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


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

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

  • Lenta LLC, one of Russia’s leading hypermarket chains, on a RUB25.2bn secured credit facility provided by VTB Capital. The group is owned by TPG, the European Bank of Reconstruction and Development and VTB Capital, with the deal being the largest private equity investment in a Russian business to date.

  • Helios Investment Partners in connection with a $400m financing to acquire a large emerging markets distribution conglomerate.

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

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

  • A large European non-bank lender on its $250m back leverage facility.

  • Warid Telecom on the financing aspects of its merger with Mobilink to create one of the largest telecommunications providers in Pakistan.

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

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

  • Citigroup on the £2.5bn leveraged buyout of EMI by Terra Firma.

  • Goodyear on various receivables financing transactions.

  • TPG on the financing aspects of a number of leveraged buyout bids, including Jimmy Choo, Pets at Home and the hedge fund services provider GlobeOp Financial Services.

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

  • The largest bondholder in relation to the restructuring of The Co-Operative Bank plc, effected by way of scheme of arrangement.

  • The senior creditors committee on the €3.5bn restructuring of Austrian retail bank BAWAG P.S.K.

  • Silver Point Capital as agent and senior lender to the Spanish and South American gaming business Codere S.A.

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

  • Truvo on its €1.5bn 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 €600m was written down to approximately €100m.

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

  • TPG on the administration of Republic Retail.

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Latest Developments In European Leveraged Finance,” Cleary Gottlieb Alert Memo, March 29, 2018; republished by the Columbia Law School Blue Sky Blog, April 19, 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, (2017 and 2016).

“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.