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Leveraged Financing 2014

Author(s): David A. Brittenham, Patrick J. Ryan
Practice Area: Corporate & Securities
Published: May 2014
PLI Item #: 51751
CHB Spine #: B2097

Patrick Ryan is the Head of the Firm’s Banking and Credit Practice and a member of the Executive Committee. Patrick regularly represents leading financial institutions and investment banks in connection with the arrangement and syndication of senior credit facilities, including acquisition, bridge and other corporate financings. He has significant experience in complicated financings in the leveraged finance, investment-grade, and asset-based markets, often working with clients to develop innovative structures or to find solutions to difficult issues. He has also advised on the restructuring of existing credit facilities and other related financings, including DIP and exit financings.

Patrick’s financial institution and investment banking clients include JPMorgan, Barclays Capital, Deutsche, Morgan Stanley, and  Royal Bank of Canada, among others. Patrick also represents companies in connection with their financing activities, and his clients have included American Media, AOL, Bard, Cengage Learning, Evercore, Hulu, MasterCard, News Corporation, Radioshack, Sky Deutschland, Travelers Companies, 21st Century Fox and Universal Studios, among others. Patrick is also active in representing clients in sports and entertainment ventures, including the representation of Forest City Ratner Companies and other investors in connection with the acquisition and relocation of the Nets NBA franchise to Brooklyn.

Notable recent transactions include representing:

  • JPMorgan and Barclays in connection with $12.5 billion of bridge financing for Thermo Fisher Scientific Inc.’s acquisition of Life Technologies Corporation
  • Deutsche Bank, Barclays, Citi and Bank of America Merrill Lynch in connection with $5.1 billion of financing for Avago Technologies’ acquisition of LSI Corporation
  • JPMorgan and Wells Fargo in connection with $1.475 billion in financing for Wolverine World Wide’s acquisition of the Performance + Lifestyle Group business of Collective Brands, Inc.
  • Barclays and HSBC in connection with $4.35 billion of bridge financing for Perrigo Company’s acquisition of Elan Corporation
  • JPMorgan and Deutsche Bank in connection with $3.1 billion in financing related to the merger of Dex Media and SuperMedia and their emergence from Chapter 11
  • JPMorgan and The Bank of Tokyo-Mitsubishi in connection with $1.2 billion in bridge financing for Total System Services in connection with its acquisition of NetSpend
  • News Corporation in connection with $650 million in senior credit facilities
  • JPMorgan in connection with approximately $2.7 billion in financing for Delta Airlines
  • JPMorgan in connection with $1.465 billion in financing related to Gannett’s acquisition of Belo Corporation
  • JPMorgan in connection with $3 billion in financing for Sprint Nextel
  • JPMorgan in connection with $950 million in asset-backed financing for Trac Interpool

Patrick is ranked among the leading banking and finance lawyers in the United States and the world by publications such as Chambers USA, Chambers Global, The Legal 500 United States, IFLR1000 and The Best Lawyers in New York.

Patrick received his B.A., magna cum laude, from Manhattan College in 1985 and his J.D., cum laude, from Fordham University School of Law in 1989. He spent a year at University of Dublin, Trinity College from 1985 to 1986.

David Brittenham is a corporate partner of Debevoise & Plimpton and the co-chair of the firm’s Finance Group.  He focuses his practice on complex leveraged and acquisition financings, such as the $15 billion acquisition of Hertz by The Carlyle Group, Clayton, Dubilier & Rice and Merrill Lynch Private Equity and the $5.9 billion acquisition of King Digital by Activision Blizzard.  Mr. Brittenham is ranked as a leading finance and capital markets lawyer by Chambers Global (2016), Chambers USA (2016) and The Legal 500 US (2016).

Mr. Brittenham is a contributing author of The Private Equity Primer: The Best of the Debevoise & Plimpton Private Equity Report and the Debevoise & Plimpton Private Equity Report and is co-author of “Bond Restructuring Challenges,” Debevoise & Plimpton Private Equity Report (Fall, 2015, Volume 15, Number 2), “Alternative Leveraged Lending Structures And Limitations,” Law360 (June, 2015); “United States: Everything Old Is New Again: PIK Notes,” Mondaq (February, 2015), “New Banking Guidance May Impact Leveraged Lending,” Law360 (August, 2013), “Got Financing? You May Have to Extend Your Tender Offer,” The Harvard Law School Forum on Corporate Governance and Financial Regulation (April, 2013), “Doing a Debt Tender Offering and Consent Solicitation,” Insights (2007), and “Recent Structural Developments in High Yield Financings,” Euromoney Syndicated Lending Handbook (2004). He has been a co-chair for PLI’s Leveraged Financing and Private Equity Acquisition Financing Summit programs since 2006.

Mr. Brittenham joined Debevoise in 1985 and became a partner in 1992.  He received his B.A. from Cornell University in 1977 and his J.D. from Columbia University School of Law in 1984, where he was Articles Editor of the Columbia Law Review.  Prior to joining Debevoise, Mr. Brittenham served as a law clerk to the Hon. Jack B. Weinstein, U.S. District Court for the Eastern District of New York, from 1984 to 1985.