Distressed Asset Investing: Treasures Among The Ruins
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Listed in Chambers USA Banking & Finance, 2010-2026 Banking & Finance: Transactional, 2009 Listed in The Best Lawyers in America® Banking and Finance Law, 2014-2026 Commercial Finance Law, 2015-2026 Listed in Nashville Business Journal, “Best of the Bar," Banking and Finance, 2012 - 2014 Negotiation and leasing of multiple operations for long term care provider Represented a regional long term care provider in the leasing of a package of 12 facilities, including the negotiation of the lease with a REIT, the negotiation of operations transfer agreements with the previous operator, the negotiation of working capital financing with a commercial lender, and overseeing the regulatory approvals related to the transaction. Advocate before TN General Assembly Served as advocate before Tennessee General Assembly on behalf of client to successfully lobby for legislation establishing a statewide system of regulation and maintained the existing system of rates and fees. $102,000,000 recapitalization transaction Represented a manufacturing client in a recapitalization transaction involving a new $60,000,000 senior asset-based facility, the restructuring of $42,000,000 of subordinated mezzanine debt, and the issuance of preferred equity. The new senior credit facility is secured by real and personal property located at 7 manufacturing facilities in 4 states. $20,000,000 mezzanine loan Represented client in connection with workout of the $20,000,000 mezzanine loan portion of a $129,000,000 debt structure secured by a premier condominium tower in Denver, Colorado. $200,000,000 residential mortgage facility Represented a client in connection with a $200,000,000 residential mortgage repurchase facility. $56,000,000 financing for nursing homes Represented a client in a $56,000,000 financing secured by 12 nursing homes in 4 states. $60,000,000 acquisition credit facility and $5,000,000 subordinated facility Represented a client in connection with a $60,000,000 acquisition credit facility and $5,000,000 subordinated facility to finance the acquisition of a competing operating company. Acquisition of Magna Composites Operations Advised Continental Structural Plastics, Inc. in the acquisition of the composites operations of Magna International and its subsidiaries and affiliates and related financing activities Bradley Arant Bankruptcy Group Completes Complex Recapitalization Transaction On November 18, 2010, a Bradley Arant manufacturing client (majority-owned by a Bradley Arant private equity client) completed a complicated recapitalization transaction. As part of the recapitalization, the manufacturing client refinanced its existing senior facility with a new $60 million senior asset-based facility, restructured $42 million in subordinated mezzanine debt, and issued a new $2.5 million round of preferred equity. The new senior loan is secured by real and personal property located at 7 manufacturing facilities in 4 states. Contentious intercreditor negotiations, environmental issues, underfunded pension plans, foreign subsidiaries, and 9 different borrowing entities kept things interesting. John Myers (finance matters) and Jeff Buschmann (equity matters) led the Bradley Arant team, with assistance from John Murdock, Gordon Nichols, Chris Parker, Matt Mattingly, Johanna Jumper, and Mary Ward. Environmental due diligence for acquisition Assisted with environmental due diligence for privately-held investment company acquiring a landfill site in Missouri and oversaw efforts to pursue applicable permits from State. Financing of 2 multi-family projects Represented a client in the financing of 2 multi-family projects in Orlando and Jacksonville, Florida, including bankruptcy remote structuring and a non-consolidation opinion letter. Recapitalization of Mosquito Control Services Advised G. Scott Capital Partners, LLC in the recapitalization of Mosquito Control Services and related financing activities Recapitalization of Valterra Products, Inc. Advised G. Scott Capital Partners, LLC in the recapitalization of Vaterra Products, Inc. and related financing activities
