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Finance

Market Leader
Ropes & Gray has a globally recognized finance practice. As market leaders in acquisition financing, we have handled well over $100 billion in financing transactions and commitments in the last few years for a diverse client base that includes private equity sponsors, corporations, investment and commercial banks, as well as other traditional and non-traditional lending entities.

We have extensive experience and in-depth market knowledge across a full spectrum of financing transactions ranging from traditional financings to highly-leveraged and complex transactions. Our integrated approach offers clients a full service, one-stop shop platform for all their financing needs, including:

  • Acquisition financing
  • Asset-based financing 
  • Convertible bond financing
  • Debt and balance sheet restructuring
  • Domestic and cross-border transaction
  • Healthcare financing
  • High yield and investment grade debt securities
  • Mezzanine financing
  • Real estate financing
  • Structured and specialized finance products
  • Securitization
  • Syndicated credit facilities

Our comprehensive approach to financing, broad client base and unique knowledge of market trends ensures a balanced perspective and the foundation to find creative yet practical solutions to meet the needs of our clients in any given transaction. With more than 50 lawyers on the ground in Asia, the United Kingdom, and the United States, we work closely together and provide a singular responsiveness and agility to close even the most difficult and complex transactions ahead of our clients' deadlines.

Leveraged Finance
We have one of the leading leveraged finance practices domestically and globally with market leading experience in syndicated credit facilities, high yield bond offerings, bridge financing, and debt restructuring. Recent highlights include:

  • Liberty Global/Unitymedia. Represented Liberty Global in the €2.6 billion (~$4.0 billion equivalent) offering of high yield senior notes to fund the acquisition of Unitymedia GmbH, Germany’s second largest cable operator, which marked the largest secured bond offering in European high yield history and the second largest high yield bond offering completed globally in 2009.
     
  • Bellsystems 24. Represented Bain Capital Asia in structuring and obtaining JPY 79 billion of aggregate senior secured financing commitments to fund the acquisition of Bellsystems 24, Japan's largest telemarketing firm. The financings consisted of a JPY 30 billion term loan A facility, a JPY 38 billion term loan B facility and a JPY 12 billion revolving credit facility.
     
  • Clear Channel Outdoor. Represented Clear Channel Outdoor and Clear Channel Worldwide in the $2.5 billion offering of high yield senior notes in the largest unsecured bond offering and fourth largest high yield bond offering completed globally in 2009.
     
  • Nortel Enterprise Solutions. Represented Avaya, a worldwide telecommunications equipment provider, in the $1.0 billion senior secured credit facility financing for the acquisition of Nortel Enterprise Solutions out of the Nortel bankruptcy.
     
  • Weather Channel. Represented Bain Capital, Blackstone and NBC Universal in over $1.8 billion of aggregate financing, including senior secured credit facilities and high yield mezzanine financing, for the acquisition of The Weather Channel Companies, a preeminent multi-platform media group of companies focused on weather information, including The Weather Channel television and broadcasting networks and Weather.com.
     
  • Clear Channel Communications. Represented Bain Capital and Thomas H. Lee Partners in over $18.8 billion of aggregate financing, including a receivables facility, senior secured credit facilities and senior cash pay and senior PIK toggle high yield notes, for the acquisition of Clear Channel Communications, Inc., the largest radio broadcasting company in the U.S. and a worldwide leader in outdoor advertising.
     
  • HUB International. Represented Apax Partners and a large investment firm in connection with the issuance of approximately $700 million of senior notes and senior subordinated notes to finance the acquisition of HUB International, a leading insurance broker.
     
  • Highland Capital. Represented Highland Capital in providing the Debtor in Possession Financing in the Chapter 11 case involving Broadstripe (formerly Millenium Digital Media Systems LLC).
     
  • United Surgical Partners International. Represented Welsh, Carson, Anderson & Stowe in $970 million of aggregate financing, including senior secured credit facilities and high yield senior subordinated cash-pay and PIK toggle notes in connection with the acquisition of United Surgical Partners International, a leading operator of outpatient surgery centers and hospitals.

Specialized Finance
Our finance practice also encompasses many specialized financing products, such as asset-based lending, mezzanine and institutional investing, municipal finance, Native American finance, Islamic finance, real estate finance, structured finance, and securitization, including whole business securitization. Highlights include:

  • Dunkin' Brands. Represented Dunkin' Brands in a $1.5 billion bridge financing to a precedent-setting $1.7 billion "whole business securitization."
     
  • Domino's Pizza. Represented Domino's Pizza in the financing of a recapitalization and repayment of the company's existing senior secured credit facility, through $1.35 billion of bridge facilities and refinancing with a $1.85 billion “whole business securitization.”

Investment Grade
Our investment grade financing practice routinely advises leading corporations and investment banks with corporate finance activities. Recent highlights include:

  • Biogen Idec. Represented Biogen Idec in a $400 million revolving credit facility and $1.5 billion bridge financing to a $1.5 billion senior notes offering to finance a stock repurchase and provide funds for general corporate purposes.
     
  • The TJX Companies Inc. Represented The TJX Companies, the leading off-price retailer of apparel and home fashions, in a $775 million of aggregate financing including a $375 million public debt offering.
     
  • Cabot Corporation. Represented Cabot Corporation, a global manufacturer of specialty chemicals and performance materials, in an offering of $300 million investment grade note.

Rankings & Awards

  • Ranked in the top 3 for borrower representation by deal count and deal size in the Thomson Reuters LPC League Tables (2011)
     
  • Ranked internationally as a leading “Banking & Finance” practice by Chambers Global (2011)
     
  • Ranked as a leading “Banking & Finance” practice by Chambers USA (2011)
     
  • Ranked in the top tier for Banking and Finance Law by U.S. News-Best Lawyers “Best Law Firms” (2011)

CLIENTS

LARGE CAP SPONSORS

  • Bain Capital
  • BC Partners
  • Blackstone Group
  • Hellman and Friedman
  • Silver Lake Partners
  • AT Associates
  • Thomas H. Lee Partners
  • Welsh, Carson, Anderson & Stowe

MIDDLE MARKET SPONSORS

  • Altamont Capital
  • Berkshire Partners
  • Fenway Partners
  • Genstar Capital
  • Gridiron Capital
  • H.I.G. Capital
  • Huntsman Gay
  • KarpReilly
  • Kohlberg & Co.
  • TSG Consumer

DEBT INVESTMENT FUNDS

  • AlpInvest
  • Baupost
  • D.E. Shaw
  • Elliott Advisors
  • Goldentree Asset Management
  • Hercules Technology Fund
  • KKR Financial
  • Sankaty Advisors

CORPORATE CLIENTS

  • Biogen Idec
  • Cabot Corporation
  • Covidien plc
  • Dominos Pizza
  • Dunkin' Brands
  • Green Mountain Coffee
  • GT Solar
  • Hanover Insurance Group
  • Liberty Global
  • Samsonite
  • Stanford University
  • TJX Corporation

For more information on this area of practice, please contact:

Boston
Byung Choi

Hong Kong
Michael Nicklin

London
Maurice Allen 
Michael Goetz

New York
Jay Kim 

 

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