Drinker Biddle lawyers have decades of experience in all types of commercial lending transactions, ranging from asset-based to cash flow to acquisition financings. We represent both lenders and borrowers, including agented and participated credits. We concentrate on sophisticated transactions, often covering complex, multilayered intercreditor issues. Our recent lending representations have involved transactions ranging in size from $10 million to $5 billion and encompass a full range of industries, with special focus and expertise in communications and media, health care, real estate and manufacturing.

Our commercial lending clients range from an AA or AAA credit looking for a backstop facility for their commercial paper to small companies seeking asset based financing, where “every paperclip” counts. The experienced lawyers who lead our practice help lenders or borrowers negotiate, document and close transactions, determine and resolve the real issues, and work to reach mutual agreement on the key triggers and terms to make the transaction work.

Representative Transactions.  We have recently served as counsel to:

  • The agent in a $1.4 billion syndicated senior secured credit facility to a healthcare company.
  • The administrative agent in connection with a $600 million syndicated financing of a privately-held cable and radio broadcasting company and
  • The agent in a $350 million syndicated secured credit facility to a debt collection company.
  • The borrower, an auto parts manufacturer, in connection with a $5 billion syndicated credit facility and commercial paper back-up facility.
  • The borrower, a telecommunications company, in connection with a $4.5 billion syndicated credit facility commercial paper back-up facility.
  • The borrower, a fashion retailer, in connection with a $375 million revolving credit and term loan facility, providing financing for the acquisition of another retail chain, secured by a blanket lien on assets of the borrower and its more than 1,500 subsidiaries in 43 states and several foreign countries.

Workout and Bankruptcy. Many of the firm’s workout and bankruptcy lawyers are also active participants in the commercial lending practice. Drinker Biddle has the experience to handle problem loan analysis as well as debt restructuring and workout, bankruptcy, reorganization, and other aspects of creditors’ rights matters, including acquisitions of assets in bankruptcy, DIP financings, foreclosures, receiverships, lender liability claims and actions on debt instruments.