Private Credit

Dedicated Private Credit Team

We have a dedicated team of private credit lawyers on the ground in key financial centers worldwide. Our lawyers advise on a broad range of leveraged loans, private debt products and structures, including secured and unsecured, senior, Term Loan B (TLB), mezzanine/second lien, subordinated, high-yield and payment-in-kind (PIK) finance deals.

Akin clients include leading distressed, special situations and private debt funds, private equity sponsors, institutional and ultra-high-net-worth investors, family offices, borrowers, and other market participants structuring novel debt, equity and hybrid investments. This gives us extensive visibility and insight into the state of the credit markets, including cutting-edge fund financing structures and tax strategies.

Private Credit Finance Representative Matters

• Represented Francisco Partners in numerous special situations and private credit transactions, including in a:
  • $250 million senior secured term loan facility to 8x8, Inc., a leading integrated cloud communications platform provider.
  • $225 million financing of Eventbrite (NYSE: EB), a U.S.-based event management and ticketing website, during the height of the COVID-19 pandemic. This investment helped to fund the execution of Eventbrite’s long-term growth strategy, strengthen its liquidity position and provide greater flexibility to manage through a range of recovery scenarios and the return to live events.
  • $150 million growth financing to Zocdoc, the U.S.’s leading digital healthcare marketplace
  • $145 million financing to iboss, the leader in cloud delivered network security. This financing was co-led by Francisco.
• Advised HPS Investment Partners in connection with a multi tranche first-in last-out term facility to Kobalt Music Group, one of the world’s largest music publishers. Kobalt’s portfolio includes a diverse range of artists, including Childish Gambino, Elvis Presley, Foo Fighters, Paul McCartney, Stevie Nicks and The Weeknd, among others.
• Represented Kennedy Lewis Investment Management in numerous special situations and private credit transactions, including in:
  • $175 million investment in advisory firm Sanctuary Wealth. The funding, structured as a convertible note, will be used to fuel Sanctuary Wealth’s M&A strategy and the organic growth of its partner firms, including advancing key priorities that will enhance the company's technology solutions and talent management initiatives.
  • $120 million total debt and equity financing provided to Rapid Micro Biosystems Inc. (RPID) and subsequent proposed acquisition of the company. RPID is a life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables.
• Represented Vista Credit Partners in numerous private credit transactions, including in:
  • $233 million capital growth investment in Rocket Lawyer. Rocket Lawyer and Vista will collaborate to scale the Rocket Legal Cloud platform to meet the strong and accelerating demand for the company’s natively digital tools of justice.
  • $400 million credit facility for Olive AI, a leading software as a service company in the healthcare industry.
  • $215 million credit facility for Updater, a leading software as a service company in the relocation industry.
  • $150 million senior secured notes and $150 million convertible notes issued by FLYR, a leading provider of management software tools for airlines, travel, and transportation.
  • $75 million credit facility for HouseCall Pro, a leading service management platform for home service businesses.
  • $40 million in incremental loans for Ojo, a leading software as a service company assisting homebuyers and sellers.
  • $30 million credit facility for AssureCare, a leading software as a service company in the healthcare industry.
  • $15 million upsize of its existing credit facility to Opengov Inc.
• Represented Oaktree Capital Management in connection with the combination of RumbleOn Inc., the U.S.’s largest retailer of powersports vehicles and first omnichannel customer experience in powersports, with RideNow. Funds managed by Oaktree Capital Management acted as sole lead arranger in a $400 million term loan and delayed draw term loan financing to RumbleOn Inc. in connection with the combination.