Commercial Finance & Banking
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The team is able to navigate complex structures
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Banking & Finance client, Chambers USA
Benesch’s Commercial Finance & Banking Practice Group integrates the corporate, commercial, bankruptcy and real estate experience of attorneys and focuses directly on meeting the legal and related business needs of commercial lenders and financial institutions. We also assist borrowers in financing transactions (other than opposite our lending clients), which enables us to bring efficiencies to the table. The approach to services is based on bringing together targeted legal experience and a dedicated core group of attorneys, appropriate staffing, practical solutions and cost effectiveness.
Our Commercial Finance & Banking practice is recognized by Chambers® and has been ranked nationally in Banking and Finance Law by 2025 Best Lawyers® “Best Law Firms.”
Representing
- Banks and other financial institutions in commercial loan and financing transactions
- Secured parties in loan workouts
- Issuers and lenders in securitization transactions
- Represent borrowers in financing transactions
Matters Include
- Mezzanine financings
- Loan originations
- Loan modifications
- Workouts, debt and recapitalization transactions
- DIP facilities
- Asset securitization transactions
- Collateral issues
Mezzanine Financings
The Commercial Finance & Banking Practice Group, along with members of the Corporate & Securities Practice Group, is active with mezzanine financings and the relationships between senior and junior lenders. We work closely with lending officers and others in structuring and documenting mezzanine financings, and we understand the interplay between all layers of debt financing and equity holders.
Loan Originations
We represent lending institutions in small business, middle market, and larger corporate loan originations. Transactions range in size from managing loans of $5 million to more than $400 million.
Multiple Borrower Transactions
- Agented deals
- Representing participant banks
- Health care lending
- Real estate lending
- Asset-based and commercial credits
- U.S. and foreign collateral
- Public and private company borrowers
Loan Modifications
- Participating in engagements involving amended credit facilities
- Review of documentation and security
- Modification of collateral packages
- Addition of borrowers and guarantors
- Creation of new loan facilities and pricing options
Workouts
Benesch represents financial institutions in recapitalization and work-out transactions ranging in loan size from $5 million to over $400 million, involving borrowers doing business in retail, manufacturing, distribution, real estate and other industries.
- Pre-negotiation agreements
- Fraudulent conveyance and insolvency concerns
- Analysis of new/additional collateral and guarantees
- Negotiating restructurings and recapitalizations
- Asset sales by insolvent and bankrupt borrowers
- Secured party sales
- Chapter 11 reorganizations
- Liquidations
- Represent borrowers in financing transactions
Securitizations
We serve as counsel in various real estate and other asset securitization and conduit financing transactions, both in the Midwest and nationally. The size of the asset pools has ranged from $50 million to $1.9 billion, including assets such as automobile lease, automobile purchase contract, health care and franchise restaurant.
Experience
- Representation of Borrower in connection with a $70MM hotel portfolio and associated refinancing of $55MM loan.
- Representation of Borrower in connection with refinance for $12MM shopping center located in TN.
- Representation of Borrower in connection with the three-property shopping center portfolio refinance in the amount of $23MM opposite insurance company lender.
- Representation of Commercial Landlord holding more than 5 Billion in retail, multi-family and industrial assets in various loans, including, construction financing, acquisition financing and re-financings.
- Representation of National Multi-Family Developer in connection with the finance of a $100MM plus student housing development project in PA.
- Representation of National NYSE REIT in connection with the programmatic disposition of over $400MM in shopping center assets and various joint venture divestitures.
- Representation of Publicly Traded National Banking Association in connection with over $500MM in origination loans across retail, multi-family and industrial sectors, which included multiple construction loans.
- Representation of Publicly Traded REIT in the $56MM refinance of a shopping center located in Illinois.
- Representation of Real Estate Developer in connection with the acquisition of a vacant hotel for $14MM and associated acquisition and construction loan for the development of a $100MM plus redevelopment project.
- Representation of Real Estate Fund in the CMBS Loan Assumption for a portfolio of TX retail properties.
- Representation of Seller in connection with an 8 property portfolio sale/lease back with construction and development components for $240MM.
- Represented Borrower of 32MM multi-family project in connection with acquisition, value add upgrades and a Fannie Mae acquisition Loan.
- Represented Lender in connection with a $55MM dollar NY re-development and construction loan.
- Represented nationwide lender, as borrower, in $18MM construction loan on a commercial property it took back via foreclosure.
- Represented NY Private Equity Firm in the acquisition and sale/leaseback of a $120MM portfolio, which representation included a reverse build to suit component and the negotiation of CMBS construction Loan in the amount of $70MM, as well as various public incentives including a port authority financing component.
- Represented Ohio Based Retail Developer in the acquisition, leasing, development and construction financing of over $50MM in retail NNN construction projects in a one year period.
- Represented Publicly Traded National Banking Association in connection with a $60MM portfolio loan across four properties in North Carolina and South Carolina.
- Represented and advised a local gym in successfully maintaining its membership base during a landlord’s foreclosure, a subsequent hostile takeover attempt by the new property owner’s affiliate, an urgent relocation, and the immediate opening of a competing gym at its former location.
- Represented and advised the owners of a family-owned dental practice in connection with corporate governance, succession planning, expansion and the potential sale of the practice.
- Represented bank as the first-out lender and collateral agent in connection with a $550M unitranche loan.
- Represented distressed debtor in bridge financings and subsequent out-of-court restructuring transaction in connection with $148M of secured debt.
- Represented national bank in an ESOP financing consisting of a secured term loan and revolving line of credit totaling $17.5M.
- Represented an investment fund client in the closing of a $50 million credit facility, enabling the client to significantly grow its business nationwide.*
- Represented Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL, in connection with $300 million in debt financing to a medical technology company; the financing included a $250 million term loan facility and up to $50 million in asset-based revolving credit.*
- Represented Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL in connection with a $60 million debt financing to a medical technology company, consisting of a $45 million term loan facility and a $15 million asset-based revolving line of credit.*
- Represented HTLF Bank, which offers community banking at scale across the West, Midwest and Southwest, as agent and co-lender with respect to (i) refinancing of a $50million secured term loan facility, with an additional $5 million structured as a delayed draw term loan, and (ii) extension of a $2 million secured revolving credit facility, extended to the owners and operators of eight assisted living facilities in Wisconsin.*
- Represented Metropolitan Commercial Bank as a lender in a $90 million syndicated term loan acquisition financing for nine skilled nursing home facilities located in Florida, and also represented Metropolitan Commercial Bank in its capacity as mezzanine lender and working capital lender in connection with a $10 million. mezzanine loan used to finance the acquisition and a $14 million revolving loan used to finance the working capital needs of the operators for the nine skilled nursing homes.*
- Represented Metropolitan Commercial Bank as agent and lender in $33.5 million term loan acquisition financing for medical labs in Florida.*
- Represented Metropolitan Commercial Bank as agent and lender in $48 million term loan acquisition financing for five skilled nursing facilities in Florida, which also included a $3 million revolving loan from Metropolitan Commercial Bank in its capacity as working capital lender, and a mezzanine loan from a financial institution.*
- Served as special counsel to Pipeline Health System, LLC and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas in connection with selling Pipeline’s “safety net” hospitals, health clinics and medical office buildings in Chicago, Illinois, including Weiss Memorial Hospital and West Suburban Medical Center. Pipeline’s hospitals (including four in California and one in Texas) operate in historically underserved communities, and a significant percentage of the hospitals’ patients rely on Medicare, Medicaid and other governmental reimbursement programs. Pipeline came into the Chapter 11 proceedings with a plan of reorganization seeking to restructure over $600 million of financing obligations.*
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Represented a lender in the workout of a $5 million loan to a pizza restaurant franchisee.
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Represented a lender in originating a $160 million ABL facility to a multi-state home improvement retailer.
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Represented a lender in the workout of a $4.3 million loan to a fried chicken restaurant franchisee.
- Represented a bank’s equipment leasing affiliate in litigation under an equipment lease.
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Representing a bank in defending against a $250 million in lender liability claim.
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Represented a lender in originating a $51 million loan facility to a multi-state hamburger restaurant franchisee.
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Represented large heavy equipment auctioneers in litigation involving claims of collusion in a bankruptcy sale and in litigation alleging an improper Article 9 sale.
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Represented lender in the workout of $11 million public finance bond supporting a university.
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Represented lender in the workout of a $10 million loan to a drug manufacturer secured by pharmaceuticals and intellectual property.
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Represented alcohol distiller borrower in the origination of a $13.5 credit facility.
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Represented a lender in originating a $30 million loan facility to a multi-state hamburger restaurant franchisee.
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Represented a lender in originating a $26 million gas pipeline construction loan facility.
- Represented publicly traded international apparel retailer borrower in the origination of a $400 million syndicated ABL facility.
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Represented publicly traded international footwear manufacturer in its separate $150 million syndicated ABL facility and $130 million syndicated term facility used to fund the acquisition of a footwear line from a separate public company.
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Represented various lenders in workouts and foreclosures of loans made to senior living centers.
- Represented a privately held company in connection with its $350,000,000 credit agreement containing term debt and revolving credit debt.
- Represented agent for senior lenders to a healthcare REIT.
- Represented agent for senior lenders to multi-national clothing manufacturer.
- Represented a lender in connection with a $40,000,000 asset based revolving credit facility to an engineering firm involving a split collateral deal with crossing first and second liens.
- Represented an Administrative Agent in connection with a credit facility to a restaurant franchisee.
- Represented a publicly traded company in connection with its $150,000,000 unsecured revolving credit facility.
- Represented a privately held company in connection with its $71,000,000 senior secured credit facility.
- Represented an Administrative Agent in connection with a $60,000,000 credit facility to a company in the healthcare industry.
- Represented a mezzanine lender in connection with mezzanine financing and co-investment to a company in the retail industry.
- Represented a privately held company in connection with its $135,000,000 credit agreement containing term debt and revolving credit debt.
- Represented subordinated lender in distressed sale of company in receivership.
- Represented mezzanine lender in sponsor-backed asset acquisition of a manufacturer and distributor of food products.
- Represented agent in syndicated senior loans in $100 million construction draw facility for skilled nursing and assisted living projects across the United States.
- Represented agent for mezzanine lenders in its subordinated debt investment to a Pennsylvania-based manufacturer with a foreign subsidiary.
- Represented mezzanine lender in expansion of a relocation services company to Canada, the UK, Mexico, and Costa Rica.
- Represented senior lender in mortgage, ESOP and line of credit loans to manufacturer in Groveport, Ohio.
- Represented senior lender in leveraged recap of regional restaurant chain.
- Represented senior lender in financing acquisition of franchise stores in Ohio, Kentucky, and West Virginia.
- Represented senior lender in secured loan to multi-jurisdictional PE-backed radiology company.
- Represented senior lender in ABL loan to Michigan-based OEM software bundling company.
- Represented mezzanine lender in recap of manufacturer in the transportation industry.
- Represented senior lender in its extension of an acquisition loan to a family office.
- Represented senior lender in several construction and acquisition loans with the same private investment firm in various Midwest and Southeast locations.
- Represented mezzanine lender in sponsor-backed acquisition of home building products suppliers.
- Represented agent for senior lenders in its acquisition line of credit to a family-owned tire distributor with 100 stores across the United States.
- Representation of a national lending institution in connection with modifications to syndicated credit facility to a cleaning and sanitizing products manufacturer, including a new $161 million equipment finance facility.
- Representation of a private equity firm in connection with an approximately $46 million senior secured credit facility to distributor of heavy equipment to multiple industries throughout the Midwest.
- Representation of a manufacturing company of baking and household kitchen utensils in refinancing to new senior asset based lending facility and customer factoring financings.
- Representation of a national lending institution in connection with $100 million tax exempt bond revolving liquidity facility to a major hospital system, including implementing the facility into a master trust indenture structure and handling of various intercreditor issues.
- Representation of National Bank in connection with a $50 million asset based revolving credit facility to a coal producer involving a split collateral deal with crossing first and second liens.
- Representation of mezzanine lender in connection with mezzanine financing and equity co-investment to the company in the emergency home renovation market in order to provide funds to add on acquisition.
- Representation of a real estate developer in connection with a $262.4 million senior term loan and $37.5 million subordinated term loan.
- Representation of a national lending institution in connection with $34 million senior secured asset-based credit facility relating to the acquisition of a leading supplier of recycled flexible PVC and TPE compounds, and negotiation of intercreditor issues in connection with a $10 million secured mezzanine loan.
- Represent a private equity fund in asset based lending refinancing of a platform company in the technical consumer products space.
- Representation of a national bank in connection with $75 million financing to enable spin off of a minerals and gems company from a larger international conglomerate.
- Represented borrower in an amendment to its credit facility to add an incremental term loan for purposes of financing an acquisition of a distributor of customizable shoe inserts and antimicrobial shoe insert cushions.
- Represented private equity owned buyer in an add-on stock acquisition of a company which sells science kits to professors and universities for student use.
- Representation of a national lending institution in connection with $15 million senior secured asset based credit facility comprised of a domestic credit facility and an export facility guaranteed by the U.S. Export Import Bank to multiple Borrowers in the hardwood lumber business.
- Representation of a senior lender in connection with $100 million syndicated credit facility to a nursing home owner and operator.
- Representation of borrower in syndicated financing in connection with a platform acquisition of a retail merchandising company with operations in the United States and Canada.
- Representation of borrower in syndicated senior financing and mezzanine financing in connection with a large add on acquisition of a company that manufacturers circuit boards.
- Representation of a private equity firm with respect to workout and restructuring of senior and mezzanine credit facilities for a California marketing company.
- Representation of borrower in connection with term loan and delayed draw facility for fund level financing.
- Representation of an administrative agent in refinancing of portfolio of seven nursing home facilities and related working capital financing and related licensure issues on healthcare facilities.
- Representation of a national lending institution in connection with syndicated credit facility to a home products manufacturer.
- Representation of borrower in $110 million dividend recapitalization.
- Representation of a private equity firm in connection with a $32.5 million senior secured credit facility relating to the acquisition of a leading distributor of municipal and contractor equipment.
- Representation of a national lending institution in connection with $14 million senior secured asset-based credit facility to family of domestic and international companies that produce and distribute nature-related toys and gifts around the world.
- Representation of a private equity firm in connection with $75 million secured credit facility related to the acquisition of a manufacturing company.
- Representation of a private equity firm in connection with refinancing of $40 million asset based revolving facility, $51 million senior term loan credit facility, and $7.5 million subordinated senior notes.
- Representation of a national lending institution in connection with $30 million working capital facility and $100 million term loan facility with respect to a secured asset based lending credit facility to a coal company.
- Represented a national lending institution in connection with $175 million syndicated credit facility to one of the world’s leading merchants of primary and secondary non-ferrous metals.
- Represented a national lending institution in connection with $150 million syndicated credit facility to family of companies in the steel distribution, processing and logistics business.
- Represented a national lending institution in connection with $45 million multi-currency, syndicated credit facility to one of the world’s largest suppliers in the floral industry.
- Represented a private equity firm in connection with $49 million senior term facility, $30 million asset based revolving facility, and $8 million senior subordinated notes relating to acquisition of competitor.
- Represented a private equity firm in connection with refinancing consisting of $14.5 million senior term facility, $2 million senior revolving facility, and $6.7 million mezzanine loan.
- Represented a national lending institution in connection with $17.5 million senior secured asset-based credit facility to a leading furniture manufacturer in connection with the acquisition by private equity funds and mezzanine financing.
- Represented a national lending institution in connection with $315 million syndicated credit facility to a lumber-related company.
- Representation of national lending institution in connection with $73.4 million syndicated credit facility to finance acquisition of 6 nursing homes in Ohio.
- Represented a national lending institution in connection with $57 million syndicated credit facility to finance acquisition of various health care companies.
- Representation of a private equity fund in connection with the $300 million senior and $100 million senior lien credit facilities associated with the acquisition of a company in the aftermarket truck business.
- Representation of a private equity sponsor in connection with the financing related aspects of $80 million acquisition of a Florida based business in the pre-fabricated housing market.
- Representation of a senior lending institution in connection with a $150 million consolidation and refinancing of 25 nursing homes in five states.
- Representation of a national lending institution in a $300 million senior asset based credit facility to international manufacturer and distributor of hand sanitizer, soap and household products.
- Representation of a national bank in connection with forbearance, liquidation and wind-down of troubled company in the staffing and recruiting industry related to the $40 million working capital senior financing piece
- Representation of a national bank in connection with direct purchase of bank qualified bonds in amount of $45 million to refinance and provide buildout construction financing for a large nursing home.
- Representation of a subdebt fund in connection with $5 million subordinated note and $3 million equity company investment in connection with the acquisition of a family office acquired chemical and plastics business.
- Representation of a subordinated debt fund in a subordinated debt facility of $6 million plus warrants in connection with the refinance of a company in the restaurant business.
- Representation of a national bank in connection with a $100 million syndicated credit facility to finance the acquisition of 13 nursing homes in Kentucky.
- Representation of a national lending institution in a $65 million cross-border U.S. and U.K. asset based lending facility to finance a sponsor backed acquisition of a distribution company.
- Representation of privately held registered investment advisor in connection with structuring and negotiating a $140,000,000 syndicated credit facility to support acquisitions and working capital needs.
- Representation of senior lender in connection with $20,000,000 working capital loan to a group of 30 skilled nursing and assisted living facilities.
- Representation of senior lender in connection with $8,000,000 tax exempt bond issuance to support construction of a new YMCA location.
- Representation of private equity fund in connection with $245,000,000 syndicated first lien covenant light acquisition and working capital loan and $90,000,000 syndicated second lien acquisition term loan.
- Representation of senior lender in connection with a $40,000,000 asset based revolving loan facility to a distributor of chemical products.
- Representation of administrative agent in connection with $29,500,000 syndicated construction loan for the development of a high-end senior living facility.
- Representation of a client and its subsidiaries in connection with structuring and negotiating credit facilities.
- Representation of a company and its subsidiaries in connection with structuring and negotiating credit facilities.
- Representation of lender in connection with asset based revolving credit facility involving multiple borrowers, three levels of subordinated debt, and significant governmental receivables requiring compliance with the Federal Assignment of Claims Act.
- Representation of a national lending institution in its capacity as administrative agent in syndicated financing transaction to finance 18 nursing home properties located in multiple states owned by 6 affiliated borrowers.
- Representation of a national lending institution in connection with multi-currency, cross-border asset-based credit facilities to multiple borrowers located in the United States and Canada.
- Representation of lender in connection with approximately $18 million asset based credit facilities to market leading distributor of books and general merchandise products to educational retailers.
- Representation of lender in connection with asset-based credit facilities totaling over $40 million involving seventeen loan parties secured by mortgages on ten properties in 4 different states.
- Representation of a national lending institution in connection with the receivership of a troubled borrower and formulated a strategy to effectuate a going concern sale while forbearing on a judgment entry obtained by such a lending institution.
- Representation of a national bank in connection with direct purchase of bank qualified bonds in amount of $45 million to refinance and provide buildout construction financing for a large nursing home.
- Representation of a senior secured lender in $40 million asset based working capital and acquisition financing provided to a leading private equity owned work apparel portfolio company.
- Representation of a subordinated debt fund in a subordinated debt facility of $6 million plus warrants in connection with the refinance of a company in the restaurant business.
- Representation of a national bank in connection with a $20 million senior secured asset based credit facility to a family of companies in the satellite industry in connection with the acquisition by a private equity fund.
- Representation of a national lending institution in a $250 million senior asset based credit facility provided to a lumber company with real property in 35 states.
- Representation of a national lending institution in a $65 million cross-border U.S. and U.K. asset based lending facility to finance a sponsor backed acquisition of a distribution company.
- Representation of collateral and administrative agent in connection with a $140 million asset based credit facility which included $75 million line of credit and $40 million in term debt to support international acquisitions.
- Representation of a senior lending institution in connection with a $150 million consolidation and refinancing of 25 nursing homes in 5 states.
- Representation of a national lending institution in a $300 million senior asset based credit facility to international manufacturer and distributor of hand sanitizer, soap and household products.
- Representation of a national bank in connection with a $100 million syndicated credit facility to finance the acquisition of 13 nursing homes in Kentucky.
- Representation of a private equity sponsor in connection with the financing related aspects of $80 million acquisition of a Florida based business sin the pre-fabricated housing market.
- Representation of a national bank in connection with forbearance, liquidation and wind-down of troubled company in the staffing and recruiting industry.
- Representation of a subdebt fund in connection with $5 million subordinated note and $3 million equity company investment in connection with the acquisition of a family office acquired chemical and plastics business.
- Representation of a private equity fund in connection with the $300 million senior and $300 million senior and $100 million senior lien credit facilities associated with the acquisition of a company in the aftermarket truck business.
- Represented lender in a syndicated financing transaction to finance the acquisition of a large non-profit nursing home and continuing retirement community.
- Representation of a client and its subsidiaries in connection with an approximately $32 million asset based agented credit facility.
- Representation of a national bank in connection with a $15 million asset based credit facility to a regional supplier of building materials secured by mortgages on nine pieces of real property in multiple states.
- Representation of a company in connection with a $45 million syndicated loan facility to a publicly held company, with a portion of the loan proceeds being used in connection with the acquisition of the shares of an Italian company.
- Represented senior lender in connection with $6,000,000 acquisition and working capital financing provided to a chain of nursing homes.
- Represented Senior lender in connection with $8,800,000 construction loan and related working capital and capital expenditure facilities for a leading medical device manufacturer.
- Representation of lender in connection with $40 million credit facility used for a dividend recapitalization of a leading electronics security company.
- Representation of lender in connection with a $50 million secured line of credit to a leading producer of food packaging materials.
- Represented family office in connection with senior financing provided for the acquisition and working capital needs of a metal plating company.
- Representation of lender in connection with $17.8 million asset based credit facility.
- Representation of senior secured lender in connection with a $15 million secured line of credit.
- Represented senior lender in connection with $3,500,000 construction loan secured by property located in Tennessee.
- Represented private equity fund in connection with $8,500,000 senior secured credit facility for acquisition and working capital financing.
- Representation of lender in connection with workout and restructuring of asset based credit facility to resolve a dispute among the equityholders of the borrower and an international automotive company.
- Represented a technology company in refinancing of existing senior secured debt and new term loan to support working capital and overseas acquisitions. Total financing provided was $21,000,000.
- Represented a leading staffing provider in connection with the acquisition and financing of a competing legal recruiter.
- Representation of a private equity fund in an aggregate $28.25 million senior secured and mezzanine financing in connection with the acquisition of a fulfillment and warehousing company.
- Represented manufacturing company in connection with 11,000,000 domestic and United States EXIM Bank guaranteed working capital loan.
- Represented owner of a chain of gas and convenient stores in connection with a $26,000,000 credit facility used for the initial acquisition of the stores, working capital and capital expenditure financing.
- Represented collateral and administrative agent in connection with a $140 million asset based credit facility which included $75 million line of credit and $40 million in term debt to support international acquisitions.
- Represented senior secured lender in $20,000,000 asset based working capital and acquisition financing provided to a leading private equity owned work apparel portfolio company.
- Represented a leading promotional products company in connection with senior secured $10,000,000 credit facility and $3,250,000 subordinated term loan provided by an SBIC fund.
- Represented borrower in connection with a $1,000,000 convertible secured subordinated loan and restructuring of existing senior debt.
- Representation of senior secured lender in connection with working capital and term loan acquisition financing to a New York based private equity fund’s acquisition of a leading lighting manufacturer.
- Represented a national financial institution in a $3,500,000 multi-subdivision loan workout with a home builder.
- Representation of a tire distributor in a $120 million syndicated senior credit facility and a $40 million subordinated debt facility.
- Representation of a national lending institution in a $55 million senior credit facility for working capital, capex facility and real estate and construction facility, and letter of credit backed IRB facility to an aviation products manufacturer.
- Representation of a national lending institution as agent in a syndicated $85 million senior credit facility provided to a global health and beauty product manufacturer.
- Represented a borrower in a $12.5 million dollar ESOP loan.
Articles and Presentations
January 11, 2021
Updated Summary on Paycheck Protection Program (PPP) Round 2
December 23, 2020
Paycheck Protection Program Round Two
November 19, 2020
Tax Guidance on Paycheck Protection Program (PPP)
News
February 11, 2025
Benesch Advises Cyprium Partners in Recapitalization of Remprex