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Asset-Based Lending Transactions
Our asset-based lending team includes more than 35 attorneys and regularly represents lenders and borrowers in asset-based lending transactions. This team has a wealth of experience navigating a broad range of lenders through all conceivable market conditions—including a credit market that requires stricter-than-ever adherence to underlying asset values.
We have represented lenders and financial institutions in a tremendous number of debt financing transactions, developing along the way the know-how to structure asset-based lending transactions in the U.S. and internationally that will even withstand the pressures of a restructuring or an insolvency proceeding.
The firm’s asset-based lending attorneys are skilled in:
- Documenting the typical asset-based working capital facility for lenders and borrowers.
- Documenting transactions with challenging collateral categories, including the specialized issues associated with intellectual property collateral.
- Identifying, analyzing, and resolving bankruptcy, tax, and environmental law issues.
- Navigating the intricacies of revised Article 9 of the Uniform Commercial Code and can guide clients through its new issues and procedures.
- “Second lien” and “last out/B loan” structures (as well as the often complex intercreditor arrangements that arise in these transactions).
- Negotiating, documenting, and analyzing debtor-in-possession financings.
- Navigating the waters of the chapter 11 process for the DIP financing lender in connection with a chapter 11 debtor's reorganization process.
The firm represents banks, commercial finance companies, private investment funds, and hedge funds in negotiating and structuring asset-based transactions. The industries served by such transactions include almost every industry one could name, from energy to agriculture, from healthcare to automotive.
- Represented Société Générale as lead arranger in a $900 million secured revolving credit facility for Colonial Industries
- Represented Old World Industries, Inc. in a secured $200 million revolver arranged by Wells Fargo Bank, NA.
- Represented Credit Agricole, as administrative agent, in connection with a $950 million senior-secured revolving credit facility to McDermott International Inc., secured by offshore drilling vessels.