Credit

Our Credit Group lawyers represent financial institutions and borrowers across a broad spectrum of corporate finance transactions, including:

  • Leveraged and investment-grade acquisition financings
  • Project and infrastructure financings
  • Debt restructurings and recapitalizations
  • Debtor-in-possession and exit financings
  • Direct lending financings
  • Asset-based financings

Davis Polk advised on over 50 deals totaling close to $110 billion in 1H 2016, ranking the firm as the top legal adviser in Overall Acquisition volume, Overall Lender-Side Acquisition volume and Overall Borrower volume, according to Thomson Reuters LPC.  

With the increasing convergence of the worldwide financial market, we have filled a critical role in helping our U.S. and international 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.

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. 

Recognition

    • 2016 Chamber USA Awards  "Finance Team of the Year" 
    • 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:

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

    Notable Matters

    LEVERAGED FINANCING TRANSACTIONS
    • NXP B.V. Advised the arrangers on $7 billion in senior secured credit facilities for NXP B.V.'s acquisition of Freescale Semiconductor Ltd.
    • Coty. Advised the arrangers on $8.5 billion in credit facilities being provided for Coty Inc.’s acquisition of the fragrance, color cosmetics and hair color businesses of The Procter & Gamble Company.
    • Keurig Green Mountain. Advised the arrangers on $6.4 billion in credit facilities for JAB Holding’s acquisition of Keurig Green Mountain, Inc.
    • MultiPlan. Advised the arrangers on $3.57 billion in senior secured first-lien credit facilities and a $1.1 billion high-yield notes offering for Hellman & Friedman’s acquisition of MultiPlan.
    • Yum! Brands. Advised the initial purchasers and arrangers on a $3.5 billion senior secured credit facility and $2.1 billion high-yield notes offering.
    • The Fresh Market. Advised the initial purchasers and arrangers on a $800 million high-yield notes offering, a $800 million senior secured bridge facility and a $100 million superpriority senior secured revolving credit facility for Apollo’s acquisition of The Fresh Market.

    INVESTMENT-GRADE FINANCING TRANSACTIONS
    • Abbot Laboratories. Advised the arrangers on a $17.2 billion senior unsecured bridge term loan facility for Abbott Laboratories’ proposed acquisition of St. Jude Medical.
    • AbbVie. Advised the arrangers on an $18 billion senior unsecured bridge loan facility for AbbVie's acquisition of Pharmacyclics.
    • Aetna. Advised Aetna on a $16.2 billion senior unsecured bridge loan facility for its acquisition of Humana.
    • Ford Motor Company. Advised Ford Motor Company on an amendment and extension of its existing revolving credit facility. 
    • Walgreen Co. Advised the arrangers on a $12.8 billion senior unsecured bridge loan facility for Walgreens Boots Alliance’s proposed acquisition of Rite Aid Corporation.
    • Molson Coors. Advised the 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.

    DEBTOR-IN-POSSEsSION FINANCING TRANSACTIONS
    • Arch Coal. Advising Arch Coal, Inc. on a $275 million debtor-in-possession financing facility.
    • Alpha Natural Resources. Advised the arrangers on $692 million in debtor-in-possession credit facilities for Alpha Natural Resources, Inc. and certain of its affiliates.
    • Peabody Energy. Advising the arrangers on $800 million in debtor-in-possession facilities for Peabody Energy Corporation and its subsidiaries.
    • Verso Corporation. Advised the arrangers on a $100 million superpriority secured debtor-in-possession ABL credit facilty for Verso Corporation and its affiliates.