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 120 deals totaling more than $232 billion in 2016, ranking the firm in the "Top 10" in nearly every category, 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 being provided for Coty’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.
  • 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 for Yum! Brands.
  • inVentiv Health. Advised the arranger on a $1.73 billion senior secured term loan credit facility and a $250 million senior secured asset-based revolving credit facility for Advent 's acquisition of inVentiv.
  • BioClinica. Advised the arrangers on a $445 million senior secured first-lien term loan credit facility, a $50 million senior secured first-lien revolving credit facility and a $210 million senior secured second-lien term loan credit facility for Cinven’s acquisition of BioClinica.

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.
  • Mylan N.V. Advised the arrangers on a $10.05 billion unsecured bridge credit facility for Mylan N.V.’s acquisition of Meda AB.
  • Comcast Corporation. Advised Comcast Corporation and NBCUniversal Enterprise on a $7 billion unsecured revolving credit facility for Comcast Corporation and a $1.5 billion unsecured revolving credit facility for NBCUniversal Enterprise
  • Rockwell Collins. Advised the arranger on a $4.35 billion unsecured bridge credit facility and a $1.5 billion unsecured term loan credit facility for Rockwell Collins’ acquisition of B/E Aerospace.
  • Facebook. Advised  Facebook on a $2 billion senior unsecured revolving credit facility.

DEBTOR-IN-POSSEsSION FINANCING TRANSACTIONS
  • 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. Advising Arch Coal on a $275 million debtor-in-possession credit facility. 
  • Verso Corporation. Advised the arrangers on a $100 million superpriority secured debtor-in-possession ABL credit facilty for Verso Corporation and its affiliates.
  • Magnetation. Advised Magnetation on a $135 million debtor-in-possession credit facility.
  • Venoco. Advised the lender on a $35 million superpriority debtor-in-possession credit facility for Venoco.