Neal McKnight

Recent Selected Transactions: Corporate Financing

• Acted for United Rentals in a range of financing transactions, including its Rule 144A/Regulation S offering of $1.5 billion of 6.000% senior secured notes, registered offering of $750 million of 3.750% senior unsecured notes, asset-based revolving credit facility, secured term loan facility and receivables securitization
• Acted for Standard Building Solutions in their offering of $500 million of 6.500% senior notes due 2032 and on the amendment and extension of their $850 million asset-based revolving credit facility
• Acted for W. R. Grace Holdings in their offering of $350 million 7.375% senior secured notes due 2031 and on their revolving and term loan facilities
• Acted for Energizer in a range of financing transactions, including its repricing amendment and $300 million offering of 6.500% senior notes, €650 million 3.500% senior notes offering and expansion of its revolving credit facility to $500 million
• Acted for Fiserv in a range of financing transactions, including in their offering of $2 billion aggregate principal amount of senior unsecured notes, €800 million aggregate principal amount of senior unsecured notes denominated in euro, revolver and term loan facilities and other corporate financings

• Represented Fluidra in their $1.5 billion term loan and multi-currency revolving credit facility
• Represented Gartner, Inc. in connection with unsecured and secured credit facilities (including revolving and term loan facilities), Rule 144A/Regulation S notes offerings and related ISDA transactions
• Eastman Kodak Company in multiple transactions, including its issue and sale of $100 million aggregate principal amount of its 5.00% Secured Convertible Notes due 2021 to funds managed by Southeastern Asset Management and agreement to issue $200 million of newly created 5.50% Series A Convertible Preferred Stock to funds managed by Southeastern Asset Management
• Acted for Spirit AeroSystems in its Rule 144A/Regulation S offering of $900 million, $1.25 billion credit agreement, $375 million short-term delayed draw term loan facility and other financings
• Acted for Stryker Corporation in connection with a $1.5 billion unsecured term loan credit agreement, $2.25 billion credit agreement and $400 million unsecured term loan credit agreement

Recent Selected Transactions: Private Credit

• Acted for Crescent Capital in a number of debt and equity transactions, including for WhiteWater, Vivid Seats, Slickdeals, Service Logic, Pye Barker, MDVIP, Avalign, Groundworks and IVX
• Acted for Northwestern Mutual in a number of debt and equity transactions, including for Biocoat, Bonadent, CellCarta, Collagen Matrix, EPTAM, PCI Pharma, RQM, SunMed and Unison
• Acted for other private credit providers on financing transactions that include second lien facilities, unitranche facilities, holdco financings and preferred equity transactions

Recent Selected Transactions: Acquisition Finance

• Acted for Standard Industries in a $2.5 billion secured term loan, the proceeds of which were distributed to Standard Industries Holdings to pay a portion of the consideration for Standard Industries Holdings’ acquisition of W. R. Grace & Co. W. R. Grace Holdings LLC entered into a new $1.25 billion secured term loan facility, and a $450 million secured revolving credit facility to pay a portion of the consideration for Standard Industries Holdings’ acquisition of W. R. Grace & Co.
• Acted for the Special Committee of the Board of Directors of Bally’s on financing matters relating to Bally’s $4.6 billion pending sale of outstanding common stock to Standard General
• Acted for NMG, parent company of Neiman Marcus and Bergdorf Goodman, in connection with financing matters relating to its $2.65 billion pending acquisition by HBC, parent company of Saks Fifth Avenue
• Acted for UBS on matters relating to the integration of its lending portfolio in connection with its merger with Credit Suisse
• Acted for American Equity Investment Life Holding Company on financing matters relating to its approximately $4.3 billion acquisition by Brookfield Reinsurance
• Acted for Subway on financing matters relating to its $9.5 billion sale to Roark Capital
• Acted for Credit Suisse in connection with financing matters relating to the sale of its securitized products business to Apollo Capital
• Acted for AT&T in its $40 billion bridge loan to finance AT&T’s $85 billion acquisition of Time Warner (this is the fifth-largest bridge loan of all time according to Bloomberg)
• Acted for Bayer in a $57.0 billion bridge loan to finance Bayer’s $66 billion acquisition of Monsanto Company (this is the largest bridge loan in 2016 and the third-largest bridge loan of all time according to Bloomberg)
• Acted for Fiserv in the $17 billion bridge facility and subsequent bank and bond refinancing of First Data Corporation’s debt in connection with the pending acquisition of First Data
• Acted for Gartner, Inc. in connection with the financing for its acquisition of CEB Inc., including the amendment and restatement of its existing $1.785 billion revolving credit facility and term loan A facility, and its new $1.375 billion term loan B facility, $300 million 364-day credit facility and $600 million high-yield notes offering
• Acted for Canada Pension Plan Investment Board, OMERS Infrastructure Management and Ontario Teachers’ Pension Plan Board on the $1.3 billion financing for their acquisition of Chicago Skyway toll road from Cintra and Macquarie, and in a recent refinancing for their bank facility
• Acted for Spirit AeroSystems Inc., in a $1.26 billion financing including a $206 million term loan A facility associated with its acquisition of Asco Industries, N.V.
• Acted for Rhône Capital in its $670 million of senior secured term facilities and its $130 million asset-based revolver to acquire Zodiac Pool Solutions from Carlyle Group
• Represented InBev in a series of debt securities offerings with aggregate proceeds of $16.75 billion to refinance a portion of the acquisition debt incurred for the purchase of Anheuser-Busch
• Acted for United Rentals in a number of financings to fund the acquisitions of RSC Equipment Rental, Neff Corporation, Blue Line, BakerCorp and others, and for general corporate purposes, including offerings of secured and unsecured high yield notes, an asset-based revolving credit facility and a securitization facility including the $2.825 billion offering of secured and unsecured high yield notes and expansion of its $1.8 billion asset-based revolving credit facility to finance a portion of the purchase price for its acquisition of RSC Equipment Rental, and financings for the acquisition of Neff Corporation
• Acted for private credit providers, including Crescent Capital and Northwestern Mutual, in a number of debt and equity financing transactions to fund acquisitions
• Acted for financial sponsors in connection with the financings for bids or acquisition transactions for a number of entities, including Fluidra, Zodiac, PODs, Ranpak, Global Knowledge, Sport Chalet, CPG International, CSM Bakery Division and Seacube

Selected Reorganization and Distressed Financing Transactions

• Acted for financial sponsors and their portfolio companies in connection with liability management and related financing transactions
• Acted on debt financing and liability management transactions for a range of corporate borrowers during the pandemic and in other times when facing business or economic challenges
• Advised Garrett Motion on financing matters throughout the chapter 11 process, including Garrett’s DIP term loan facility, financing commitments under the KPS transactions and the OWJ transaction and Garrett’s exit credit facilities
• Lead financing lawyer for Eastman Kodak for its $950 million debtor-in-possession facility, $830 million junior debtor-in-possession facilities and its exit financing facilities
• Acted for the lead senior lender for Emmis Communications during its restructuring
• Regularly advises lenders and investors regarding documentation and other issues relating to different distressed credits

Other Transactions

• Acted on a number of natural resources and infrastructure financings for, among others, affiliates of Ontario Teachers’ Pension Plan Fund and CPPIB