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Meyer C. Dworkin
Mr. Dworkin is a partner in Davis Polk’s Corporate Department, practicing in the Finance Group. He is consistently recognized as a leading lawyer in banking & finance by Chambers USA, Legal 500 US and IFLR1000, and is described by clients as “very smart, extremely commercial and a great practitioner” and that he “thoroughly understands every aspect of complex debt facilities, including current market norms, and advises in a highly pragmatic, efficient and responsive manner.” Mr. Dworkin advises lenders and borrowers on a variety of finance transactions, including acquisition financings, asset-based financings, debtor-in-possession financings and bankruptcy exit financings and structured financings. In addition, Mr. Dworkin regularly represents hedge funds and corporations in negotiating prime brokerage agreements, ISDA and BMA-standard agreements and other trading and financing documentation and other complex structured financial products. |
Work Highlights
Syndicated Lender Representations
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$17 billion senior unsecured bridge loan facility to Fiserv, Inc. for its acquisition of First Data Corporation
- $10.5 billion financing related to Coty’s acquisition of P&G’s Beauty Business (including over $2 billion of incremental facilities)
- $7.8 billion financing related to JAB’s acquisition of Keurig Green Mountain (including $1.4 billion of incremental facilities)
- $4.5 billion financing related to Tribune Company’s acquisition of Local TV Holdings (including $420 million of incremental facilities)
- $2.8 billion senior secured facilities and $1.2 billion financing related to JBS’s acquisition of Cargill Pork
- $1.6 billion financing related to Leonard Green Partners’ and TPG’s acquisition of Life Time Fitness (including $100 million of incremental facilities)
Borrower Representations
- $3.5 billion senior unsecured revolving credit facility for Emerson Electric
- $2.25 billion multicurrency senior unsecured revolving credit facility for V.F. Corporation
- $2 billion asset-based commodity credit facility for Noble Americas Corp. and $1 billion asset-based commodity credit facility for Noble Clean Fuels Ltd.
- $2 billion senior secured project notes and $300 million bridge loan for Delek Group
Direct Lending Representations
- $180 million senior secured term loan for Basic Energy Services
- $150 million senior secured term loan facility for NMI Holdings
- $90 million term loan facility for ParFab Field Services
- $62.5 million second-lien term facility for B&G Crane Service
Restructuring Representations
- $1.1 billion exit term loan for Tribune Company
- $800 million of debtor-in-possession facilities for The Great Atlantic & Pacific Tea Company
- $165 million exit term loan and $90 million debtor-in-possession facilities for Key Energy Services
- $100 million debtor-in-possession and exit term loan facilities for RCS Capital Corporation
Structured Finance Representations
- Advised more than a dozen borrowers on over 25 revolving capital call/subscription line facilities in an aggregate principal amount of over $7 billion provided by a wide range of financial institutions
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Advised lenders and borrowers on over 30 “net asset value” (NAV) facilities in an aggregate principal amount of over $5 billion provided by a wide range of financial institutions to more than 20 borrowers, including two of the largest dedicated “fund of fund” complexes
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Advised lenders and borrowers on over 25 asset-backed and “back-leverage” transactions – secured by both single assets as well as portfolios of liquid and illiquid bonds, loans and preferred equity interests and structured as credit facilities, swap and repurchase transactions – in an aggregate principal amount of over $6.25 billion provided by a wide range of financial institutions to more than 15 borrowers
Recognition
Mr. Dworkin is consistently 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
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"Structural Considerations in Deal Contingent Hedges," The International Comparative Legal Guide to Derivatives 2020, First Edition
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"The Continuing Evolution of the Direct Lending Market,” The International Comparative Legal Guide: Lending & Secured Finance 2020
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“A Fresh Look At Acquisition Financing terms,” International Financial Law Review, 2020
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“Considerations in Providing NAV Facilities to Individuals,” Global Legal Insights – Fund Finance 2020, Fourth Edition
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“Increasing Limitations on Secured Creditor Remedies,” Practising Law Institute: Leveraged Financing 2020
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"The Continuing Evolution of NAV Facilities," GLI - Fund Finance 2019
- “Avoiding Traps When Documenting Make-Whole Premiums for Term Loans,” The International Comparative Legal Guide to: Lending & Secured 2018
- “Escrow Funding in the Term Loan B Market,” The International Comparative Legal Guide to: Lending & Secured Finance 2017
Professional History
- Partner, 2013-present
- Associate, 2005-2013
News
Articles and Books
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Valuation adjustment rights in NAV facilities
Global Legal Insights – Fund Finance 2021, Fifth Edition -
Banking & Finance 2020
Chambers & Partners -
Lessons for the Loan Market from Recent Liability Management Transactions | International Financial Law Review