We advised the borrower in connection with the transactions

Davis Polk advised Instant Brands Holdings Inc., a portfolio company of Cornell Capital LLC, as borrower, in connection with the formation of new unrestricted subsidiaries under Instant Brands’ existing ABL and first-lien term loan credit facilities, which subsidiaries were capitalized with certain assets of the company, and the provision of financing to such subsidiaries.

Founded by Henry Cornell, Cornell Capital is a private investment firm that takes a value-driven approach to investing. Headquartered in Downers Grove, Illinois, Instant Brands manufactures and markets products worldwide through a portfolio of well-recognized and respected brands, including Pyrex, Corelle, CorningWare, Snapware, Chicago Cutlery and Olfa.

The Davis Polk finance team included partner J.W. Perry, counsel Jonathan B. Brown and associate Natalie Lin. The restructuring team included partner Brian M. Resnick, counsel Stephen D. Piraino and associate Moshe Melcer. The corporate team included partner William J. Chudd and associate Brian Lee. Counsel Susan D. Kennedy and associate Gregory D. Crane provided real estate advice. All members of the Davis Polk team are based in the New York office.