Finance & Restructuring
  • Choate was a silver sponsor of IMN’s Real Estate General Counsel Forum East, which focused on pressing issues facing real estate in-house counsel.  Read more…

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    Melissa Schwab Wright Joins Choate

    Melissa Schwab Wright has joined the firm as Of Counsel in the Finance & Restructuring Group.  Read more...

  • Eric Marandett has been singled out as a 2015 Boston “Lawyer of the Year” by The Best Lawyers in AmericaRead more...

  • Choate acted as legal counsel to Salus Capital Partners in a $15 million senior-secured term loan for Summer Infant.  Read more...

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    Spotlight - Andrew Hickey Recognized by The M&A Advisor

    Andrew Hickey was named a Finalist for the Eastern Region in The M&A Advisor’s third annual 40 Under 40 Recognition Awards, which honor emerging business leaders across the industry.  Read more…

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    Choate represented Wells Fargo Capital Finance, LLC in its capacity as Agent and Lender in connection with $50 million in a senior secured term loan and asset-based revolving loan to finance in part the $50 million acquisition of an industrial chemical business by a Luxemburg investment firm.  The investment firm intends to integrate the target with its existing investment in an Italian chemical supplier.

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    Choate represented an international growth equity investor in the $665 million leveraged buyout of one of the nation’s leading healthcare benefits management companies.  The acquisition was financed in part by a $100 million syndicated senior secured term loan and revolving credit facility and by the sale of subordinated debentures in the amount of $60 million.  The company serves more than 30 million people through a national network of 7,000 healthcare providers. 

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    Choate represented GA Capital in connection with a $55,000,000 debtor in possession Term Loan to Borders, Inc. and its various US and UK subsidiaries.  Borders used the DIP facility to fund its initial operations during the commencement of its Chapter 11 proceeding.  Choate represented GA Capital and the term lenders throughout the bankruptcy proceeding of Borders, including in connection with the liquidation and wind down of the company and assets and operations.

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    Choate represented a private healthcare and technology investment firm in the $75 million leveraged acquisition of a national staffing company.  The acquisition was financed in part by a $45 million senior secured term loan and revolving credit facility, $20 million of which the company used to refinance its existing credit facility.  Choate went on to represent the company in a $32 million strategic follow-on acquisition, which was financed by a $15 million senior secured term loan from the same lender.  The rapidly expanding company provides IT recruitment services to clients nationwide in a range of industries, including healthcare, pharmaceutical, financial services, government, education, manufacturing and software development.

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    Choate represented the Chapter 11 Trustee of High Voltage Engineering Corporation and its subsidiaries in connection with the Section 363 sales of multiple business lines and all other aspects of the companies' bankruptcy cases.  The sales generated approximately $250 million in proceeds, an amount sufficient to pay all creditors in full, with interest, and fund a substantial distribution to equity holders.  The sale of Robicon Corporation, High Voltage's largest business line, to Siemens Corporation was nominated as a "Buyout Deal of the Year" by Buyouts Magazine.

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    Choate represented RBS Business Capital in connection with the out-of-court restructuring of one of its borrowers with locations in New York, California and Colorado.  In connection with the restructuring, RBS sold certain of the borrower’s assets to a new company formed by the borrower’s chief executive officer pursuant to an Article 9 secured party sale in exchange for cash and a preferred equity position in the new company.  The remainder of the borrower’s assets were liquidated on an orderly basis, with the proceeds of the liquidation used to further reduce the debt owed to RBS.

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    Choate represented Thompson Publishing Company and its affiliated debtors in connection with the Section 363 sale of substantially all of the companies’ assets and the confirmation of its plan of liquidation.  The Section 363 sale resulted in the debtors’ senior secured lenders acquiring substantially all of the debtors’ assets.

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    Choate represented GA Capital, LLC in its capacity as Term Agent for a syndicate of lenders which provided a $85 million term loan to Borders, Inc. and its various US and UK subsidiaries.  Subsequently, Choate represented GA Capital in connection with a $55 million debtor-in-possession term loan to Borders and its subsidiaries.  Borders used the DIP facility to fund its initial operations during the commencement of its Chapter 11 proceeding.  Choate represented GA Capital and the term lenders throughout the bankruptcy proceeding of Borders, including in connection with the liquidation and wind down of the company and assets and operations.

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    Choate represented a syndicate of banks agented by Bank of America in connection with $250 million of revolving credit facilities for Clean Harbors, Inc., the largest hazardous waste disposal company in North America.  For tax purposes, the deal was structured such that the US and Canadian affiliates of Clean Harbors each had separate borrowing bases.  The loans to the US entities were secured by a first lien on all of their accounts receivable, a second lien on all other personal property and second lien mortgages on 11 separate properties owned by Clean Harbors throughout the US.  The loans to the Canadian entities were secured by a first lien on all of their accounts receivable.

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    Choate represented a national private investment firm in connection with a $265 million leveraged buyout of an international manufacturing company.  The acquisition was financed in part by a $150 million syndicated senior secured term loan and revolving credit facility, a $45 million mezzanine facility and by the sale to management and institutional investors of senior subordinated notes in the amount of $27 million.  Choate went on to represent the target company in securing stand-alone financing for its Chinese subsidiary.

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    Choate represented the Junior Capital division of Wells Fargo Capital Finance in connection with a $100 million term loan to national electronics retailer RadioShack, as part of the company’s strategy to refinance debt.  The loan was secured by all assets of RadioShack, with Wells Fargo having a first lien on RadioShack’s intellectual property, equipment and certain owned real estate.

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    Choate represents a syndicate banks agented by Bank of America in connection with $1.4 billion of revolving and term credit facilities established by the Office of the Commissioner of Baseball on behalf of 20 participating Major League Baseball Clubs.  Each Club did a true sale of its rights to National Media Revenues, MLB Properties distributions and MLB Advanced Media distributions to a special purpose entity that borrows the funds.  The firm has been counsel to the agent for these facilities since 1995.

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    Choate represents a syndicate of banks agented by Wells Fargo Bank, National Association in connection with $360 million of revolving and term loan credit facilities for Gander Mountain Company and its affiliates.  Gander operates retail stores in 23 states and is the nation’s retailer of hunting, fishing, camping and marine products and accessories.

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    Choate represents Wells Fargo Bank, National Association in its capacity as Agent for the syndicated lenders in connection with a $100 million Senior Revolving Credit Facility in favor of Pacific Sunwear California, Inc.  Pac Sun operates retail stores in all 50 states and Puerto Rico.  The Credit Facility, along with a term loan facility closed simultaneously therewith, was used to repay existing debt and for working capital purposes.

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    Choate represents GA Capital, LLC as Agent for a syndicate of lenders in connection with a term loan facility to Bashas’, Inc. in the amount of $100 million.  The term loan facility is secured by all working capital of Bashas’, as well as, all owned real estate.  Bashas’ is a Arizona based supermarket chain serving the State of Arizona, as well as, various Indian reservations.  The term loan facility allowed Bashas’ to payoff its existing debt and various obligations under a plan of reorganization confirmed in connection with Bashas’ previous bankruptcy filing.  The term loan facility combined both cash flow, borrowing base, real estate and enterprise value concepts in order to maximize availability to Bashas’.

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    Choate represented a syndicate of banks agented by Citibank, N.A. in connection with $65 million of revolving and term loan credit facilities established for the Washington Capitals NHL team and a $15 million term loan credit facility established for the Washington Wizards NBA team.  A portion of the proceeds was used to acquire a majority ownership interest in the Washington Wizards, resulting in the Washington Capitals, Washington Wizards and the WNBA's Washington Mystics being owned and managed by a single entity led by Ted Leonis.

  • Over 70% of equity partners named Best in America by Best LawyersRead more...

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    Choate represented a syndicate of banks agented by Citicorp USA in connection with a $120 million credit facility established for Sports Capital Holdings.  SCH used the proceeds in connection with its acquisition of the St. Louis Blues and the operating rights to the Savvis Center arena.  This acquisition was the first in the NHL after the unprecedented full season lockout of the players resulting in the cancellation of the 2004-2005 season and the successful resumption of play in 2005-2006 after a new collective bargaining agreement was adopted.

 

Finance & Restructuring

To learn more about Choate's finance and restructuring capabilities, please click on any of the below practice areas.

Finance

Bankruptcy & Restructuring

Acquisition Finance

Mezzanine & Junior Capital

Retail Finance

Specialty Finance

Sports Finance

 

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