Alyson Gal is a member of Ropes & Gray’s finance, capital solutions and business restructuring groups. In her finance practice, Alyson focuses on junior capital and special situations lender representations in senior secured, unitranche, mezzanine, second lien, and distressed transactions, and also represents registered fund borrowers in financing transactions. In her restructuring practice, she represents debtors, agents and lenders in connection with DIP and exit facilities, and liquidity providers in connection with rescue, distress as well as other event driven financing transactions and investors in distressed debt.
Alyson is a guest lecturer on bankruptcy law at MIT's Sloan School of Management, has taught commercial lending in the graduate banking program at Boston University School of Law, and was Vice Chair of the American Bar Association Model Intercreditor Task Force.
- Represented Sixth Street Partners in connection with the bankrupt restructuring of Neiman Marcus Group.
- Represented Sixth Street Partners in connection with the bankrupt restructuring of J.C. Penney Company.
- Represented Sixth Street Partners in connection with investment of $225 million in senior secured debt, convertible notes and warrants of Caris Life Sciences.
- Represented Sixth Street Partners in connection with providing US$175 million clinical trial financing to Clovis Oncology, Inc., a biopharmaceutical company that focuses on acquiring, developing and commercializing innovative anti-cancer agents in the global markets.
- Represented Sixth Street Partners in connection with anchor investment in US$250 million senior secured notes issuance by Flexential Intermediate Corporation.
- Represented Altamont Capital in connection with providing a US$50 million second lien financing to Axip Energy Services, a leading provider of oil and gas handling equipment and services.
- Represented Skyline Champion Corporation, a portfolio company of Bain Capital Credit, Centerbridge Partners and MAK Capital, which manufactures modular homes, in connection with its $100 million senior secured revolving credit facility.
- Advised Sixth Street Partners in connection with its acquisition of credit assets, including a part of Credit Suisse’s distressed credit portfolio for approximately $1.27 billion.
- Represented an investment firm and a group of subordinated note purchasers in a US$27.7 million issuance of senior subordinated notes of a food production company.
- Represented an investment firm and a group of subordinated note purchasers in a US$75 million issuance of senior subordinated notes of a global supplier of thermal technology systems, solutions and controls for the automotive industry.
- Represented Mast Capital Management, LLC and other financial institutions in an out-of-court restructuring of Sonifi Solutions Inc.'s US $350 million term loan facilities, which included an amendment and restatement of such facilities and concurrent equity co-investments.
- Represented an investment firm in a US$35 million issuance of senior subordinated notes as part of a mezzanine financing.
- Advised Daughters of Charity Hospital System in connection with a US$125 million senior secured tax exempt bond bridge financing.
- Represented TPG Special Situations Partners/TPG Capital in a US$750 million second lien senior secured financing to Chobani, Inc.
- Represented Hancock Capital Partners in a US$40 million issuance of Senior Subordinated Notes of Swanson Industries, Inc.
- Represented a lender in US$38 million second lien secured tranche of financing of leveraged buyout of home health care provider.
- Represented Bain Capital Credit and Metropolitan Life Insurance Company in connection with US $40 million senior subordinated notes of Kel-Tech, Inc.
- Represented Highbridge Capital in connection with US$350 million second lien tranche of indebtedness issued in connection with financing of IPC Systems in 2014.
- Represents TPG Opportunities Partners in connection with the restructuring of Perkins Rowe, a distressed Louisiana real estate development project.
- Represented AMP Capital in US$100 million secured holdco financing of Astoria Project Partners.
- Represented Hancock Capital Partners in a US$52 million issuance of senior subordinated notes of Phillips & Temro Industries.
- Represented Hancock Capital Partners and Carlyle Mezzanine Partners in a US$36.5 million senior subordinated notes issuance to Specialty Processing, LLC.
- Represented CPMG as finance counsel in connection with joint venture to fund management and exploitation of intellectual property rights.
- Represented a lender in a senior secured loan to an elite fitness company.
- Represented a lender in US$20 million senior secured second lien financing to a casino developer and operator in the United States.
- Represents TPG Opportunities Partners in a US$247 million first lien senior secured financing to Allen Systems Group, Inc.
- Represented bondholders in the Premium Standard Farms and Grand Union Chapter 11 bankruptcies.
- Represented funds advised by Highland Capital in debtor in possession financing and first lien debt restructuring of Broadstripe, LLC.
- Represented GoldenTree Asset Management in debtor in possession and exit financing of Port Townshend Paper Company, as well as other private debt investments and restructuring transactions.
- Represented Agent in One Communications senior secured financing.
- Represents SVP Worldwide (Singer/Viking/Pfaff) in connection with senior secured and mezzanine cross border financings.
- Represented Stalking Horse bidder in 363 acquisition, via credit bid, of Champion Home Builders, and subsequently represented Champion Home Builders as a 363 sale bidder for assets of Palm Harbor Homes.
- Represented ad hoc committee of First Lien Lenders in Ion Media.
- Represented Reebok International as the acquirer of the assets of LogoAthletic, Inc via 363 transaction.
- Represented Palisades Associates as the acquirer of the assets of Communications Dynamics, Inc./TVC Communications, both through section 363 sales in bankruptcy.
- Represented Maine Medical as the acquirer of the assets of Jackson Brooke Hospital through a Chapter 11 plan.
- Represents Cortland Capital as agent in restructuring senior secured debt of Source Interlink companies.
- Alyson Gal and Andrew Hogan, “Credit Facilities for Registered Investment Funds” ICLG, Public Investment Funds, 3rd Edition (April 2020)
- Co-author, “CDS ‘Net Short’ Holder Market Developments,” The New York Law Journal (September 20, 2019)
- Co-author, “Foreign Credit Support for U.S. Credit Facilities,” Ropes & Gray Credit Funds Report (September 2019)
- Alyson Gal and Andrew Hogan, “Credit Facilities for Registered Investment Funds,” ICLG, Public Investment Funds 2019, 2nd Edition (April 2019)
- Quoted, “Ropes & Gray Survey and Forum Consider Credit Fund Structures, Leverage, Conflicts of Interest and Challenging Environment (Part One of Two),” The Hedge Fund Law Report (July 19, 2018)
- Quoted, “Credit fund managers turn to opportunities in distressed debt,” Private Equity Wire (May 25, 2018)
- Quoted, “Ropes & Gray: Credit managers turn to distressed debt,” Opalesque (May 24, 2018)
- Alyson Gal and Thomas Draper, “Credit Facilities for Registered Investment Funds,” ICLG, Public Investment Funds 2018, 1st Edition (April 2018)
- Quoted, “New dawn for mezzanine,” Private Debt Investor (February 21, 2018)
- Credit Funds: Current Amendment Discussions – Key Points for Lenders
- Credit Funds: Credit Default Swaps in the Distressed Limelight
- Credit Funds: Pro Rata Sharing Provisions – Key Points for Lenders
- Credit Funds: Make-Wholes and Cramdowns: Understanding the Recent Second Circuit Momentive Decision
- JD, cum laude, Harvard Law School, 1988
- BA, magna cum laude, Knox College, 1982