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Title

Leveraged Finance

Description
Proficient in working with all types of leveraged finance products, we have represented lenders in the largest, most complex finance transactions and offer clients deal-specific strategic guidance and pragmatic advice.
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  • Kramer Levin’s Leveraged Finance team is distinguished by its depth of experience in representing numerous lenders in the largest, most complex finance transactions. Our team has handled transactions that include multibank, multibidder, private equity-sponsored leveraged buyout financings and other acquisition financings; refinancings; dividend recapitalizations; debt restructurings and workouts; debtor-in-possession and exit financings; and debt tenders, exchange offers and consent solicitations.

    We are one of only a few firms experienced in the full range of leveraged finance products, including:

    • Cash flow-based term loan and revolving credit facilities
    • Second lien term loan facilities
    • Asset-based revolving credit facilities
    • Reserve-based credit facilities
    • High-yield bond financings and bridge loans
    • Mezzanine financings

    Our proficiency in working with all these leveraged finance products enables us to offer our clients deal-specific strategic guidance, pragmatic advice and maximum efficiency.

    We represent most of the world’s leading commercial and investment banks that provide leveraged finance products, as well as alternative lenders such as debt funds and business development companies. We also represent borrowers and issuers in leveraged finance transactions. Our strong relationships with many leading private equity firms enable us to be designated lenders’ and underwriters’ counsel in leveraged buyout financings and other transactions involving private equity-sponsored borrowers and issuers.

    Further, we offer clients a full array of complementary debt-focused services, making us unique among our leveraged finance competitors. Working closely with members of our Corporate, Bankruptcy and Restructuring, Securitization, and Investment Management practices, we provide legal guidance at every stage of the loan life cycle to lenders extending leveraged credit. Utilizing the resources of our Tax, Intellectual Property, Real Estate, Land Use, Environmental, Employment and Litigation practices, we provide robust and comprehensive due diligence and transactional and dispute resolution capabilities.

    Defining Matters

    • Kramer Levin Advises Investment Banks in Connection With $1.2 Billion Committed Financing for Siris Capital Acquisition of Electronics for Imaging

      Kramer Levin represented RBC Capital Markets, KKR Capital Markets LLC, Barclays Bank PLC, Credit Suisse Loan Funding LLC, Macquarie Capital (USA) Inc., BNP Paribas Securities Corp. and Société Générale as joint lead arrangers; Royal Bank of Canada, KKR Corporate Lending (CA) LLC, Barclays Bank PLC, Credit Suisse AG, Cayman Islands Branch, Macquarie Capital Funding LLC, BNP Paribas and Société Générale as lenders; and Royal Bank of Canada as first lien facility administrative agent and collateral agent and KKR Loan Administration Services LLC, as second lien facility administrative agent in connection with a committed financing – which includes a $100 million revolving credit facility, an $875 million first-lien term loan facility and a $225 million second-lien term loan facility – for the acquisition of Electronics for Imaging, Inc. by Siris Capital Group, LLC and its affiliates.
    • Kramer Levin Represents VICI Properties in $600M upsizing to its Credit Facility

      Kramer Levin represented VICI Properties 1 LLC ("VICI Propco"), a wholly owned subsidiary of VICI Properties Inc. (OTC VICI), as borrower in connection with a $600MM upsizing to its first lien credit facility, with Goldman Sachs Bank USA, as administrative agent, the lenders party thereto and the certain other parties as joint lead arrangers, co- arrangers and joint bookrunners.
    • Kramer Levin Represented The Toronto-Dominion Bank in a $250 Million Term Loan Facility

      Kramer Levin represented Toronto Dominion (Texas) LLC, as administrative agent, TD Securities (USA) LLC, as lead arranger and bookrunner, and The Toronto-Dominion Bank, New York Branch as a lender in connection with a $250 million first-lien term loan facility to NGL Energy Partners LP and NGL Energy Operating LLC for the acquisition of Mesquite SWD Inc. and Mesquite Disposals Unlimited LLC.
    • LBOs and the rise of nonbank lenders

      Over the past ten years, the financing community has experienced a sea change in the way leveraged buyouts are financed, most notably in the rapid rise of nonbank lenders as a regular, significant source of financing. 
    • Kramer Levin Advises Lead Arrangers in Financing Veritas Capital’s Acquisition of PricewaterhouseCoopers’ US Public Sector Business

      Kramer Levin represented RBC Capital Markets, UBS Securities LLC, Carlyle Global Credit Investment Management L.L.C. and Macquarie Capital (USA) Inc. as lead arrangers and Royal Bank of Canada as administrative agent in connection with a committed financing – which includes a $50 million revolving credit facility, a $315 million first lien term loan facility and a $105 million second lien term loan facility — for the acquisition of the U.S. public sector business of PricewaterhouseCoopers LLP by Veritas Capital and its affiliates.

    Practice Contacts

      • Richard E. Farley

        • Partner
        • Partner, Chair, Leveraged Finance Group
        • New York
        • rfarley@kramerlevin.com
        • T 212.715.9106
        • F 212.715.8106
      • vcard
      • Kenneth Chin

        • Partner
        • Chair, Banking and Finance
        • New York
        • kchin@kramerlevin.com
        • T 212.715.9459
        • F 212.715.8278
      • vcard
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