Leveraged Finance

Lawyers in our leveraged finance group represent financial institutions and borrowers on various transactions involving the use of credit, including:

  • LBOs and other leveraged and acquisition financings
  • Capital and general-purpose financings
  • Debt restructurings and recapitalizations
  • Debtor-in-possession and exit financings
  • Bridge loans
  • Margin loans

We have long distinguished ourselves with our broad corporate platform, providing invaluable support to our banking and finance practice with market-leading capital markets, bankruptcy, mergers and acquisitions and litigation practices and unmatched cross-border experience.

Our teams for bank/bond transactions, including both leveraged and high-yield financings, operate seamlessly as part of a single leveraged finance group – maximizing coordination and efficiency for our clients.

Recognition

  • 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. 
  • 2016 Chambers 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

Notable Matters

ACQUISITION FINANCING TRANSACTIONS
  • Hayward Industries. Advised the arrangers on the $850 million first-lien term loan credit facility, the $285 million second-lien term loan credit facility and the $250 million ABL credit facility for CCMP Capital Advisors, MSD Capital and Alberta Investment Management Corporation’s acquisition of Hayward Industries.
  • Intrawest Resorts. Advised the arrangers on a $1.36 billion senior secured term facility and a $200 million senior secured revolving facility for KSL Capital Partners’ acquisition of Intrawest Resorts Holdings, Mammoth Resorts and Squaw Valley Resorts.
  • Colorado Buyer. Advising the arranger on the $810 million senior secured first-lien term loan facility, the $310 million senior secured second-lien term loan facility and the $50 million senior secured revolving credit facility for Colorado Buyer’s $2.3 billion purchase of data centers and colocation businesses from CenturyLink.
  • Lumileds. Advised the arrangers on a $1.16 billion senior secured term facility and the $200 million senior secured revolving facility being for Apollo Global Management’s acquisition of Lumileds Holding B.V. 
  • Mediware Information Systems. Advised the arranger on a $320 million senior secured first-lien term facility and a $60 million senior secured revolving facility for TPG Capital’s acquisition of Mediware Information Systems.
  • Cheddar’s Casual Café. Advised the arranger on a $230 million term loan credit facility, a $35 million revolving credit facility and a $105 million second-lien term loan credit facility for Cheddar’s Casual Café’s acquisition of the Greer Companies.
DEBTOR-IN-POSSESSION FINANCING TRANSACTIONS
  • 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.
  • 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.
OTHER LEVERAGED FINANCE TRANSACTIONS
  • Hilton. Advised the arranger on an amendment to approximately $3.959 billion of existing term loans for Hilton Worldwide Finance.
  • First Eagle Holdings. Advised the arrangers on a $1.523 billion refinancing term loan facility for First Eagle Holdings.
  • Uber Technologies. Advised the arranger on a $1.15 billion senior secured term loan facility, and amendment to an existing revolving credit facility for Uber Technologies.
  • Chobani. Advised the arrangers on an approximately $819 million refinancing term loan facility and an approximately $67 million incremental term loan facility for Chobani.
  • LifeMiles. Advised LifeMiles Ltd. on a $300 million secured term loan facility and a $20 million revolving credit facility. 
  • MRC Global. Advised the arrangers on the refinancing of MRC Global’s existing senior secured term loan credit facility with a new senior secured term loan facility, including $400 million in term loans.