Milbank’s Leveraged Finance Group advises financial institutions, companies and private equity clients on all aspects of leveraged transactions, including senior, subordinated and mezzanine debt transactions, bridge financings and high yield bond offerings. This practice group is comprised of partners and associates who focus on executing leveraged finance transactions of all types.
Our Leveraged Finance team regularly represents a number of the world’s leading financial institutions and private equity firms and has extensive experience in structuring complex debt instruments that have been utilized in a wide variety of leveraged loan and high yield financing transactions. Our team’s client service approach is to deliver advice and services in a fully integrated manner which brings together in a single team securities, corporate, environmental, project finance, financial restructuring, intellectual property, real estate, tax and regulatory attorneys. This cross practice group integration, and our global presence is one of the key distinguishing factors that sets Milbank apart from our competitors.
Our Leveraged Finance attorneys offer a broad range of capabilities, with particular strengths in the following areas:
- First lien, second lien and unsecured loans and bonds
- Leveraged buyouts, recapitalizations and going private transactions
- Asset based and cash flow based financings
- Working capital and letter of credit facilities
- Structured financings
- Debtor-in-possession financings and exit financings
- Financial restructurings
- Bridge financings
In addition, Milbank is a recognized market leader in leveraged finance transactions in the energy, infrastructure, space and transportation sectors.
This practice group also draws upon an exceptionally deep background in lending and bank regulation. The Firm has a long history of representing the world’s foremost financial institutions in the syndicated loan market. Our regulatory practice works with the Federal Reserve Board, the FDIC, and other federal and state agencies. The Firm also serves as principal outside counsel to the Loan Syndications & Trading Association (LSTA), the leading trade organization for bank lending.
Milbank’s Leveraged Finance Group also has extensive liability management experience, representing dealer managers and issuers in complex tender and exchange offers.
The following is a list of Milbank’s recent representative leveraged finance transactions:
The Yankee Candle Company
Represented the lead arrangers in connection with approximately $1.6 billion of the bank, bridge and high yield bond financing to be provided in connection with Madison Dearborn Partners’ acquisition of The Yankee Candle Company.
Wesco Aircraft
Represented the lead arrangers in connection with $675 million of first and second lien senior secured credit facilities provided in connection with The Carlyle Group’s acquisition of Wesco Aircraft.
Intelsat
Represented the financial sponsors and Intelsat in connection with approximately $7.1 billion of bank, bridge and high yield bond financing (consisting of commitments for seven facilities) for Intelsat's acquisition of PanAmSat and the issuance of $3.5 billion of senior notes and bridge loans to finance the acquisition of PanAmSat and related tender offer.
Columbia Entertainment/Aztar
Represented Columbia Entertainment in connection with the $960 million high yield senior subordinated bond offering by Columbia Entertainment's subsidiary, Tropicana Entertainment, and $1.97 billion senior secured credit facilities to Tropicana Entertainment and one of its subsidiaries, each in connection with Columbia Entertainment's acquisition of casino operator, Aztar Corporation.
Kranson Industries
Represented Goldman Sachs Mezzanine Partners in connection with a $153 million mezzanine financing related to Code Hennessey & Simons’ acquisition of KII Holdings, the parent of Kranson Industries.
Duquesne Light Company
Representing the lead arrangers in connection with $1.5 billion senior unsecured credit facilities.
U.S. Shipping Partners L.P.
Represented the initial purchasers in $100 million second lien senior secured notes offering. In this transaction, Milbank’s Leveraged Finance team worked closely with its Transportation Finance and Securitization practice groups to structure the related formation and financing of a joint venture created to construct tanker vessels.
Acosta
Represented Goldman Sachs Mezzanine Partners in connection with a $385 million mezzanine financing related to AEA Investors’ acquisition of Acosta.
Orange and Mulberry Cogeneration
Represented the lead arrangers in connection with a $275 million senior secured acquisition financing.
VeraSun Energy Corp.
Represented the initial purchasers in connection with a $210 million senior secured note issuance by ethanol producer VeraSun Energy Corp.
Doane Pet Care Company
Represented the lead arrangers in connection with $730 million of committed financings and the related bank and high yield bond offering for Ontario Teachers’ Private Capital’s $840 million acquisition of Doane Pet Care Company.
Representative financial institution and private equity clients
More representative Leveraged Loan/Bridge loan transactions
More representative High Yield transactions