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Commercial Finance
Katten's nationally recognized Commercial Finance Practice represents banks, investment funds, finance companies and other financial institutions providing debt capital in a wide array of financing transactions including leveraged buyouts, acquisition financing, refinancings and recapitalizations. We draw upon the vast experience of Katten professionals in various disciplines to ensure that our clients receive the highest quality of counsel on structural, tax, regulatory and other aspects of any given transaction.
Members of our Commercial Finance Practice work closely with our creditors’ rights, tax, health care, ERISA, corporate, real estate, litigation, financial services, private equity and securities practices to effectively represent lenders within a specific industry focus, such as health care or media, or with a structural focus, such as ESOP ownership, post-petition ("debtor-in-possession") and exit financings, the purchase and sale of distressed debt and project finance transactions. Our lending clients benefit from the invaluable perspective we have gained from representing issuers and supporting Katten’s other practices.
Katten's nationally recognized Commercial Finance Practice represents banks, investment funds, finance companies and other financial institutions providing debt capital in a wide array of financing transactions including leveraged buyouts, acquisition financing, refinancings and recapitalizations. We draw upon the vast experience of Katten professionals in various disciplines to ensure that our clients receive the highest quality of counsel on structural, tax, regulatory and other aspects of any given transaction.
Members of our Commercial Finance Practice work closely with our creditors’ rights, tax, health care, ERISA, corporate, real estate, litigation, financial services, private equity and securities practices to effectively represent lenders within a specific industry focus, such as health care or media, or with a structural focus, such as ESOP ownership, post-petition ("debtor-in-possession") and exit financings, the purchase and sale of distressed debt and project finance transactions. Our lending clients benefit from the invaluable perspective we have gained from representing issuers and supporting Katten’s other practices.
Senior Financing
Our senior financing practice focuses on the representation of administrative agents, lead arrangers and bookrunners in syndicated senior secured and unsecured financing transactions consisting of both cash flow and loans. Proceeds of such financings are typically used to support leveraged buyout, recapitalization, acquisition, consolidation and refinancing transactions.
Mezzanine Finance
Members of our Commercial Finance Practice also represent investors in mezzanine investments, so-called term B loans, second lien term loans and other forms of junior capital. Our experience and active role in the market provide us with unique insight into intercreditor and subordination arrangements.
Other Financings
Our commercial finance attorneys have extensive experience in Islamic (Shari’ah-compliant) transactions, secured and unsecured “PIPE” investments, short-term bridge financings, distressed debt financings, debtor-in-possession and exit financings, project finance transactions, participations, warehousing facilities and other securitizations and similar financings involving a wide variety of asset types.
Borrower Representation
We also have significant experience representing borrowers and equity sponsors in senior secured and mezzanine investments, frequently working side-by-side with attorneys in our Private Equity Practice in leveraged buyout and recapitalization transactions.
Representative Clients
- Ableco Finance LLC
- Aldine Capital
- Antares Capital Corporation
- Ares Capital Corporation
- Bank of America, N.A.
- Bridge Finance Group, LLC
- Brown Brothers Harriman & Co.
- Caltius Mezzanine
- CapitalSource Finance LLC
- CapitalSource Bank
- Dymas Funding Company, LLC
- Fifth Third Bank
- First American Bank
- First Chicago Bank & Trust
- GE Antares Capital Corporation
- GE Franchise Finance
- General Electric Capital Corporation
- Golub Capital Incorporated
- GSO Capital Partners, LP
- JPMorgan Chase Bank, N.A.
- Madison Capital Funding LLC
- Maranon Capital
- Merrill Lynch Capital
- Midwest Mezzanine Funds
- NXT Capital LLC
- Orchard First Source Capital
- Prairie Capital, L.P.
- Prism Mezzanine Funds
- The PrivateBank and Trust Company
- Royal Bank of Scotland plc
- Victory Park Capital Advisors
- York Capital Management
Professionals
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Washington, D.C.
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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Chicago
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September 2009
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July 13, 2009
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June 15, 2009
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June 11, 2009
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June 5, 2009
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May 20, 2009
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May 4, 2009
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April 16, 2009
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March 26, 2009
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March 18, 2009
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March 12, 2009
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March 3, 2009
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February 26, 2009
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February 12, 2009
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February 10, 2009
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January 27, 2009
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January 16, 2009
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December 23, 2008
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December 1, 2008
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November 18, 2008
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November 12, 2008
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October 15, 2008
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October 13, 2008
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October 13, 2008
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September 29, 2008
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September 23, 2008
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September 22, 2008
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March 24, 2008
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October 31, 2007
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April 4, 2007
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April 17, 2006
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Spring 2004
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March 6, 2002
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March 6, 2002
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April 11, 2001
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October 26, 2000
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April 29, 2010
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New York, New York
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Represented Purchaser in connection with a $90,000,000 Consumer Loan Sub-Participation Program structured as true sales of sub-participations
in participations in consumer loans. Returns under the sub-participation program were secured by pledges of certain promissory notes held by the sponsor in the underlying consumer loan program and by the equity and assets of a special purpose vehicle owned by such sponsor, and were guaranteed by such sponsor, such special purpose vehicle and numerous other affiliated entities of such sponsor.
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Represented Seller in connection with a $150,000,000 Commercial Loan Participation Program
structured as true sales of participations in secured commercial loans.
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Represented Administrative Agent, Joint Lead Arranger and Joint Book Runner in connection with a $115,000,000 Senior Secured Credit Facility provided to a national specialty pharmacy
and health care services company. Proceeds of the facility were used to support management and the private equity sponsor in taking the company private, to refinance existing debt, and to provide ongoing working capital.
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Represented Administrative Agent, Co-Lead Arranger and Co-Bookrunner in connection with a $55,000,000 multi-currency Senior Secured Credit Facility
to a manufacturer and distributor of products used in connection with breast biopsies and related procedures. Proceeds of the facility were used to finance the acquisition of the company by a nationally recognized private equity sponsor and to provide ongoing working capital to the company and its foreign subsidiaries. The facility was secured by pledges of stock of certain Mexican, European and Far Eastern subsidiaries, and by guarantees from such subsidiaries
secured by liens on their respective assets under applicable foreign law.
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Represented Administrative Agent, Co-Lead Arranger and Joint Bookrunner in connection with a $310,000,000 Senior Secured Credit Facility
to a leading national manufacturer of sportswear products. Proceeds of the facility were used to refinance debt, finance a dividend, finance permitted acquisitions and provide ongoing working capital.
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Represented Administrative Agent, Sole Lead Arranger and Sole Bookrunner in connection with multi-currency cross-border
first lien revolving credit facilities to a leading international provider of industrial heat tracing solutions. Other debt in the capital structure included $210,000,000 of second lien secured high yield notes.
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Represented Administrative Agent and Joint Lead Arranger in connection with Senior Secured Credit Facilities to the leading full-service specialty distributor of outsourced rigid packaging solutions.
The credit facilities consisted of a $75,000,000 Revolving Loan and a $219,500,000 Term Loan. Proceeds of the facilities were used to refinance debt and to finance the acquisition of the company by a nationally recognized private equity sponsor.
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Represented Administrative Agent, Sole Bookrunner and Sole Lead Arranger in connection with a $310,000,000 First Lien Credit Facility and a $120,000,000
Second Lien Credit Facility to a leading provider of credit card transaction processing services. Proceeds of the facilities were used to finance a recapitalization of the company and to provide ongoing working capital.
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Represented Global Administrative Agent and Sole Lead Arranger in connection with a Senior Secured "Debtor-in-Possession" Credit Facility to a tool manufacturer and distributor.
Proceeds of the DIP facility were used to provide ongoing working capital during the course of Chapter 11 proceedings.
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Represented Administrative Agent in connection with a Senior Secured Credit Facility to a tool manufacturer and distributor
exiting proceedings under Chapter 11 of the United States Bankruptcy Code. Proceeds of the exit facility were used to finance the acquisition of the company by a nationally recognized private equity sponsor, refinance debt and provide ongoing working capital.
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Represented Administrative Agent, Joint Lead Arranger and Joint Lead Bookrunners in an “amend and extend” of a $259,300,000 Senior Secured Credit Facility to an international distributor of hardware products.
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Represented Administrative Agent, Co-Lead Arranger and Co-Bookrunner in connection with a $195,000,000 Senior Secured Credit Facility to a manufacturer of large plastic tanks used in agricultural and industrial applications.
Proceeds of the facility were used to finance an acquisition, refinance debt and provide ongoing working capital. The Facility was amended to accommodate a senior debt buyback.
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Represented Administrative Agent, Sole Lead Arranger and Sole Bookrunner in connection with a $110,000,000 Senior Secured Credit Facility to a refurbisher of used tires and fabricator of secondary products therefrom.
Proceeds of the facility were used to finance the acquisition of the company by a nationally recognized private equity sponsor, refinance debt, provide financing for future acquisitions and provide ongoing working capital.
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Represented Administrative Agent, Lead Arranger and Bookrunner in connection with restructuring of multi-currency, cross-border transaction
to reallocate commitments between domestic and international facilities and consent to and incorporate off-shore strategic acquisition and corporate reorganization involving multi-tranched capital structure.
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Representation of Administrative Agent, Lead Arranger and Collateral Agent for First Lien Senior Secured and Second Lien Senior Secured Credit Facilities to the leading North American designer, manufacturer and distributor
of audio visual mounting systems. The First Lien Credit Facilities consisted of a $20,000,000 Revolving Loan and $145,000,000 First Lien Term Loan. The Second Lien Credit Facility consisted of a $70,000,000 Second Lien Term Loan. Proceeds of the facilities were used to refinance debt and to finance a recapitalization of the Company by a prominent private equity group.
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Represented Administrative Agent and Bookrunner in connection with a package of secured financing aggregating $95,500,000
and consisting of a $68,000,000 Senior Secured Revolving and Term Loan Facility and a $27,500,000 Second Lien Term Facility to a national health care staffing company, in order to fund its acquisition of a competitor, refinance existing indebtedness and provide working capital. Other debt in the capital structure included $17,000,000 of unsecured institutional mezzanine debt.
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Representation of Administrative Agent and Lead Arranger for a Senior Secured Credit Facility to a national operator of automotive quick lube facilities.
The facilities consisted of a $15,000,000 Revolving Loan, $160,000,000 Term Loan and $50,000,000 Acquisition Line. Proceeds of the facilities were used to refinance debt, to finance a recapitalization of the Company and to provide financing for future acquisitions. Other debt in the capital structure consisted of $60,000,000 of institutional mezzanine debt.
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Representation of Administrative Agent, Lead Arranger and Collateral Agent for First Lien Senior Secured Credit Facilities to the leading direct mail marketer
of home health care, comfort and convenience products targeted at individuals over 55 years of age. The facilities consisted of a $13,000,000 Revolving Loan and $118,000,000 First Lien Term Loan. Proceeds of the facilities were used to refinance debt and to finance a recapitalization of the Company by a prominent private equity group. Other debt in the capital structure included $50,000,000 of Secured Second Lien Term Debt.
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Representation of Administrative Agent, Sole Bookrunner and Sole Lead Arranger under Senior Secured Revolving Credit and Term Loan Facilities aggregating $210,000,000, extended to a leading manufacturer
, and marketers of a broad range of branded home improvement products. Proceeds of the facilities, which consisted of a $60,000,000 Revolving Credit Facility and a $150,000,000 Term Loan Facility, were used to finance a recapitalization of the Company to refinance debt, as well to provide ongoing working capital.
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Representation of Administrative Agent and Lead Arranger for a Senior Secured Credit Facility to a fully accredited, non-traditional private school, providing supplemental educational and travel opportunities
to elementary and secondary school students. The facilities consisted of a $38,000,000 Revolving Loan, a $35,000,000 Term Loan A and a $20,000,000 Term Loan B. Proceeds of the facilities were used to refinance debt and to finance a recapitalization of the Company. Other debt in the capital structure consisted of institutional mezzanine debt and multiple seller notes.
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Representation of Administrative Agent, Lead Arranger and Collateral Agent for First Lien and Second Lien Senior Secured Credit Facilities to a leading national designer, manufacturer and marketer of retail merchandising systems and accessories.
The facilities consisted of a $15,000,000 Revolving Loan, an $89,500,000 Term Loan and a $25,500,000 Second Lien Term Loan. Proceeds of the facilities were used to refinance debt and to finance the acquisition of the Company by a prominent private equity group. Other debt in the capital structure included approximately $29,000,000 of secured mezzanine debt.
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In re Intrepid USA, Inc.:
Represented lender in the negotiation and documentation of a $25 million "Debtor-in-Possession" loan to one of the largest domestic home health care companies in the United States.
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In re Syratech Corporation:
Represented a secured lender in negotiating and documenting a $45 million "Debtor-in-Possession" loan to one of the leading domestic designers, manufacturers and distributors of products for the tabletop, giftware and home décor industries. We negotiated and documented the transaction in two weeks when the company’s original lender backed out of the transaction at the last minute.
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In re The Glass Group:
Represented a secured lender in the negotiation and documentation of a $40 million "Debtor-in-Possession" loan to the largest manufacturer and distributor of cosmetic and personal care, glass and container distribution and food and beverage specialty industries throughout North America.
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Representation of Administrative Agent and Joint Lead Arranger in connection with Senior Secured Credit Facilities to the leading full service specialty distributor of outsourced rigid packaging solutions.
The credit facilities consisted of a $75,000,000 Revolving Loan, and $219,500,000 Term Loan. Proceeds of the facilities were used to refinance debt and to finance the acquisition of the Company by a nationally recognized private equity sponsor. Other debt in the capital structure included approximately 3,000,000 of unsecured mezzanine debt provided by investment funds affiliated with GS Mezzanine Partners.
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Representation of Administrative Agent and Sole Lead Arranger in connection with Senior Secured Credit Facilities to the nation’s leading full-service event rental company.
The credit facilities consisted of a $128,000,000 Term Loan, a $15,000,000 Revolving Loan and a $45,000,000 Acquisition Loan. Proceeds of the facilities were used at closing to refinance debt and finance the acquisition of the company by a nationally-recognized private equity sponsor which has served and will continue to serve as a platform for the company’s consolidation strategy in the market going forward. Other debt in the capital structure included up to $75,000,000 of unsecured mezzanine debt provided by an affiliate of a nationally recognized hedge fund.
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Representation of Administrative Agent, Sole Bookrunner and Co-Arranger in connection with loans to a public integrated energy company.
The credit facility consisted of a $1,000,000,000 committed acquisition line of credit. Proceeds of the credit will be used to finance the acquisition of another multi-state electric and gas utility.
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Representation of Administrative Agent, Sole Bookrunner and Sole Lead Arranger in connection with senior secured credit facilities to a leading manufacturer of steel bridges in North America.
The credit facilities consisted of a $25,000,000 revolving loan and $115,000,000 term loan. Proceeds of the facilities were used to finance the acquisition of the company by a nationally recognized private equity sponsor. Other debt in the capital structure consisted of various surety and bonding arrangements with national insurance companies.
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Representation of Administrative Agents, Collateral Agents, Joint Bookrunner and Joint Lead Arranger
in connection with a $360,000,000 First Lien Credit Facility and $135,000,000 Second Lien Credit Facility to a leading provider of credit card transaction processing services. Proceeds of the facilities were used to finance the acquisition of the Company by a nationally recognized private equity sponsor, as well as to provide ongoing working capital.
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Representation of Administrative Agents, Collateral Agents, Sole Lead Arranger and Sole Bookrunner in connection with a $318,000,000 First Lien Credit Facility,
$156,125,000 Second Lien Facility and $34,800,000 unsecured Holdco Loan Facility to a leading national designer and marketer of branded products targeting consumers with active, outdoor lifestyles. Proceeds of the facilities were used to finance the acquisition of the company by a nationally recognized private equity sponsor, refinance debt and provide ongoing working capital.
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Representation of Lead Agent in connection with loans to an entertainment and media marketing service provider.
The credit facility consisted of a $15,000,000 revolving loan, a $105,000,000 term loan and a delayed-draw facility. A portion of the proceeds of the credit facility were used to finance the acquisition of the company by a nationally recognized equity sponsor.
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