David J. Billington’s practice focuses on international financing transactions and restructuring transactions.

He has experience across a broad range of debt financing products, advising both borrowers and lenders on bank lending, leveraged finance transactions, high-yield bonds, and structured debt. David also acts for a range of stakeholders in international restructuring and insolvency matters.

David joined the firm in 2006 and became a partner in 2012. Prior to Cleary, he worked at Allen & Overy in London.

Notable Experience


  • CVC on the €400 million leveraged buyout of the European businesses of the Campbell’s Soup group and subsequent covenant-lite dividend recaps, bolt-ons, and refinancings.

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

  • Spanish gaming group Codere on the issuance of €865 million high-yield bonds and €95 million super senior revolving credit facility.

  • TPG on the multibillion-dollar leveraged buyouts of real estate services firms DTZ and Cushman & Wakefield.

  • American Express in connection with the leveraged public-to-private acquisition of Hogg Robinson by American Express Global Business Travel.

  • The TAG Group Limited on the financing aspects of the £275 million reorganization of the shareholding in McLaren Group.

  • Global manufacturing and chemicals conglomerate Bekaert in connection with its investment in BBRG, a leveraged joint venture with Ontario Teachers’ Pension Plan.

  • African Minerals in connection with various financing transactions for its iron ore mine in Sierra Leone, including a $417 million project financing, a $350 million Reg S convertible bond, a $250 million pre-export finance facility, $200 million of equipment financing, and a $100 million revolving credit facility.

  • Telenet Group, the largest provider of cable broadband services in Belgium, on its €2.3 billion senior credit facilities.

  • Citigroup as arranger of the financing for Terra Firma Capital Partners’ £3.2 billion public offer for EMI Group Plc.

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  • A major stakeholder in connection with the proposed restructuring of the emerging markets private equity fund Abraaj Capital.

  • Silver Point Capital in relation to the restructuring of The Co-Operative Bank plc.

  • A major bondholder in relation to the proposed restructuring of international retail conglomerate Steinhoff.

  • Consolidated Minerals in relation to the proposed restructuring of its $400 million high-yield bonds.

  • A major shareholder in connection with the proposed restructuring of the Singapore based commodities group Noble.

  • Goldentree Asset Management on the €3.5 billion restructuring of Austrian retail bank BAWAG P.S.K.

  • Truvo, the European yellow pages business, in its €290 million debt restructuring and in its €1.5 billion cross-border restructuring.

  • The Vita Group and its controlling shareholder TPG Capital in a financial restructuring effected by way of a UK scheme of arrangement, as a result of which debt in excess of €600 million was written down to approximately €100 million.

  • Renaissance Partners on its post-acquisition restructuring of Socfinaf Company, a Kenyan land company.

  • Several hedge funds regarding the trading of claims against Lehman Brothers.

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Latest in European Leveraged Finance – Monthly Market Wrap

Private Equity (Transactions),” Getting the Deal Through, March 2018.

Schuldschein Forecast – Rain or Shine?” Cleary Gottlieb Alert Memo, March 9, 2018.

A Practitioner’s Guide to Syndicated Lending, 2nd edition, November 21, 2017 (Sweet and Maxwell).

“England and Wales” chapter in IFLR’s Insolvency and Corporate Reorganization Report, (2016 and 2017).

“We Need to Talk: Information Flows When Restructuring Listed Debt,” Butterworths Journal of International Banking and Financial Law, February 2017.

“Bidders’ Burden: Buyers looking to finance acquisitions in government-run auctions are finding that certain funds are often not certain enough,” IFLR, September 2016.

“Resurgence of Covenant Lite in EU — and What It Means,” Law 360, July 2015.

“Limits to the Jurisdiction Question in Schemes of Arrangement” The Oath Magazine January 2015.

“Exit Consents in Restructurings – Still a Viable Option?” Harvard Law School Forum on Corporate Governance and Financial Regulation, May 2013.

“The UK Supreme Court Rules on the Treatment of Client Money in the Lehman Brothers Administration,” Capital Markets Law Journal, September 2012.

“Interactions With Other Creditors: Subordination and Intercreditor Arrangements,” A Practitioner’s Guide to Syndicated Lending, City & Financial Publishing, 2010.