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:
Staples
Represented the lead arrangers in connection with credit facilities totaling $3.4 billion for the tender offer acquisition by Staples, Inc. of Corporate Express N.V.
Press Ganey
Represented the lead arrangers in connection with approximately $300 million of senior secured and mezzanine financing in connection with Vestar Capital Partners' acquisition of Press Ganey Associates.
CDW
Represented the lead arrangers in connection with approximately $10 billion of bank, bridge and equity bridge and related high yield offerings in connection with Madison Dearborn Partners’ and Providence Equity Partners’ acquisition of CDW Corporation.
Sequa
Represented the lead arrangers in connection with approximately $3 billion of bank, bridge and high yield offerings in connection with The Carlyle Group’s acquisition of Sequa Corporation.
Dresser
Represented the lead arrangers in connection with approximately $2.5 billion of the first and second lien credit facilities in connection with Caryle/Riverstone Global Energy’s and First Resource Corporation’s acquisition of Dresser Industries.
Universal/Pegasus
Represented the initial purchasers in connection with approximately $70 million of mezzanine notes in connection with KRG Capital Partners' acquisition of Pegasus International and Universal Ensco.
Goodyear
Represented the lead arrangers in connection with approximately $1.5 billion of the first and second lien credit facilities in connection with The Carlyle Group’s acquisition of Goodyear’s engineered products division.
Varel
Represented the lead arrangers in connection with approximately $400 million of the Shari’ah compliant first lien credit facilities and mezzanine facilities in connection with Arcapita’s acquisition of Varel International Ind. LP.
Air Canada
Represented the lead arrangers in connection with approximately $1 billion of the first and second lien credit facilities in connection with KKR’s and Sageview’s acquisition of Air Canada Transportation Services.
Sheridan
Represented the lead arrangers in connection with approximately $1 billion of the first and second lien credit facilities in connection with Hellman & Friedman’s acquisition of Sheridan Healthcare.
Vertrue
Represented the lead arrangers in connection with approximately $800 million of the first and second lien credit facilities in connection with One Equity Partners’ acquisition of Vertrue Incorporated.
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.
NSG Holdings
Represented BNP Paribas and Lehman Brothers in connection with approximately $732 million in high yield bonds and senior secured credit facility refinancing.
VeraSun Energy Corp.
Represented the initial purchasers in connection with a $540 million senior note issuance by ethanol producer VeraSun Energy Corp.
Representative financial institution and private equity clients
More representative Leveraged Loan/Bridge loan transactions
More representative High Yield transactions