Covington has a highly sophisticated finance practice dedicated to helping companies obtain the financing they need to grow and operate their businesses. The firm regularly advises corporate borrowers, private equity funds, financial advisers, commercial banks, investment banks and other financial institutions in acquisition finance, project finance, derivative transactions and commercial bank finance transactions, and various other forms of transaction involving the use of credit.
Covington provides a full range of bank finance transactional and advisory services. Our finance lawyers frequently draw on the firm’s vast industry and regulatory experience in areas such as communications, energy, financial institutions, life sciences, sports, technology and transportation, as well as antitrust, bankruptcy, creditors’ rights, environmental regulation, ERISA, real estate and tax. By doing so, our finance lawyers assist clients in creatively structuring transactions to respond to and anticipate industry and regulatory concerns. Due to the breadth of our experience and our understanding of the issues faced by all participants, we have the ability to find innovative solutions to the complex problems that often arise in finance transactions. We are well known for handling multidisciplinary problems and needs efficiently and comprehensively.
Our finance lawyers work closely with the firm’s corporate, financial institution and private equity clients on structuring and executing transactions which tap the bank markets to finance acquisitions. Our finance lawyers also have substantial experience in representing credit providers, advisers, sponsors, joint venture projects and contractors participating in non-recourse and limited recourse project finance transactions in a variety of industries (including energy and sports), as well as issuers, sponsors, advisers, credit enhancers and investors participating in structured finance, securitization and monetization transactions.
Our finance lawyers have substantial experience in representing clients on a broad array of financing techniques and products. These include, among others, first lien, second lien and unsecured loans, asset-based financing, working capital credit facilities, letter of credit facilities, leveraged buy-outs, stapled financings, bridge financings, mezzanine financings, recapitalizations, debtor-in-possession and exit financings, and restructurings. 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 financing and stadium financing. 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 since its representation of Goodyear in a 2003 restructuring of over $3 billion of credit agreement obligations that included U.S. and European secured and asset-based financings.
- Covington 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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