Banking & Commercial Finance
Posternak has an active bank and commercial finance practice, representing our corporate clients in a variety of borrowing transactions, involving single and multiple lender relationships, secured and unsecured facilities, ESOP transactions, and real estate and equipment lease financing. We also represent banks and other institutional lenders in a broad range of financing transactions, documenting both secured and unsecured credit facilities, agency and participation arrangements and provide advice to bank officers in structuring new loans and restructuring troubled loans.
For mezzanine lenders and corporate borrowers, we have negotiated and documented private subordinated debt financings, often with warrants or other equity participation rights. These transactions require the coordination of financial covenants, intercreditors’ rights and subordination provisions, and may include negotiation of shareholders’ rights and related securities registration agreements.
We represent both our middle market and larger clients in a broad range of financing transactions. For some of our larger clients we have negotiated and represented them in high yield debt offerings under Rule 144A and related securities registration, as well as syndicated first and second lien credit facilities.
We have also represented lenders and borrowers in Small Business Administration- backed loan programs, whether as a direct guaranty or under the SBA 504 loan program, as well as borrowers in numerous municipal revenue bond financings. These transactions have encompassed the negotiation of intercreditor agreements between various lending institutions, and have involved security interests in personal property and mortgages on real property.
- Represented a major consumer products manufacturer in the negotiation of a $425 million in syndicated first and second lien secured revolving credit and term loan facilities.
- Represented seller/lender in $145 million real estate-secured financing of acquisition of major professional sports franchise.
- Represented a major truck leasing company in the negotiation of a $50 million multiple lender senior credit facility, and over $20 million of TRAC lease financing transactions.
- Represented a major construction company in a leverage ESOP acquisition transaction financed by a $52 million senior revolving credit and term loan facility with a syndicate of banks.
- Represented a private equity firm in a $6 million senior and subordinate senior debt financing in conjunction with the acquisition of a wholesale and retail antiques business.
- Represented a private equity firm and its portfolio companies in senior and mezzanine debt financings including cross border financings for operations in the U.S. and Canada.
- Represented a facilities service company with operations throughout North America in the negotiation of a $60 million secured and revolving credit and term loan facility.
- Represented a consumer products company in a $105 million senior subordinated high yield note offering and a follow-on $31.3 million offering.
- Represented a medical services company in connection with a $15 million credit facility from Chemical Bank, requiring the coordination of security interests and financing covenants with the diverse ownership interests of the borrower and its operating entities.
- Represented a mezzanine fund in the amendment and modification of $40 million in subordinated notes issued by a company in the process of going public. This complex transaction involved adding equity conversion provisions, modifying financial covenants and amending existing stockholder and registration rights agreements.
- Represented a mezzanine fund in the purchase of $24.5 million of subordinated notes from a mortgage lending company, and the related purchase of stock and warrants. We drafted the documentation and negotiated the subordination provisions with senior lenders.
- Represented a distribution business in a $4.5 million secured revolving line of credit from a local bank.
- Represented a publicly traded retail company in conjunction with $15 million of secured loans from an institutional lender and the sale of $2.5 million in subordinated notes and related warrants to an investment fund.