Leonard Klingbaum

• Represented a manufacturer of specialty paper solutions in connection with its liability management transaction involving a new capital infusion and adjustments to its loan obligations.
• Represented a dental services organization in a liability management transaction with 100% lender participation, addressing $1 billion of indebtedness by extending maturities, securing interest rate relief, raising $175 million of new capital, and utilizing a first-of-its-kind Dutch auction implemented via a non-guarantor restricted subsidiary structure.
• Represented a provider of health care services in a liability management transaction with respect to over $1 billion of debt, leading an uptier exchange that raised $125 million of new money capital, reduced existing debt by more than $200 million, and extended maturities by three years.
• Represented Marathon Asset Management in connection with lending a second lien credit facility to Quantix, a supply chain services company for the world's chemical industry.
• Represented Blue Torch Capital in connection with lending a term loan to a gaming audio accessory company.
• Represented AccentCare in an uptier debt exchange that resulted in near-unanimous lender participation, raised $175 million of new money capital, and extended the maturity of its existing $1.3 billion of debt by two years. 
• Represented Trinseo, and certain of its affiliates, in connection with a $1.1 billion innovative financing transaction addressing the Company’s 2024 senior secured term loans and $385 million of its 2025 unsecured bonds. Funds managed and advised by Oaktree, Angelo Gordon and Apollo provided the financing. Trinseo (NYSE: TSE) is a specialty material solutions provider that partners with companies to bring ideas to life in an imaginative, smart and sustainability-focused manner.
• Represented Tronox Holdings in the various refinancings of its outstanding indebtedness including a global $1.3 billion term loan and revolving credit facility and $1 billion of senior unsecured notes.
• Represented a group of existing securitization bondholders in connection with a secured bond refinancing and exchange transaction for Centerline Logistics, dismantling the securitization and replacing with a new multi-tranche secured bond.
• Represented Blue Torch Capital in connection with lending a senior secured term loan to OptimizeRx, a healthcare technology company.
• Represented an ad hoc group of second lien lenders of Yak Access, a provider of temporary roadways to remote construction sites, in connection with its out-of-court recapitalization and exchange transaction, which eliminated over $500 million of debt. As part of the recapitalization, holders of second lien term loans received a significant primary equity stake as well as various series of preferred stock in the recapitalized Yak.
• Represented Eldridge Corporate Funding in connection with a $75 million loan to a leading private equity firm’s general partner in support of the GP’s acquisition of a separate education and networking business.
• Represented Blue Torch Capital in connection with the provision of DIP financing to AgileThought, a computer services company.
• Represented direct lenders Aquiline Credit Opportunities and Energy Impact Partners in connection with their $40 million senior secured term loan to a leading provider of end-to-end solutions and services for technology transformations.
• Represented Tecomet, together with certain of its affiliates, in the refinancing of its approximately $1 billion capital structure, including through the provision of a new revolving credit facility and privately placed first-lien term loan. Tecomet is a global leader in the design, development, and manufacture of orthopedic, robotic assisted, and minimally invasive surgical products, as well as precision components for the aerospace and defense industry.
• Represented iMedia Brands and its affiliated debtors in connection with its DIP financing facility for its pending chapter 11 cases. iMedia and its affiliates are a leading interactive media company that capitalizes on the convergence of entertainment, ecommerce, and advertising.
• Represented Juice Plus+ in the negotiation and consummation of an out-of-court restructuring transaction with the unanimous participation of the company’s lenders that reduced the company’s debt and preferred equity obligations by over $300 million, extended the maturities of its revolving credit facility and term loans by four and two years, respectively, and raised $30 million of new money from the company’s existing equity holders who retained control of the company.
• Represented an ad hoc group of first lien lenders to Instant Brands Holdings in connection with their $390 million prepetition term loans and the provision of a $132.5 million debtor-in-possession financing.
• Represented term loan lenders in connection with a $375 million senior secured term loan to the managed care business of Prospect Medical Holdings.
• Represented an ad hoc group of first lien lenders of K&N Engineering, a consumer-branded designer, manufacturer and marketer of high performance automotive and power sports aftermarket parts, in a $60 million new money financing in connection with its out of court restructuring of approximately $415 million of funded indebtedness.
• Represented Blue Torch Capital in connection with providing financing in the form of up to $35 million of term loans to a leading enterprise software platform and data provider.
• Represented Marathon Asset Management in connection with extending a $100 million senior secured term loan and a $10 million senior secured revolving facility to Family Entertainment Group, an operator of entertainment centers.
• Represented enviolo Inc., an e-bicycle components maker, in its sale to Inflexion Private Equity.
• Represented Output Services Group and certain of its affiliates in connection with its prepackaged Chapter 11 cases. Output Services Group is a leading provider of integrated customer communications and engagement services. The company’s plan of reorganization successfully restructured approximately $825 million of funded indebtedness through a consensual deleveraging of approximately $134 million and new money capital infusion of approximately $70 million. In 2023, The M&A Advisor recognized the successful restructuring of Output Services Group as “Information Technology Deal of the Year” as part of its 17th Annual Turnaround Awards.
• Represented Output Services Group and certain of its affiliates, in connection with negotiations with lenders under its first and second lien credit facilities and its Sponsor in connection with a $25 million debt and minority equity investment by its Sponsor in OSG’s RevoPay business.
• Represented a leading global investment management firm in connection with an $80 million senior secured term loan facility and warrant package to a technology company focused on the key duplication and locksmith markets.
• Represented LSB Industries in various financing transactions including in connection with its successful consent solicitation to effect certain amendments to its 7.75% Senior Secured Notes due 2019 following the company’s $364 million sale of its climate control business.
• Represented funds managed by Cyrus Capital Partners and Keyframe Capital Partners as the lead investors in a $150 million second lien convertible note financing issued by Redaptive, a leading energy-as-a-service provider that funds and installs energy-saving and energy-generating equipment.
• Represented funds managed by Keyframe Capital Partners in connection with a $30 million multi draw term loan facility to finance the growth of a leading operator of a premium fleet of luxury vehicles.
• Represented an ad hoc group of first lien debt holders in the chapter 11 cases of My Alarm Company in connection with DIP financing and exit financing.
• Represented Reliant Business Services, the merchant cash advance company, and its special purpose vehicles, in connection with their $75 million senior secured revolving credit facility provided by affiliates of Ares Management Corporation.
• Representing Altamont Capital Partners in connection with its joint purchase of prepetition debt of Alamo Drafthouse Cinemas, an owner and operator of dine-in movie theaters, joint provision of $60 million of debtor-in-possession financing, and credit bid for a substantial part of the business and assets of Alamo Drafthouse Cinemas through its chapter 11 cases.
• Represented a hedge fund on a DIP loan to Avianca consisting of a loan up to US$1,288,500,000 under a Tranche A Facility and US$702,300,000 under a convertible Tranche B Facility.
• Represented a hedge fund on a DIP loan to LATAM Airlines consisting of a loan up to US$1,300,000,000 under a Tranche A Facility, up to US$750,000,000 under a Tranche B Facility and up to US$1,150,000,000 under a Tranche C Facility. 
• Represented a leading global investment management firm in a $300 million loan and warrant package to a leading real estate mortgage trust.
• Represented Tronox Holdings in a $500 million bond offering of senior secured notes due 2025.
• Represented Cyrus Capital Partners, Keyframe Capital and another leading global investment management firm to provide financing of up to $100 million in commercial solar loans. 
• Represented Centric Brands, a leading lifestyle brands collective, and certain of its subsidiaries in their chapter 11 cases to recapitalize approximately $1.8 billion in funded indebtedness. Centric filed with a restructuring support agreement backed by its key funded debtholders, $435 million in debtor-in-possession financing, and a path to a quick and consensual emergence with a capital structure reduced by approximately $700 million.
• Represented Hilco Merchant Resources in their $23.5 million loan to RigMax Rigco.
• Represented Eastern Airlines in connection with its COVID related loans from Treasury and its asset-based term loan credit facilities.
• Represented a direct lender in connection with its loan and warrant package for a digital mobile advertising company.
• Represented a direct lender in connection with its loan and warrant package for a digital insurance brokerage business.
• Represented a direct lender in several capital solutions transactions including for Merex Aircraft, PF Chang’s, and Sears’ second lien DIP facility.*
• Represented Bybrook Capital and Morgan Stanley in debt restructuring transactions for DEMA SpA, an Italian aeronautics parts manufacturer, which included Bybrook Capital’s acquisition of a substantial majority of DEMA’s share capital, and in conjunction with Morgan Stanley, funding a new secured €60 million bond.*
• Represented Morgan Stanley Senior Funding in connection with its $90 million senior secured term loan facility and $33 million senior secured term loan facility to firearms manufacturer Colt Defense LLC (named “Distressed M&A Deal of the Year ($250M to $500M)” at the 2017 M&A Advisor Turnaround Awards and “Upper Mid-Market Turnaround of the Year” at the 2016 Turnaround Atlas Awards).*
• Represented Morgan Stanley Senior Funding in connection with its $85 million first lien exit facility to seismic data provider Global Geophysical Services, Inc.; a $60 million term loan and a $25 million revolver (named “Middle Markets Chapter 11 Restructuring of the Year” at the 2016 Turnaround Atlas Awards).*
• Represented Beechcraft (f/k/a Hawker Beechcraft) in its bridge “rescue” $120 million loan secured by unencumbered assets, chapter 11 financing and $600 million exit ABL.*
• Represented Charter Communications in its bid to utilize lenders’ cash collateral and subsequently reinstate its multi-billion dollar credit facilities.*
• Represented Revel Resort and Casino in its initial chapter 11 and exit financing matters.*
• Represented an investment firm in (a) its acquisition through bank debt of Bowe Bell & Howell and subsequent financing matters and (b) Avantair in its attempt to effect a loan-to-own.*
• Represented Innkeepers USA Trust in its pre-chapter 11 and chapter 11 financing matters including unprecedented multiple chapter 11 financing facilities, and cash collateral use stipulation with mortgage lenders and servicers across nine tranches of debt.*
• Represented The Great Atlantic & Pacific Tea Company (A&P supermarkets) in its $800 million chapter 11 financing.*
• Represented MSR Resort Golf Course in its $30 million junior chapter 11 financing arrangements and cash collateral use stipulation with mortgage loan servicer.*
• Represented The Reader's Digest Association in its chapter 11 financing (both as counsel to the company in its first chapter 11 and then as counsel to its largest stakeholder and financing source in its second chapter 11).*
• Represented Lear Corporation in its $500 million chapter 11 financing with embedded exit loan conversion feature.*
• Represented Tropicana Resort and Casino in its chapter 11 financing matters.*
• Represented TOUSA in its chapter 11 financing matters.*
• Represented JPMorgan Chase, as lead arranger and lender to (a) Tower Automotive in its $725 million chapter 11 financing, (b) United Air Lines Inc. in its $1.3 billion chapter 11 financing, (c) Kmart Corporation in its $2 billion chapter 11 financing, (d) Oneida Ltd. In its $40 million chapter 11 financing, (e) O-Cedar Brands, Inc. in its $25 million chapter 11 financing and (f) Sleepmaster L.L.C. (a Serta brand licensee) in its $135 million Chapter 11 financing.*
• Represented Macquarie Bank in its prepetition, chapter 11 and exit financing to Reddy Ice.*
• Represented Abu Dhabi Investment Authority in its $30 million mortgage construction loan of a New York City hotel.*
• Represented Sun Capital Partners in (a) Mark IV financing matters, (b) Friendlys restaurant in its restructuring and bankruptcy financing matters, (c) Berkline/Benchcraft in its financing matters, (d) Perfect Timing in acquisition and subsequent financing matters and (e) Boston Market in connection with acquisition and subsequent financing matters.*

* Experience prior to joining Ropes & Gray