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 Experiences

Finance

  • 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.

  • 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.

  • 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 S.A. in connection with numerous debt financing transactions, including its €2.2 billion sustainability-linked refinancing.

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

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

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

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

  • TPG on the multibillion-dollar leveraged buyouts of real estate services firms DTZ and Cushman & Wakefield and subsequent negotiation of its $3.51 billion post-IPO credit facility.

  • KKR in connection with a €300 million asset-backed credit facility.

  • 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.

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Restructuring

  • Codere S.A. in its €165 million super senior secured notes issuance and subsequent restructuring, nominated ‘Restructuring Deal of the Year’ by IFLR Awards 2021 - Europe.

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

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

  • Desarolladora Energetica (DESA) in the restructuring of $624 million of debt.

  • A major noteholder in connection with the restructuring or Nordic Aviation Capital.

  • A significant creditor in connection with the restructuring of Debenhams plc.

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

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

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

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

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Publications

ESG and the Leveraged Loan Market

Global Financial Collateral: A Guide to Security Interests in Securities, Securities Accounts, and Deposit Accounts in International Transactions,” American Bar Association, August 2021

Global Restructuring Trends for 2021

Finance & Restructuring – 2020 Year in Review

“First Among Equals: Priming Debt in Leveraged Capital Structures,” Journal of International Banking and Financial Law, March 2021

Private Equity: Spotlight on Healthcare

UK Corporate Insolvency and Governance Bill a Game-Changer

Arcadia’s Restructuring Turns Spotlight on CVA Reform

Has the European Leveraged Loan Market Reached Boiling Point?

Mind the GAAP

Market Flex

Portability: Here Today, Gone Tomorrow

Mandatory Prepayment Regime

Guarantor Coverage

EBITDA Addbacks

PetSmart: Barking up the Wrong (Covenant) Tree?

Consequences of the Disease – Start Worrying Again About German Insolvency Filing Requirements

Neither One Thing Nor the Other: Hybrid Investments” 

Cure for the Disease – Stop Worrying About German Insolvency Filing Requirements and Continue Trading” 

Suspension of Wrongful Trading Rules: What It Means for Businesses

“Latest in European Leveraged Finance – Monthly Market Wrap”

“When It’s Gone, It’s Gone? Curing Events of Default in Loan Agreements”

“Company Voluntary Arrangements: A Primer”

Private Equity (Transactions),” Getting the Deal Through, May 2019.

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.

Events