • Ford Motor Company ($10.7 billion). We advised Ford Motor Company in connection with 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 in connection with 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 in connection with 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 in connection with 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 in connection with 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.

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