Kenneth J. Steinberg
  1. Partner

Mr. Steinberg is a partner in Davis Polk’s Corporate Department, practicing in the Finance Group. He is recognized as a leading banking & finance lawyer in Chambers USA, Legal 500 US and IFLR1000. Clients regard him as “phenomenal” and “love working with him” and a “very strong” practitioner who is “really smart and easy to work with.”

Mr. Steinberg represents lenders and borrowers on a variety of finance transactions, including leveraged acquisition financings and asset-based financings. In addition, he has substantial experience in both in-court and out-of-court restructuring and financing transactions, including debtor-in-possession financing and bankruptcy exit financings, representing both senior secured lenders and borrowers.

Work Highlights

Acquisition Financings – Lender Representations
  • $500 million senior secured asset-based revolving credit facility provided to Flexi-Van Leasing, LLC
  • $1.05 billion financing provided to CityMD, a portfolio company of Warburg Pincus LLC, in connection with its proposed acquisition of Summit Medical Group, P.A.
  • $1.825 billion in loan facilities to Drive Chassis Holdco, LLC, a portfolio company of Apollo Global Management, LLC
  • $390 million first-lien term loan facility, $160 million second-lien term loan facility and $200 million asset-based revolving credit facility to AEA Investors LP for the acquisition of Gypsum Management and Supply, Inc.
Bankruptcy and Restructuring Financings – Agent Representations
  • $75 million debtor-in-possession term loan facility for Hornbeck Offshore Services, Inc.
  • $3.95 billion loan facility for iHeartRadio in connection with iHeart’s emergence from chapter 11 proceedings
  • $300 million first lien term loan facility for Hornbeck Offshore Services, Inc.
  • $560 million superpriority debtor-in-possession credit facility for Exide Technologies
  • $630 million debt restructuring for Fontainebleau Miami
  • $950 million debtor-in-possession term and asset-based revolving credit facilities for Eastman Kodak Company
  • $1.1 billion debtor-in-possession term and asset-based revolving credit facilities for Federal-Mogul Corporation, and its subsequent $3.5 billion of bankruptcy exit term and asset-based revolving credit financing
Borrower Representations
  • $2.5 billion first- and second-lien bankruptcy exit term and revolving credit facilities and subsequent refinancing for Delta Air Lines, Inc.
  • The Federal Reserve Bank of New York in connection with the term asset-backed securities loan facility (TALF)
Other Notable Representations
  • $2 billion senior secured asset-based revolving credit facility for United States Steel Corporation
  • $3.55 billion debt refinancing undertaken by Clear Channel Outdoor Holdings, Inc. and its subsidiaries.

Recognition

Mr. Steinberg has been recognized for his work in the legal industry:

  • Chambers USA – Banking & Finance (Nationwide)
  • Legal 500 US – Commercial Lending (US)
  • IFLR1000 – Banking (US)

Of Note

Publications

  • “Key Developments and Trends in DIP Financing,” Practical Law Finance

Memberships

  • American Bar Association
  • New York State Bar Association

Professional History

  • Partner, 2012-present
  • Associate, 2005-2012

Bar Admissions

  • State of New York
  • U.S. District Court, S.D. New York

Education

  • B.S., Finance and Accounting, University of Pennsylvania, Wharton School, 1987
    • summa cum laude
  • M.B.A., Finance, Columbia Business School, 1992
    • Dean's List
  • J.D., Fordham University School of Law, 2005
    • Dean's List
    • summa cum laude
    • Staff Member, Fordham Law Review