Our Banking & Finance group is distinguished by its broad range of capabilities, solid understanding of our clients’ objectives and practical approach to issues as they arise. We have deep experience across the market and handle transactions ranging from small financings for startup ventures to multibillion-dollar financings for large established companies. We work closely with the firm’s M&A, public finance, private equity, restructuring, tax, real estate and other practices to provide integrated services and to facilitate the smooth consummation of transactions. Internationally, we work with our network of local counsel to provide international deal execution services and local law advice in cross-border financings. We combine extensive commercial finance experience with solid business acumen and efficiency.
Our diverse practice covers a wide range of financing transactions, including:
We advise clients on all types of leveraged financings, from lower middle-market to multi-billion dollar facilities, including first lien/second lien facilities, recapitalizations, working capital or general corporate purpose facilities, integrated bank and bond financings, asset-based facilities, amend and extends, multi-currency facilities and cross-border financings. We represent commercial and investment banks, institutional lenders, private equity sponsors and corporate borrowers in leveraged cash flow and asset based financings. We address all manner of intercreditor issues arising in senior and subordinated financings, first lien/second lien facilities, superpriority and cross-collateralized structures.
We structure acquisition financings involving both private equity and strategic buyers and advise on all aspects of acquisition financing, from the structuring and commitment phase to closing and subsequent amendments and refinancings. We work with the firm’s M&A attorneys to advise clients on both the financing and buy/sell aspects of an acquisition transaction. Working in conjunction with our M&A, private equity and capital markets attorneys, we advise on senior, second lien, combined senior bank/mezzanine or bond financings, bridge loans and junior or subordinated facilities. We anticipate the requirements of all parties to complex, multi-tranche transactions and deliver sophisticated advice and deal management for acquisition financings, utilizing our in-depth knowledge of a wide range of industries.
We represent institutional investors, mezzanine funds and hedge funds in structuring and documenting their investments in mezzanine products of all types, including senior subordinated debt, junior convertible notes, second lien debt, equity co-investments and preferred equity. We are well-versed in the wide range of issues that arise in any mezzanine transaction, including structure, pricing, covenants, redemption/call protection issues, liquidity rights, intercreditor issues, equity components, anti-dilution protections and tax issues. Our team includes dedicated finance, fund formation, private equity and tax lawyers who provide integrated legal services. We have structured and closed junior capital transactions in many different contexts, including acquisition financings, leveraged buyouts, recapitalizations, restructurings and workouts, fund formations, institutional investments and other transactions involving mezzanine securities.
We represent lenders, equity investors and lessees in all aspects of equipment finance, including operating and finance leases, secured loans, cross-border leases, sales and asset transfers. Our experience includes front-end structuring, negotiation and documentation, end-of-term equipment return and work-outs. Our team also offers an in-depth knowledge of operating, maintenance and other key issues as well as tax aspects of ownership and leasing of equipment. Our experience includes transactions involving a diverse range of assets, including manufacturing plant assets, aircraft, railcars and locomotives, vessels, trucks, containers, high-technology equipment, medical equipment and construction equipment.
Our team has extensive experience representing lenders and developers in project and energy finance, including wind, solar and biomass renewable energy assets; cogeneration and other production facilities; and medical facilities. These transactions often involve collateral account and credit support arrangements, including perfection of security interests and ancillary support agreements, such as power purchase and off-take agreements, site leases and licensing agreements. Our experience also includes creating and transferring the benefit of environmental incentives and attributes.
We regularly represent companies that are seeking to lower their overall borrowing costs by factoring or securitizing their trade accounts receivable. Capital intensive, non-investment grade, global companies with reasonable diversification in their receivables profile are some of the best candidates for structured finance solutions but many other types of companies qualify as well. We believe this is an overlooked but often advantageous financing vehicle for many of our clients and contacts. We have developed a network of consultants, bankers and credit providers that can assist clients with analyzing whether these products fit their unique circumstances and to quantify the benefits of a transaction.
We effectively protect the interests of our clients in out-of-court restructurings and in the bankruptcy process, ensuring that our clients benefit from our firm’s finance and restructuring experience. We represent borrowers, lenders, investors and acquirers in amendments, forbearance agreements, in- and out-of court restructurings, financial recapitalizations, debtor-in-possession financings and exit financings. We have experience negotiating with various constituents who have divergent goals and achieving a resolution that enables the parties to move forward with a financing structure.
We advise domestic and international banks, specialty finance companies, private equity sponsors and their portfolio companies, private investment funds and other institutional investors, mezzanine lenders, hedge funds, strategic buyers, corporate borrowers and issuers of debt. We represent both borrowers and lenders rather than focusing on one side of the market.
Bloomberg Law BNA’s Banking Report | March 20, 2017
New York Banking & Finance partner Alexandra Margolis contributed this article about her outlook on the leveraged loan market for 2017. Click here to read the full article.
Lexis Practice Advisor | January 11, 2017
New York City Banking & Finance partner Alex Margolis authored this column discussing trends in incremental loan facilities. Click here to read the full article.
Reuters | August 17, 2016
This article focuses on Energy Future Holdings Corp, Texas’s biggest power company, request of a US bankruptcy court to allow the bulk of its operations to exit Chapter 11. The coverage notes that Energy Future faces stiff opposition from a group of creditors—including NP client American Stock Transfer & Trust Co. LLC—about how tax assets would be used in the power giant’s proposed spinoff of its major operating unit as the company kicked off the first half of its second attempt to exit bankruptcy. Boston financial restructuring and bankruptcy partner Rick Pedone is quoted and Boston global finance partner Amanda Darwin, Boston commercial litigation partner George Skelly, and New York City financial restructuring and bankruptcy associate Christopher Fong are listed among American Stock’s counsel.
Bloomberg BNA Banking Report | March 21, 2016
Chicago partner Susan Feibus authored this column about important considerations for financial institutions to take in terms of policies and procedures that address the cyber threat environment and resilience to cyber attacks.
The CLS Blue Sky Blog | March 07, 2016
New York City Global Finance senior counsel Larry Fruchtman authored this piece about the proposed rule by the New York State Department of Financial Services (the “NYSDFS”) adding potential New York State criminal liability to the burdens of chief compliance officers of New York chartered banks, trust companies, savings banks, and savings and loan associations, among others.
Bloomberg BNA Banking Report | February 22, 2016
New York Banking & Finance partner Alex Margolis authored this column providing an overview of the 2016 leveraged loan market. Click here to read the full article.
Boston Business Journal | February 01, 2016
Boston Global Finance practice and Corporate Trust partner Catherine Ng is included in the latest “People on the Move” section for her election to the partnership.
Legal Bisnow (DC) | January 08, 2016
This piece, which describes the need for financial institutions to prepare for heightened regulatory scrutiny of their cyber preparedness, features commentary from Susan.
Law360 | November 02, 2015
New York City Banking & Finance partner Alex Margolis authored this column discussing trends in incremental loan facilities.
Chicago Daily Law Bulletin | May 21, 2015
Chicago Global Finance partner Dan Strzalka and associate Josh Scarborough coauthored this column on the importance of proper documentation in business agreements.
Today's General Counsel | May 14, 2015
This coverage highlights the arrival of New York City Global Finance senior counsel Larry Fruchtman.
The Deal | May 14, 2015
New York City Global Finance senior counsel Larry Fruchtman's arrival is featured in this business and legal executive moves column.
The Deal | November 12, 2014
This coverage notes Boston partner and leader of the Global Finance practice Craig Mills and New York City Global Finance associate Alex Yim’s representation of Pasha Group, which has agreed to acquire the Hawaii trade-lane business of Horizon Lines.
Rochester Business Journal | September 26, 2014
Rochester Global Finance associate John LaBoda is listed as a Rochester Business Journal 2014 Forty Under 40 honoree.
Turnarounds & Workouts | September 01, 2014
New York City Global Finance partner Alex Margolis provides commentary in this feature story discussing the U.S. District Court for the Western District of Washington’s decision to prohibit the transfer of a secured lender’s interest in a loan on the grounds that the transferee is not an “eligible assignee” under the loan agreement.
Law360 | July 30, 2014
Partner and co-head of the Private Equity Transactions group Phil Taub is featured in this Q&A, part of Law360’s series with dealmaking movers and shakers.
Buyouts | June 30, 2014
New York City Private Equity & Investment Funds partner Ted Ughetta discusses the boom in co-investing that is presenting fresh challenges for limited partners.
Immigration Law Alert | 01.26.17
Regulated Financial Institutions Alert | 03.02.16
NP Privacy Partner | 01.08.16
Originally recorded on September 25, 2015 | 09.30.15
Public-Private Partnerships Alert | 01.28.15
Bankruptcy Alert | 11.24.14
06.04.14 | New York, NY
Practice Group Leader, Commercial Finance
PartnerOffice Managing Partner, Buffalo