Covington has a highly sophisticated finance practice dedicated to helping companies obtain the financing they need to grow and operate their businesses. We regularly advise corporate borrowers, private equity funds, financial advisers, commercial banks, investment banks and other financial institutions in a wide range of transactions, including acquisition financings, debt capital markets offerings of all sorts, structured and project financings, derivative transactions and commercial bank lending transactions.
Our finance lawyers have substantial experience representing clients in a broad array of financing techniques and products, in the debt capital, bank, and structured finance markets. These include, among others, first lien, second lien, crossing lien, and unsecured bond and loan transactions, asset based financings, leveraged buy-outs, stapled financings, bridge financings, non-recourse and limited recourse project financings, mezzanine financings, recapitalizations, debtor-in-possession and exit financings, and restructurings. Covington's finance lawyers also have extensive experience in a wide range of derivative transactions, including debt, equity, and credit derivatives. We also have experience representing Treasury departments of finance companies in a wide range of financing, derivatives, and contractual matters. Our finance lawyers are particularly adept at handling complex transactions.
Representative Matters
- Covington serves as principal counsel to the National Football League for league and team financings, including league-wide credit facilities, team acquisition financings and stadium financings. Covington has particular expertise in the financing of sports-related enterprises at both the league and team level, as well as in the financing of stadiums and other sports facilities and the securitization of naming-rights and other sports-related revenue streams.
- The firm has acted as corporate finance counsel to The Goodyear Tire & Rubber Company in several billion dollars in domestic and European bond, credit and securitization financings since its representation of Goodyear in a 2003 restructuring of more than $3.0 billion of obligations.
- Covington has served as corporate and securities counsel to Pepco Holdings, Inc. and its subsidiaries for over 25 years, representing them in over $5.0 billion in debt securities issuances since 2002 alone. In addition, Covington has handled for this client a commercial paper program aggregating $1.0 billion, syndicated credit facilities aggregating $2.6 billion, a drawn loan for a subsidiary aggregating $100 million, and a bridge acquisition financing aggregating $1.0 billion.
- The firm recently represented Kerr-McGee Corporation in over $6 billion of commercial bank financings, including a senior secured multi-tranche credit facility and a senior unsecured revolving credit facility.
- Covington represented Northwestern University in connection with the sale of a portion of its worldwide royalty interest in Lyrica for $700 million, the largest monetization ever of a royalty stream for a pharmaceutical product, and Emory University in connection with its monetization of the royalty rights associated with Emtriva for $540 million, recognized by Investment Dealers’ Digest as the 2005 Healthcare Deal of the Year.
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