Our Credit Group is consistently ranked among the world’s best. The lawyers in our group represent financial institutions and borrowers across a broad spectrum of corporate finance transactions, including leveraged and investment-grade acquisition finance, project finance, structured finance, bankruptcy, insolvency and restructuring and other bank financings.

Our Credit Group has been intricately involved in the most significant “credit-crisis” financings among financial and industrial institutions and federal agencies, including complex matters involving AIG, Citigroup, the Ford Motor Company, and has worked with the U.S. Treasury and the Federal Reserve Bank of New York in connection with the creation and administration of the TALF program.

Awards and Rankings

Band 1, Banking & Finance: USA – Chambers Global 2013
Band 1, Banking & Finance: Nationwide – Chambers USA 2012
2nd tier in Banking Transactions (including other sources of financing) – Legal 500 U.S. 2012
2nd tier in Structured Finance Transactions – Legal 500 U.S. 2012
2nd tier in Bank Lending Transactions – IFLR1000 2012
Firm recognition in lender and sponsor project finance transactions – Legal 500 U.S. 2012
Ranked among the top 5 firms in nearly every category by volume, according to Reuters’ LPC 2012 league tables, including:
- Overall volume
- Overall leveraged volume
- Overall acquisition volume
- Overall lender-side volume
- Overall borrower-side volume
- Lender-side leveraged volume
- Lender-side acquisition volume
Finance “Award for Excellence” – Chambers USA 2011
Banking and Finance “Law Firm of the Year” in New York – Corporate INTL, January 2011

Notable Matters

Tribune. We advised the administrative agent, joint lead arranger and bookrunner on a $1.1 billion senior secured exit term loan facility for Tribune Company entered into pursuant to Tribune’s Chapter 11 plan of reorganization. Tribune is America’s largest employee-owned media company and owner of the Chicago Tribune, the LA Times, The Food Network, and other newspapers and broadcast properties.
Ingram Micro. We advised Ingram Micro Inc., a Fortune 100 global information technology wholesale distributor, on a designation of additional commitments under its revolving senior unsecured credit facility in an aggregate principal amount of $190 million, increasing total commitments under the facility to $940 million.
PPL. We advised the joint lead arrangers in connection with the amendment and restatement of four revolving credit facilities in an aggregate amount of $4.2 billion for PPL Energy Supply, LLC, PPL Electric Utilities Corporation, Louisville Gas and Electric Company and Kentucky Utilities Company, each a member of the PPL Corporation a diverse, super-regional energy company.
Cencosud. We advised the administrative agent and arranger of the financing on Cencosud S.A.’s $2.5 billion acquisition of the Colombian operations of Carrefour S.A., the world’s second-largest retailer by sales. Cencosud S.A. is one of the largest retail conglomerates in Latin America with operations in Argentina, Brazil, Chile and Peru and is publicly listed on the Santiago Stock Exchange.
DIRECTV. We advised the joint lead arrangers on a $1 billion 3.5-year unsecured revolving credit facility and a $1.5 billion 5-year unsecured revolving credit facility provided to DIRECTV Holdings LLC, a provider of direct-to-home digital television entertainment services in the United States.
Warner Chilcott. We advised Warner Chilcott plc, a specialty pharmaceutical company, on its $1 billion leveraged recapitalization. Under this recapitalization, subsidiaries of Warner Chilcott borrowed $600 million of term loans under an amendment to its secured credit facility. Proceeds of the financings together with cash on hand will be used to fund a special one-time cash dividend of $4.00 per share, or approximately $1 billion in the aggregate.

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Aetna. We are advising Aetna Inc., a diversified health care benefits company, on a $2 billion senior unsecured bridge loan facility in connection with its acquisition of Coventry Health Care, Inc., a diversified national managed health care company based in Bethesda, Maryland.
Hologic. We advised the lead arranger, bookrunner and syndication agent and sole book-running manager in connection with $3.8 billion of financing provided to Hologic, Inc. for its acquisition of Gen-Probe Incorporated. The financing, which closed concurrently with the acquisition, consisted of $2.5 billion aggregate principal amount of senior secured term loans, a $300 million senior secured revolving credit facility and a Rule 144A/Regulation S offering of $1 billion aggregate principal amount of Hologic’s 6.25% senior notes due 2020.
Walgreen. We are advising a joint bookrunner and joint lead arranger of a $3.5 billion senior unsecured bridge facility for Walgreen Co. on its proposed acquisition Alliance Boots GmbH.
Eaton Corporation. We are advising the joint bookrunners and joint lead arrangers of a $6.75 billion senior unsecured bridge facility for Eaton Corporation, a diversified power management company, on its proposed acquisition of Cooper Industries plc. The acquisition is expected to be consummated pursuant to a scheme of arrangement in accordance with the Irish “certain funds” requirements.
Ford Motor Company. We advised Ford Motor Company in connection with an amendment and extension of its existing revolving credit facility totaling $9 billion. Other amendments to the existing revolving credit facility included a new expanded $12 billion cap on the aggregate outstanding revolving commitments and the elimination of the limitations on debt prepayments and dividends after the release of collateral triggered by two of three of Ford’s senior, long-term debt ratings becoming investment grade.
Diamond Foods. We are advising the lead arranger and bookrunning manager of multiple facilities aggregating $2.05 billion to finance the $2.35 billion acquisition by Diamond Foods, a San Francisco-based packaged and snack food company, of the “Pringles” business from Procter & Gamble, a global consumer packaged goods company. The combined company is expected to generate annual revenue of approximately $2.4 billion.
Delta Air Lines. We advised Delta Air Lines, an Atlanta-based global airline, in connection with a new $2.6 billion senior secured credit facility, consisting of a $1.225 billion revolving credit facility and a $1.375 billion term loan facility. The facilities are secured by certain aircraft and aircraft-related assets, take-off and landing slots, international route authorities, accounts receivable and real property.
AIG. We acted as lead counsel to the Federal Reserve Bank of New York and the U.S. Treasury on a series of financing and capital management transactions for AIG, including the:
- Fed’s original $85 billion credit facility and subsequent revisions
- Fed’s participation in securities lending transactions with AIG’s life insurance subsidiaries
- Creation of Maiden Lane II to address RMBS exposure ($62.1 billion) and Maiden Lane III to address CDS exposure ($35 billion)
- Issuance of AIG preferred shares representing a 79.9% interest in AIG to a trust established for Treasury
- Issuance of $40 billion of AIG preferred shares to Treasury under TARP and their subsequent exchange
- Exchange by the Fed of $25 billion of AIG debt under the Fed credit facility for preferred interests in two AIG subsidiaries
DIRECTV. We advised the joint lead arrangers in connection with a $2 billion unsecured revolving credit facility for DIRECTV.
Frac Tech. We are advising the lead arrangers and agent bank of $1.7 billion in secured credit facilities provided to an investor group comprised of, among others, Maju Investments (Mauritius), a wholly owned investment holding company of Temasek Holdings, Chesapeake Energy Corporation and Senja Capital, in connection with their $3.662 billion acquisition of Frac Tech Services, a Texas-based independent provider of oil and natural gas well stimulation services.
BAC Credomatic. We advised Banco de Bogotá, Colombia’s second-largest bank by assets and a part of the Grupo Aval banking group, with respect to a $1 billion unsecured senior bridge loan facility to finance Grupo Aval’s acquisition of BAC Credomatic GECF Inc., a Central American banking group.
Gymboree. We advised the joint lead arrangers in connection with a $820 million term loan facility for Bain Capital Partners in connection with its $1.8 billion acquisition of The Gymboree Corporation, a specialty retailer operating stores selling apparel, accessories and play programs for children.

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Areas of Experience

Investment Funds Litigation and Investigations

Project Finance

Structured Finance

Leveraged Finance