John Ventola, Kevin Simard, Jim Kane, Lyman Bullard, Brewster Lee, Andy Hickey
Pete Palladino, Doug Gooding
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.
- toggleAndrew 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…
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.
Innovators in Cutting-Edge Finance
Creative structuring of highly-innovative financings to help clients capitalize on major competitive opportunities, while ensuring predictability and protection within increasingly intricate capital structures and financing life cycles.
Experts in Structuring
Experts in evolving debt and equity financing structures:
- Equity co-investments
- Equity kickers
- First-in/last-out senior loans
- Mezzanine investments
- Multiple borrowing bases
- Multi-tranche credit facilities
- Non-traditional collateral
- One-stop loans
- Preferred/common financings
- Revolving credit and term loans
- Second lien
- Split collateral
- Uni-tranche loans
Closing Complex Deals
Highly experienced in large and small complex debt and equity financings:
- $365 million facility/multi-tranche revolver/term loan/single agreement
- $165 million revolving/term facility/leveraged buyout
- $150 million revolving/term loan to retailer/single agreement
- $100 million financing for retail franchise/multi-tranche
- $100 million facility to international retailer/debtor-in-possession financing
- $95 million term loan issued by family-owned retail chain
- $86 million financing for acquiring company/first-in first-out tranche/first-in last-out tranche/last-out facility
- $80 million facility to national retailer/non-traditional assets
- $50 million limited partner equity co-investment for leveraged buyout
- $40 million subordinated notes/warrants for manufacturer
- $40 million preferred LLC equity co-investment for leveraged buyout
Farsighted Life Cycle Management
Drawing on our extensive restructuring and insolvency expertise to anticipate and avoid problems later in financing life cycle.
Decades of transactional experience and sensitivity to multi-faceted, dynamic relationships among financing parties/portfolio companies/equity sponsors.
Debt/Equity Specialists Under One Roof
Critical knowledge in both equity and debt financings and “what’s market”:
Seasoned experts in business and technical issues of complex intercreditor and shareholder agreements and relationships:
- Guide negotiations
- Know what’s important
- Avoid pitfalls
- Quickly resolve problems
- Shorten deal time
Multi-disciplinary team of over 25 lawyers including experts in:
- Capital markets
- Private equity
- Real estate
Financings across US and in 27 foreign countries.
What Others Say about Choate’s Finance Capabilities
- “[Choate] understands our transactions and gives us practical advice, not washed out in legalese.” Top Nationwide Financial Services Company
- “Getting the deal done quickly and timely with attorneys who understand what’s worthwhile and what isn’t.” Major Multinational Financial Services Institution
- “I think of [Choate as] entrepreneurial. Not stuck in the box. Willing to try new things.” One of the World's Largest Financial Institutions
- “An assembly of very practical and reasonable attorneys who can handle everything – you can’t go wrong with them … they offer their clients a real partnership and have fantastic industry expertise.” Chambers USA
- “Knowledgeable, familiar with loan structures and great at developing standard terms and conditions for new deals.” Chambers USA