Commercial Finance

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Overview

Our Clients

The members of Katten's Commercial Finance practice represent creditors and debtors in complex finance transactions, providing sophisticated, practical, cutting-edge, creative and seasoned counsel to banks, finance companies, funds, structured investment vehicles, and public and private businesses. The group is recognized consistently for the breadth and depth of its experience and institutional knowledge, as well as for its diverse clientele, market awareness and exposure, and commercial approach. Clients include lead arrangers, administrative agents, secured and unsecured creditors, proprietary lenders, junior capital providers and borrowers.

Our Services

The Commercial Finance team works closely with our other practices to provide well-rounded, informed analyses of issues that affect the lending industry, from tax and health care regulatory matters to developments in bankruptcy laws and creditors' rights. We partner with our Private Equity, Health Care, Tax Planning, Employment Law and Litigation, Financial Services and Real Estate practices to develop individualized strategies to meet our clients' unique business objectives, while advising them throughout all facets of deals.

We provide counsel on a wide range of financings, including:

  • Senior secured
  • Unsecured
  • Cash flow
  • Asset-based
  • First lien/second lien
  • Unitranche
  • Mezzanine debt and warrants/equity kickers
  • Preferred equity
  • Equity co-investments
  • Private investment in public equity (PIPE)
  • Distressed
  • Bridge
  • Domestic
  • Cross-border, multinational and multi-currency

With notable experience representing various parties throughout the capital structure spectrum and in negotiating intercreditor and subordination arrangements, Katten's Commercial Finance team provides insightful counsel on structurally complex deals.

Experience
  • Representation of the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.3 billion senior credit facility to a national bag and specialty packaging company. Proceeds of the facility were used to support the acquisition of a leading flexible packaging and specialty laminations company and retire existing senior secured notes.
  • Representation of the administrative agent and lenders in a $290 million senior secured unitranche credit facility to facilitate the leveraged buyout of a leading manufacturer of sealants, primers and cements. Proceeds of the loan were used to consummate the acquisition, refinance existing debt and for general working capital purposes.
  • Representation of the administrative agent, joint lead arranger and sole bookrunner in connection with (1) a $233 million first lien senior secured credit facility and (2) a $104 million second lien senior secured credit facility to facilitate the leveraged buyout of an international provider of sampling, data collection and data analytic services. Proceeds of the facilities were used to consummate the acquisition, refinance existing debt and provide ongoing working capital.
  • Representation of the administrative agent, joint lead arranger and joint lead bookrunners in an "amend and extend" of a $259.3 million senior secured credit facility to an international distributor of hardware products.
  • Representation of the administrative agents, collateral agents, sole lead arranger and sole bookrunner in connection with a $318 million first lien credit facility, $156.125 million second lien credit facility and $34.8 million 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.
  • Representation of a seller in connection with a $150 million commercial loan participation program structured as true sales of participations in secured commercial loans.
  • Representation of an administrative agent in connection with a $220 million first lien senior secured credit facility to a leading manufacturer of parts and assemblies for the aircraft and aerospace industry. Proceeds of the facility were used to consummate the acquisition, refinance existing debt and provide ongoing working capital.
  • Representation of the administrative agent and noteholders in connection with a $51 million secured subordinated notes issuance to a US-based global strategic consulting firm. Proceeds of the notes were used to refinance existing senior secured term debt and for general corporate purposes. Other debt in the capital structure included $50 million of senior secured revolving commitment and $7 million of junior subordinated notes.
  • Representation of an NBA franchise and buyers in connection with a two-step, multi-faceted financing comprising (1) a short-term bank facility used for purposes of refinancing existing debt and providing ongoing working capital in connection with the acquisition of the franchise and (2) a subsequent two-tier note private placement inclusive of holdco and teamco note issuances to fully utilize flexibility under NBA debt policies, the proceeds of which were used to refinance the short-term bank facility.
  • Representation of the administrative agent, lead arranger, bookrunner and lenders in connection with a $98 million senior secured credit facility to facilitate a dividend recapitalization to private equity owners of a multi-state restaurant concept with more than 1,250 franchised locations. Proceeds of the facility were used to finance the dividend, refinance existing debt, and provide ongoing working capital and funds for future expansion.
  • Representation of the administrative agent, joint lead arranger and co-bookrunner in connection with (1) a $275 million first lien senior secured credit facility and (2) a $145 million second lien senior secured credit facility to a national pharmaceutical products company in connection with the acquisition of a feminine products line from a Fortune 50 company. Proceeds of the facilities were used to consummate the acquisition, refinance existing debt and provide ongoing working capital.
  • Representation of the 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 million of second lien secured high-yield notes.
  • Representation of an administrative agent in connection with a senior secured credit facility to a tool manufacturer and distributor exiting proceedings under Chapter 11 of the US 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.
  • Representation of the administrative agent, sole bookrunner and co-arranger in connection with loans to a public integrated energy company. The credit facility consisted of a $1 billion committed acquisition line of credit. Proceeds of the facility were used to finance the acquisition of another multi-state electric and gas utility.
  • Representation of an administrative agent in connection with a $285 million senior secured credit facility to a leading polyethylene tank manufacturer. Proceeds of the facility were used to consummate the acquisition, refinance existing debt and provide ongoing working capital.
  • Representation of the administrative agent, co-lead arranger and joint bookrunner in connection with a $175 million and €49 million multi-currency senior secured credit facility to a manufacturer and distributor of plastic components. Proceeds of the facility were used to finance the acquisition by the company of a similarly sized foreign target and to provide ongoing working capital to the company and its foreign subsidiaries. Other debt in the capital structure included $43 million of subordinated debt.
  • Representation of the administrative agent, sole lead arranger and sole bookrunner in connection with a $162 million senior secured credit facility to a leading provider of enterprise resource planning and e-commerce systems software. Proceeds of the facility were used to refinance existing debt and provide ongoing working capital. The senior secured credit facility was structured as a unitranche facility with "first out/last out" loans documented under a separate agreement among lenders.
  • Representation of the administrative agent, co-lead arranger and co-bookrunner in connection with a $55 million 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 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.
  • Representation of the global administrative agent and sole lead arranger in connection with a senior secured DIP 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.
  • Representation of the 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 million term loan, a $15 million revolving loan and a $45 million 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 million of unsecured mezzanine debt provided by an affiliate of a nationally recognized hedge fund.
  • Representation of the administrative agent, joint lead arrangers, joint bookrunners and lenders in connection with a $180 million senior secured credit facility to facilitate the merger of two portfolio companies of two nationally recognized private equity sponsors. Proceeds of the facility were used to refinance debt and provide ongoing working capital and funds for future acquisitions. The capital structure also included $50 million of subordinated debt.
  • Representation of the administrative agent, joint lead arranger and joint bookrunner in connection with a $115 million 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, refinance existing debt and provide ongoing working capital.
  • Representation of the administrative agent, lead arranger and bookrunner in connection with restructuring a multi-currency cross-border transaction to reallocate commitments between domestic and international facilities and providing consent to, and incorporating, an offshore strategic acquisition and a corporate reorganization involving a multi-tranched capital structure.
  • Representation of the administrative agents, collateral agents, joint bookrunner and joint lead arranger in connection with a $360 million first lien credit facility and $135 million 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.
  • Representation of an administrative agent in connection with a $555 million senior secured credit facility to a leading designer and supplier of packaging solutions. Proceeds of the facility were used to consummate the acquisition, refinance existing debt and provide ongoing working capital.
  • Representation of an administrative agent in connection with a $210 million senior secured credit facility to a leading provider of specialty medical services to insurance payers. Proceeds of the facility were used to consummate an acquisition, refinance existing debt and provide ongoing working capital.
  • Representation of the agent, joint lead arranger and joint bookrunner in connection with a $132 million senior secured credit facility, the proceeds of which were used to acquire a national provider of rehabilitation services, refinance existing debt and for working capital purposes. The capital structure also included $27 million of subordinated indebtedness.
  • Representation of the joint lead arranger, joint bookrunner, syndication agent and lender in connection with a $225 million senior secured credit facility to facilitate the leveraged buyout of a foreign-based, NASDAQ-listed designer and provider of client/server products for electronic payments. Proceeds of the facility were used to consummate the acquisition, refinance existing debt, and provide ongoing working capital and funds for future acquisitions. Katten also represented the administrative agent, joint lead arranger, joint bookrunner and lender in the refinanced credit facility, which facilitated the acquisition of a domestic developer and provider of money transfer and payments technology solutions.
  • Representation of the administrative agent, joint bookrunners and lenders in connection with a $432 million senior secured credit facility to facilitate the leveraged buyout of a national and international sportswear manufacturer. Proceeds of the facility were used to consummate the acquisition, refinance existing debt, and provide ongoing working capital and funds for future acquisitions.
  • Representation of the administrative agent, joint bookrunners and lenders in connection with a $185 million senior secured credit facility to facilitate the leveraged buyout of a national and international franchisor of several different concepts in the automobile aftermarkets. Proceeds of the facility were used to consummate the acquisition, refinance existing debt, and provide ongoing working capital and funds for future acquisitions.
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February 27, 2017
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April 30–May 1, 2015
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March 21–23, 2011
ACG InterGrowth 2011 | San Diego, California

Recognition

Finance: Bank Lending for the Midwest, 2008–2009
Banking and Finance Law (Chicago), 2013–2017
Commercial Lending: Advice to Lenders, 2016, 2017
Banking and Finance Law (National), 2013–2017
Finance: Bank Lending for the Midwest, 2008–2009
Banking & Finance Law (Nationwide), 2017
Banking & Finance Law (Illinois), 2006–2017
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Recognition

Finance: Bank Lending for the Midwest, 2008–2009
Banking and Finance Law (Chicago), 2013–2017
Commercial Lending: Advice to Lenders, 2016, 2017
Banking and Finance Law (National), 2013–2017
Finance: Bank Lending for the Midwest, 2008–2009
Banking & Finance Law (Nationwide), 2017
Banking & Finance Law (Illinois), 2006–2017

OUR CLIENTS SAY...

"We've been very pleased with them. They have good, deep market knowledge and staff matters efficiently."

"I can't speak highly enough of the firm and of the individuals we work with."

Chambers USA 2016
(Banking & Finance)

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