Cleary Gottlieb is a pioneer and global leader in debt finance transactions, advising clients on a broad range of financing matters, including:

  • Leveraged acquisition and recapitalization transactions
  • Investment grade lending and acquisition finance
  • Syndicated lending
  • Multicurrency financings
  • Asset-based financings
  • Loan restructurings
  • High-yield bond offerings

Cleary’s structure as an integrated international firm allows our lawyers to guide domestic and multinational clients clearly and efficiently through their most complex financings. Our multidisciplinary approach also enables our lawyers to provide invaluable knowledge in bespoke alternative financing transactions as well as restructurings of debt obligations.

Notable Experiences

  • Alcoa Corp., a global industry leader in bauxite, alumina, and aluminum products, in a refinancing of its $1.5 billion revolving credit facility, originally put in place in connection with the spinoff of Alcoa from Arconic Inc.

  • Allergan in a $1.5 billion revolving credit facility made available to its wholly owned subsidiary, Allergan Capital S.à r.l., to be used for general corporate purposes.

  • Allied Universal (a portfolio company of Warburg Pincus and Wendel), a leading facility services company and the largest security force in North America, in the financing of its acquisition of U.S. Security Associates (USSA) (a portfolio company of Goldman Sachs), a full-service safety and security solutions provider.

  • Alpha Capital Partners on the €350 million leveraged buyout of European insulation business Ipcom.

  • ArcelorMittal in various high-profile financing transactions, including its:

    • $7 billion syndicated bridge loan for the acquisition, by way of a joint venture with Nippon Steel Corporation, of Essar Steel India Limited out of Indian bankruptcy proceedings, and subsequent refinancing;
    • $3 billion liquidity facility;
    • $5.5 billion revolving credit facility; and
    • $1.4 billion sale of ArcelorMittal USA to Cleveland-Cliffs.
  • Belron SA (a portfolio company of D’Ieteren Group), the world’s largest glass repair and replacement group with brands including Carglass in Europe and Safelite in the United States, in a new senior secured financing consisting of a $1.03 billion term loan B, a €425 million term loan B, and a €280 million multicurrency revolving credit facility to repay debt and finance and shareholder distributions in connection with a planned corporate reorganization.

  • Capital Automotive (a portfolio company of Brookfield Asset Management), a provider of highly tailored sale-leaseback capital and other real estate financing to the automotive retail industry, in a $1.32 billion senior secured first-lien credit facility and a $690 million senior secured second-lien term loan facility.

  • Cascade Investment LLC (the private investment entity that manages the assets of William H. Gates III) on the financing aspects of the acquisition of Signature Aviation plc as part of a consortium with Blackstone and Global Infrastructure Partners.

  • Cohu, a leading supplier of semiconductor test and inspection handlers, micro-electro mechanical system (MEMS) test modules, test contactors, and thermal subsystems used by global semiconductor manufacturers and test subcontractors, in a $350 million term loan to finance its approximately $796 million acquisition of Xcerra Corp., a company with a broad spectrum of semiconductor and PCB test acumen that drives innovative new products and services.

  • Consolidated Precision Products (a portfolio company of Warburg Pincus), a leading manufacturer of highly engineered components and subassemblies primarily for the commercial aerospace and defense markets, in:

    • the refinancing of its existing first-lien and second-lien credit facilities with a new $765 million senior secured first-lien term and revolving credit facility and a $110 million senior secured second-lien term loan facility.
    • $439 million of incremental first-lien and second-lien term loans to finance its acquisition of Selmet (a portfolio company of Blue Point Capital Partners), a leading manufacturer of titanium castings and machined complete parts for mission-critical aerospace and defense applications.
  • Cushman & Wakefield (a public company owned in part by TPG), a leading global real estate services firm, in the refinancing of its existing first-lien credit facilities with a new $3.51 billion senior secured credit facility comprised of a $2.7 billion term loan facility and a $810 million revolving credit facility following its initial public offering.

  • CVC on the leveraged buyout of the European businesses of the Campbell’s Soup group and subsequent refinancings.

  • Endurance International Group Holdings (a public company owned in part by Warburg Pincus and Goldman Sachs), a leading provider of web services to small- and medium-sized businesses in the refinancing of $1.58 billion term loan facilities, as well as the extension of $106.5 million of revolving facility commitments.

  • General Mills in the bridge financing commitments, a $6 billion notes offering, and a $1 billion equity offering to finance its approximately $8 billion acquisition of Blue Buffalo Pet Products.

  • Global Healthcare Exchange (a portfolio company of Temasek), a provider of cloud-based supply chain management technology and services to healthcare providers and suppliers, in the refinancing of second-lien term loans with the net proceeds of $123 million of incremental first-lien term loans.

  • Hillhouse in connection with the financing aspects of its acquisition of spirits group Loch Lomond.

  • Honeywell International Inc., a Fortune 100 software-industrial company, in €1.485 billion and $425 million financings for the spin-off of its transportation systems business, Garrett Motion Inc., and in $1.175 billion and $400 million financings for the spin-off of its homes and ADI global distribution business, Resideo Technologies Inc.

  • International Flavors & Fragrances, a leading global creator of flavors and fragrances for consumer products, in a $350 million term loan, together with offerings of common stock, tangible equity units, and Euro and U.S. dollar-denominated senior unsecured notes, to finance its approximately $7.1 billion acquisition of Frutarom Industries, a flavors, savory solutions, and natural ingredients company.

  • JELD-WEN, one of the world’s largest door and window manufacturers, and certain of its subsidiaries in the refinancing of its asset-based revolving credit facility and its senior secured term loan facility, as well as its offering of $800 million of senior unsecured notes.

  • LivaNova PLC in its $345 million U.S.-registered offering of ordinary shares and in a $125 million senior secured revolving credit facility; and in a $450 million senior secured credit facility.

  • A major private equity fund in relation to a €2.2 billion leveraged financing package (including bridge to bond facilities) for the acquisition of a major consumer products business.

  • Sabre (a portfolio company of TPG and Silver Lake Partners), a leading technology provider to the global travel and tourism industry, in the refinancing of its existing term loan facilities with a new $1.88 billion term loan facility.

  • Suzano Papel e Celulose SA, one of the largest Brazilian pulp and paper companies, in financing matters related to its merger with Fibria Celulose SA, another large Brazilian pulp and paper company.

  • The arrangers in a $2.6 billion senior secured bridge facility and $1.65 billion term and revolving facilities to finance Brookfield Asset Management’s $11.4 billion acquisition of Forest City Realty Trust.

  • TPG in $1.58 billion term and revolving credit facilities to finance its acquisitions of RCN Telecom Services (RCN), a nationwide broadband service provider, and Grande Communications, a Texas-based broadband communications company; and RCN in $1.425 billion term and revolving credit facilities to finance its $2.36 billion acquisition of Wave Broadband, a regional broadband fiber company offering a full suite of high-speed data, video, and voice services to residential and business customers.

  • TPG’s Rise Fund on the convertible loan note financing for the acquisition of electric vehicle charging company The Electric Highway by Gridserve.

  • Western Digital Corp. in a $5 billion term loan facility, commitments for a $2.25 billion revolving credit facility, and amendments to the related loan agreements.

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