Kenneth J. Steinberg
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.
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
- $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.
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)
- “Key Developments and Trends in DIP Financing,” Practical Law Finance
- American Bar Association
- New York State Bar Association
- Partner, 2012-present
- Associate, 2005-2012
Articles and Books
Key Developments and Trends in DIP Financing
Practical Law Bankruptcy & Restructuring
Similar But Not The Same: Some Ways in Which Bonds and Loans Will Differ in a Restructuring
The International Comparative Legal Guide to: Lending & Secured Finance 2016 (Chapter 6) | Global Legal Group Ltd.
Key Developments and Trends in DIP Financing | Practical Law Finance, Thomson Reuters, 2015