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.

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.

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.

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.

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.