Milbank’s Direct Lending practice represents direct lenders, including performing credit and “special situations” direct lending teams within leading international investment banks and other global financial institutions, in the full array of private credit transactions, such as:
- unitranche financings (cash flow and asset-based credit facilities, recurring revenue (ARR) facilities, superpriority revolving facilities, FILO term loans and other bifurcated term loan structures),
- second lien and other junior capital financings, including secured and unsecured notes and holding company loans and preferred equity, and
- securitizations and the related holding company financings.
Wide breadth of private credit work — in addition to the spectrum of deal types described above, we provide an integrated approach in workouts, restructurings and other special situations financings, including debtor-in-possession, exit financings and other specialty lending facilities. We collaborate across practices to assist direct lenders in equity co-investments, warrants and similar equity transactions related to debt financings provided by direct lenders.
Experience across the market — we advise lenders making direct lending investments from the lower middle market to financing large cap acquisitions by top-tier private equity sponsors. The team handles financings ranging from $25 million to $7.5 billion (aggregate financing amount) — whether representing a single financing source in a bilateral direct lending transaction or a large club of 20 or more financing sources in “jumbo unitranche” financings.
In 2025, Milbank secured numerous top global rankings, including in 9fin’s Inaugural Private Credit Law Firm League Tables.
Cross-industry — we represent direct lenders investing in industries in multiple jurisdictions across asset classes: transportation and space including aviation, outsourcing, finance, hospitality, infrastructure including digital infrastructure, industrials, manufacturing, power and energy, software, technology including cybersecurity and AI, media and telecommunications, and a range of industries.
We combine market knowledge with disciplined execution to structure complex financings efficiently, helping direct lenders deploy capital with speed, certainty and confidence.
Highlighted transactions include the representation of the private credit financing sources on:
- the $8.4 billion acquisition of Clearwater Analytics (NYSE: CWAN) by a Permira and Warburg Pincus-led investor group, with participation from Temasek and key support from Francisco Partners.
- CoreWeave’s $7.5 billion debt raise, one of the largest-ever private debt financings.
- Carlyle’s (NASDAQ: CG) $1.5 billion acquisition of Worldpac, Inc., a formerly wholly owned subsidiary of Advance Auto Parts, Inc. (NYSE: AAP).
- a private unitranche financing for technology-focused private equity firm Francisco Partners’ acquisition of technology company Elite.
- a financing for Centreon, a Paris-based leading European provider of IT monitoring and observability solutions.
“Milbank’s deep bench of specialists and significant experience allows them to provide value in the most complex situations.”
Chambers USA: Private Credit
“Milbank are great problem-solvers and help their clients get to a deal.”
Chambers USA: Private Credit
“Milbank offers very talented counsel. They’re solution-oriented and target the issues that actually matter.”
Chambers USA: Private Credit
