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 in Overall Acquisition Volume and Lender-Side Acquisition 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

    • Chambers Global – Banking & Finance: USA, Band 1
    • Chambers USA – Banking & Finance: Nationwide, Band 1
    • Chambers Latin America
      • Banking & Finance: Latin America-wide, Band 1
      • Banking & Finance (International Firms): Brazil, Band 2
    • Legal 500 U.S.
      • Commercial Lending: Advice to Lenders, Band 1
      • Commercial Lending: Advice to Borrowers, Band 2
    • Legal 500 Latin America –  Banking and Finance (International Firms),  Band 2

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

    • LatinFinance Infrastructure Finance Awards – "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 Awards – “Best Loan,” 2014 
    • LatinFinance Infrastructure Finance Awards – “Best Infrastructure Financing: Brazil,” 2014 

    Notable Matters

    INVESTMENT GRADE FINANCING TRANSACTIONS

    • Abbot Laboratories ($17.2 billion). We advised arrangers on a $17.2 billion senior unsecured bridge term loan facility for Abbott Laboratories’ proposed acquisition of St. Jude Medical.
    • AbbVie ($18 billion). We advised arrangers on an $18 billion senior unsecured bridge loan facility for AbbVie's acquisition of Pharmacyclics.
    • Aetna ($16.2 billion). We advised Aetna on a $16.2 billion senior unsecured bridge loan facility for its acquisition of Humana.
    • Ford Motor Company ($13.4 billion). We advised Ford Motor Company on an amendment and extension of its existing revolving credit facility. 
    • Walgreen Co. ($12.8 billion). We advised arrangers on a $12.8 billion senior unsecured bridge loan facility for Walgreens Boots Alliance’s proposed acquisition of Rite Aid Corporation.
    • Molson Coors ($12.3 billion). We advised arrangers on a $12.3 billion senior unsecured bridge facility for Molson Coors Brewing Company’s proposed acquisition of SABMiller’s majority interest in MillerCoors.

    LEVERAGED FINANCING TRANSACTIONS

    • 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.
    • Coty ($8.5 billion). We advised arrangers on $8.5 billion credit facilities being provided for Coty Inc.’s acquisition of the fragrance, color cosmetics and hair color businesses of The Proctor & Gamble Company.
    • Keurig Green Mountain ($6.4 billion). We advised arrangers on $6.4 billion credit facilities for JAB Holding’s acquisition of Keurig Green Mountain, Inc.
    • MultiPlan ($4.67 billion). We advised arrangers on $3.57 billion senior secured first-lien credit facilities and $1.1 billion high-yield notes offering for Hellman & Friedman’s acquisition of MultiPlan.
    • Yum! Brands ($5.6 billion). Advised the initial purchasers and arrangers on $3.5 billion senior secured credit facility and $2.1 billion high-yield notes offering.
    • The Fresh Market ($1.7 billion). We advised initial purchasers and arrangers on a $800 million high-yield notes offering, $800 million senior secured bridge facility and $100 million superpriority senior secured revolving credit facility for Apollo’s acquisition of The Fresh Market.

    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.
    • Peabody Energy ($800 million). We are advising arrangers on $800 million debtor-in-possession facilities for Peabody Energy Corporation and its subsidiaries.