Leveraged Finance
Dewey & LeBoeuf has a leading Corporate Finance practice that handles transactions throughout the world and across borders. Within our Corporate Finance practice, we have a dedicated group of partners and associates dealing with executing leveraged finance transactions globally. Our Leveraged Finance practice regularly provides counsel to leading investment banks, commercial banks and other financial institutions, acting as underwriters, arrangers, placement agents or lenders in a broad array of financings, including first and second lien leveraged loans, high-yield bonds, bridge loans, mezzanine financings and debtor-in-possession financings. We also have extensive experience representing major global corporations, private equity firms, regional issuers in markets throughout the world and early-stage private companies. Our lawyers have well-recognized acquisition finance capabilities and regularly work with and across from the largest and most sophisticated private equity firms in connection with the financing of leveraged buyouts.
Our leveraged finance lawyers also represent a wide range of issuers, lenders, borrowers and dealer-managers in consent solicitations, tender offers, exchange offers, loan buybacks, amendments, waivers and other liability management transactions. In addition, our leveraged finance lawyers work closely with the firm’s pre-eminent Business Solutions & Governance Department in connection with debtor-in-possession and exit financings, as well as distressed tender and exchange offers.
Dewey & LeBoeuf’s Leveraged Finance practice also has deep knowledge and extensive experience in serving the finance needs of clients in a wide range of industry sectors, including insurance, healthcare, energy/natural resources and global power. These are industries in which pervasive regulation and complex commercial imperatives make truly experienced legal counsel of great benefit to our clients.
Dewey & LeBoeuf lawyers have represented participants in a number of significant high-yield debt and leveraged loan transactions, including the following representative matters:
- Represented the initial purchasers in the high-yield bond offering and equity issuance used by Phillips-Van Heusen Corporation to finance a portion of the approximately $3 billion acquisition of Tommy Hilfiger.
- Represented the lead arrangers in connection with exit financing consisting of a $450 million senior secured credit facility in the Chapter 11 proceedings of Spansion Inc.
- Represented the lead arrangers in the $290 million senior secured credit facility used by CIT Group Inc. to refinance the outstanding indebtedness of BRSP, LLC, which is secured by payments under certain lessor notes issued as part of a leveraged lease financing by the owner lessors of two natural gas power generation projects located in South Carolina and Arizona.
- Represented the lead arrangers in connection with approximately $230 million of Shari’ah compliant credit facilities, including a $120 million first lien term facility, $25 million first lien revolving facility, $60 million second lien mezzanine facility and $25 million subordinated unsecured mezzanine facility in connection with the refinancing of all the outstanding indebtedness of PODS Inc., a portfolio company of Arcapita.
- Represented the lead arrangers in the bank, debt and equity bridge financings used to finance the approximately $10 billion leveraged buyout of CDW Corporation by Madison Dearborn and Providence Equity Partners;
- Represented the lead arrangers and initial purchasers in the bank, bridge and high-yield bond offerings used to finance the approximately $3 billion leveraged buyout of Sequa Corporation by the Carlyle Group;
- Represented the lead arrangers and initial purchasers in the senior secured credit facility and high-yield bond offerings used to finance the approximately $2 billion leveraged buyout of the Yankee Candle Company by Madison Dearborn Partners;
- Represented the lead arrangers in the first and second lien credit facilities used to finance the approximately $1 billion leveraged buyout of Air Canada Transportation Services by KKR and Sageview;
- Represented JPMorgan Chase and Anchorage Capital Funds in connection with pre-petition term loans and exit financing in the Chapter 11 proceedings of Bally's Total Fitness;
- Represented the lead arrangers in first and second lien credit facilities used to finance the approximately $1.5 billion leveraged buyout of Goodyear's engineered products division by the Carlyle Group;
- Represented the lead arrangers in connection with the $675 million senior secured credit facilities used by the Carlyle Group in connection with the leveraged buyout of Wesco Aircraft; and
- Represented the initial purchasers and lead arrangers in senior secured credit facilities and 10.625 percent senior subordinated notes issued to fund Ontario Teachers Pension Funds' leveraged buyout of Doane Pet Care Company.