Leveraged Finance

Expertise in a broad spectrum of domestic and cross-border financing transactions and debt restructurings

Dechert’s global team represents a broad spectrum of asset managers, private equity sponsors and lenders — including banks and alternative capital providers — in a wide range of domestic and cross-border financing transactions and debt restructurings.

Dechert offers clients comprehensive, practical and business-oriented advice that utilizes our tax, restructuring and private equity experience, as well as our knowledge of the full range of debt and equity capital structures. We represent borrowers, lenders, issuers, equity investors, sponsors, financial advisors and agents in every layer of the capital structure. Experiencing deals from all sides of the table gives our lawyers a real-time understanding of current market trends and deal terms. The Dechert team provides commercial and practical advice in debt recapitalizations and restructurings, including navigating the tax, corporate governance and accounting implications.

Dechert’s significant experience includes advising borrowers, lenders, issuers, equity investors, sponsors, financial advisors and agents in all capital structure layers, such as senior lending, mezzanine finance, high yield finance, securitization and structured finance (including: unitranche financings, senior credit facilities, 1st lien/2nd lien financings, subordinated/ mezzanine debt, structured equity, workouts/restructurings, recapitalizations, Rule 144A offerings and Regulation S offerings).

Standout strength representing asset managers, private equity sponsors and lenders

Ranked among the top law firms for Nationwide Banking & Finance by Chambers USA, 2024
Ranked among the top law firms for Nationwide Private Equity: Buyouts: Mid-Market by Chambers USA, 2024
Ranked as a leading firm in the United States for Commercial Lending: Advice to Borrowers and Advice to Lenders, The Legal 500 US, 2024
Ranked among the top law firms for Banking & Finance: Lenders: Mid-Market by Chambers UK, London Firms, 2023
Ranked as a leading firm for Acquisition Finance by The Legal 500 UK, 2023
Ranked among the top law firms in the United States for Banking and Finance: Banking and ranked in the UK for Bank Lending: Lender Side, IFLR 1000, 2023
Ranked as a Top Law Firm for US Private Equity Debt Transactions, Pitchbook, 2020
Recognized as an all-time global leader in Private Debt Investor’s Hall of Fame after winning its sixth “Law Firm of the Year” title in the PDI Awards 2020

Expertise in a broad spectrum of domestic and cross-border financing transactions and debt restructurings

Key Contacts

Jay R. Alicandri

Partner New York
+1 212 698 3800 jay.alicandri@dechert.com
Philip Butler

Partner London
+44 20 7184 7442 philip.butler@dechert.com
David Miles

Partner London
+44 20 7184 7558 david.miles@dechert.com
Scott M. Zimmerman

Partner New York
+1 212 698 3613 scott.zimmerman@dechert.com

Dechert is the goliath of law firms in US middle market leveraged finance facilities to funds, separate accounts and BDCs. With their overwhelmingly dominant share of the market, they see the vast majority of deals. Not only are they excellent, intimately knowledgeable and responsive, but they also know the latest terms that borrowers and lenders are agreeing to, which is highly valuable in a negotiation.” The Legal 500 US, 2024, _Commercial Lending

The team has a strong command of the market given the volume of financings they do; they always bring a comprehensive perspective to the table." Chambers USA, 2023

The Dechert team is second to none. They represent the borrowers in this space in the vast majority of cases, so are intimately familiar with the quirks and preferences of every lender and even lender’s counsel.” Legal 500 US, 2023

They have the most robust, deep practice in leverage finance (asset-based lines, subscription lines, hybrids) for funds in the middle market credit asset manager space. They have good personal relationships with all the lending banks and bankers, are familiar with their credit document forms, know their trigger points. They also work on most of debt facilities for middle market credit general partners, so know what everyone in the market is doing. They have state-of-the-art expertise in this area.” Legal 500 US, 2022

They understand the core direct lending business and the characteristics of the underlying assets, which makes them unrivaled in advising on the strengths and weaknesses of terms offered to our investment vehicles insomuch as terms would adversely affect or limit a portfolio or liquidity management. No other firm has this much experience in the US middle market direct lending space.” Legal 500 US, 2023

Its practitioners possess a very strong ability to solve complex problems and use previous experience and precedent to propose solutions." Chambers USA, 2023

Dechert always knows what the latest hot topics are that will be the focus of commercial negotiations and can provide views on how we might approach those issues.” Chambers UK, 2022

We trust the Dechert team with our most complex transactions. Their ability to bring in resources and expertise from other areas of the firm as needed during the course of a transaction is invaluable.” Legal 500 UK, 2023

Dechert has an experienced mid-market team that expertly handles complex transactions." Chambers UK, 2023

Dechert's responsiveness and availability are a huge part of why they are great to work with." Chambers USA, 2024, New York: Banking & Finance

The team has a keen sense of the business impacts of certain legal terms." Chambers USA, 2024, New York: Banking & Finance

The group is very aware of the latest market trends and does a great job extracting the best terms for clients." Chambers USA, 2024, New York: Banking & Finance

Dechert is the goliath of law firms in US middle market leveraged finance facilities to funds, separate accounts and BDCs. With their overwhelmingly dominant share of the market, they see the vast majority of deals. Not only are they excellent, intimately knowledgeable and responsive, but they also know the latest terms that borrowers and lenders are agreeing to, which is highly valuable in a negotiation.” The Legal 500 US, 2024, _Commercial Lending

The team has a strong command of the market given the volume of financings they do; they always bring a comprehensive perspective to the table." Chambers USA, 2023

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