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 180 deals totaling more than $297 billion in 2017, ranking the firm in the "Top 5" in nearly every category by 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

  • Chambers USA Awards  "Finance Team of the Year," 2016 
  • 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

Notable Matters

LEVERAGED FINANCING TRANSACTIONS
  • Coty. Advised the arrangers on $8.5 billion in credit facilities for Coty’s acquisition of the fragrance, color cosmetics and hair color businesses of The Procter & Gamble Company.
  • inVentiv Health. Advised the arranger on a $550 million committed incremental senior secured term loan and a $2.6 billion senior secured term loan B facility and a $500 million senior secured cash-flow revolver for INC Research’s merger with inVentiv.
  • Brand Energy. Advised the arrangers on a $2.825 billion senior secured term loan facility, a $500 million revolving facility and a $700 million bridge credit facility for Brand Energy & Infrastructure Services’ acquisition of Safway Group.
  • Yum! Brands. Advised the arrangers on a $1 billion senior secured refinancing revolving credit facility and a $500 million senior secured refinancing term loan A facility for Yum! Brands.
  • McAfee. Advised the arranger on a $2.555 billion first-lien term loan facility, a €507 million first-lien term loan facility, a $500 million first-lien revolving credit facility and a $600 million second-lien term loan facility extended to McAfee.
  • ABM Industries. Advised ABM Industries Incorporated and its subsidiary Omni Serv Limited on an $800 million term loan facility and a $900 million revolving credit facility for ABM’s acquisition of GCA Holding Corp.

INVESTMENT-GRADE FINANCING TRANSACTIONS
  • Qualcomm. Advising the arrangers on a $13.622 billion senior unsecured bridge credit facility and a $4 billion term loan credit facility for Qualcomm’s acquisition of NXP Semiconductors N.V.
  • Walgreen Co. Advised the arrangers on a $12.8 billion senior unsecured bridge credit facility, a $4.8 billion term credit facility and a $1 billion senior unsecured term loan credit facility for Walgreens Boots Alliance’s acquisition of Rite Aid Corporation.
  • Discovery. Advising the arrangers on a $9.6 billion senior unsecured bridge loan facility and a $2 billion senior unsecured term loan facility for Discovery Communications’ acquisition of Scripps Networks Interactive.
  • United Technologies. Advised the arrangers on a $6.5 billion 364-day senior unsecured bridge loan facility for United Technology Corporation’s acquisition of Rockwell Collins.
  • FMC Corporation. Advised the arranger on a $1.5 billion unsecured term loan facility for FMC Corporation’s acquisition of a portion of E. I. du Pont de Nemours and Company’s Crop Protection business.
  • Abbott Laboratories. Advising on the arrangers on a $2.8 billion senior unsecured term loan facility for Abbott Laboratories’ proposed acquisition of Alere.

 

DEBTOR-IN-POSSEsSION and exit FINANCING TRANSACTIONS
  • Avaya. Advised the arrangers on a $2.425 billion senior secured term loan facility and a $300 million secured asset-based facility for Avaya’s emergence from Chapter 11 bankruptcy.
  • Toys “R” Us. Advised the arranger on a $2.3 billion ABL/FILO debtor-in-possession facility for Toys “R” Us and certain of its affiliates.
  • Ceasars Entertainment. Advised the arrangers on a $1.235 billion senior secured term loan facility and $200 million senior secured revolving credit facility for Caesars Entertainment’s emergence of from Chapter 11 bankruptcy.
  • Peabody Energy. Advising the arrangers on $800 million in debtor-in-possession credit facilities for Peabody Energy Corporation and its subsidiaries.
  • Alpha Natural Resources. Advised the arrangers on $692 million in debtor-in-possession credit facilities for Alpha Natural Resources and its affiliates.
  • Arch Coal. Advised Arch Coal on a $275 million debtor-in-possession credit facility.