Clients rely on our Finance Group to help them navigate the business and legal complexities of novel and multi-dimensional debt financing transactions. Our versatile finance practitioners work closely with our mergers and acquisitions, securities, tax, real estate and bankruptcy lawyers to provide seamless advice and innovative solutions that address our clients' debt financing needs related to all types of transactions and capital structures.
Paul, Weiss advised Revlon, Inc. in obtaining a $200 million senior secured term loan from funds managed by global alternative asset manager Ares Management Corporation. The security for Ares included a pari passu lien over the collateral securing Revlon’s existing credit facilities. In addition, Revlon contributed its intellectual property used in the American Crew business to a bankruptcy-remote special purpose vehicle, and granted a first-priority lien over this intellectual property to Ares as a separate credit support. Revlon will use the net proceeds for general corporate purposes.
The Paul, Weiss team included corporate partners Lawrence Wee, David Carmona, Thomas de la Bastide and Robert Zochowski; tax counsel Todd Hatcher; and intellectual property partner Claudine Meredith-Goujon.
Events & Publications
- Oct 27, 2020
The International Swaps and Derivatives Association, Inc. (ISDA) recently launched the IBOR Fallbacks Supplement to the 2006 ISDA Definitions and the ISDA 2020 IBOR Fallbacks Protocol to address the expected cessation of various…
- Sep 22, 2020
The Treasury Department recently released final regulations that fundamentally change the mandatory filing requirement related to a foreign person acquiring control over, or making a covered investment in, a U.S. business involved…
- Aug 20, 2020
Deputy Chair Valerie Radwaner was featured in an NYU Law News article, “Valerie Radwaner ’87 Leads Through Collaboration,” posted on August 18 on the New York University School of Law website.
- Aug 18, 2020
- Firm News
Charles Pesant has joined the firm as a partner in the Corporate Department and the Securitization Practice Group.
- Aug 10, 2020
On October 16, 2020, central clearing houses (“CCPs”) are set to transition their discounting methodology and rates used to pay interest on cash margin for USD cleared swaps from Fed Funds to SOFR.
- Jul 02, 2020
Corporate partner Manuel Frey and associate Anastasia Peterson co-authored the “United States” chapter of the International Comparative Legal Guide (ICLG) to: Derivatives 2020, published by the Global Legal Group Ltd., London.
- Jun 17, 2020
Corporate partner Eric Goodison recorded a video for Thomson Reuters Practical Law, “Covenant-Lite Loans,” which highlighted the importance of covenant-lite loans in the leveraged loan market and the risk of cross-default.
- Jun 09, 2020
On June 8, the Fed issued revised term sheets governing the Main Street New Loan Facility, the Main Street Expanded Loan Facility and the Main Street Priority Loan Facility, together with an updated set of frequently asked questions.…
- Jun 04, 2020
Congress recently passed the “Paycheck Protection Program Flexibility Act.” The act extends the forgiveness period and repayment deferment period for loans borrowed under the Small Business Administration’s Paycheck Protection Program …
- Jun 04, 2020
On May 20, 2020, the Treasury Department issued proposed regulations to fundamentally change the mandatory filing requirement related to a foreign person acquiring control over, or making a covered investment in, a U.S. business…
UPDATE: Federal Reserve Issues Updated Guidance and Publishes Legal Forms and Agreements for Main Street Lending Facilities
- May 29, 2020
The Federal Reserve has issued a number of legal forms and agreements, with accompanying instructions, that must be submitted by eligible borrowers and lenders participating in the Main Street New Loan Facility, Main Street Expanded…
- May 26, 2020
Finance partner Eric Goodison and practice management counsel Margot Wagner co-authored an article, “Market Trends 2019/20: M&A Financing,” that appeared in Lexis Practice Advisor.
UPDATE: Federal Reserve Issues Revised Term Sheets and Guidance for Main Street Lending Facilities, Announces New Main Street Priority Lending Facility
- May 01, 2020
On April 30, the Fed issued revised term sheets for the two previously announced Main Street lending facilities, as well as a term sheet for the new Main Street Priority Loan Facility. The Fed expanded certain criteria for eligible…
LIBOR Cessation: ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR
- Apr 20, 2020
On April 15, ISDA announced preliminary results of its second market consultation regarding the implementation of pre-cessation fallbacks for derivatives contracts referencing LIBOR. ISDA found that “a significant majority of…
Federal Reserve Announces Seven New or Updated Lending Facilities, Including Main Street Lending Facilities
- Apr 10, 2020
The Federal Reserve announced seven lending facilities that will provide up to $2.3 trillion in loans to support the economy. We summarize the new facilities and updates to the terms of the previously announced facilities.
- Apr 09, 2020
On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”), a working group convened to help prepare for the cessation of the U.S. dollar London Interbank Offered Rate (USD LIBOR), announced that it had agreed on a…
- Mar 29, 2020
Notwithstanding COVID-19-related market volatility and associated challenges faced by market participants, UK regulators have affirmed that the timetable for LIBOR’s anticipated cessation at the end of calendar year 2021 currently…
- Mar 24, 2020
On March 4, 2020, the Treasury Department issued proposed regulations implementing the new authority under the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) for the interagency Committee on Foreign Investment…
Coronavirus Pandemic Portends Heightened Risk of Financial Distress, Potential Changes in Restructuring Market
- Mar 17, 2020
As the coronavirus pandemic continues to shake global markets, more companies will likely need to restructure to address liquidity constraints, right-size their balance sheets, or implement operational restructurings. Concurrently,…
- Mar 13, 2020
As market reaction to the coronavirus outbreak leads to declining trading prices for bank loans and notes, many debt issuers and their private equity sponsors are considering repurchasing their outstanding debt to capture discount. We …
- Mar 02, 2020
On March 3, 2020, the U.S. Supreme Court will hear oral argument to determine the constitutionality of the Consumer Financial Protection Bureau. Created by Congress as part of the Dodd-Frank Act, the CFPB is a multi-member,…
Final CFIUS Regulations Implementing the Foreign Investment Risk Review Modernization Act of 2018 Are Now in Effect
- Feb 27, 2020
On February 13, 2020, final regulations implementing the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) (which became law on August 13, 2018) went into effect.
- Jan 22, 2020
It is widely expected that within two years, by the end of 2021, the London Interbank Offered Rate (“LIBOR”) will no longer be published by LIBOR panel banks. Recognizing the potential impact LIBOR’s cessation could have on lenders,…
- Dec 06, 2019
- Firm News
Jonathan Ashtor, Rachael Coffey, Alexia Korberg, Caith Kushner, Kyle Seifried, Brette Tannenbaum and Austin Witt have been elected to the partnership, effective Jan. 1, 2020.
CFIUS Issues Proposed Regulations for Implementation of the Foreign Investment Risk Review Modernization Act of 2018 – Expanded Jurisdiction and New Mandatory Filings
- Oct 03, 2019
On September 17, 2019, the Treasury Department released two sets of proposed regulations designed to implement the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) (which became law on August 13, 2018), along with a …
- Aug 28, 2019
Finance partner Eric Goodison and practice management counsel Margot Wagner co-authored an article for Practical Law, “Covenant-Lite Loans: Overview,” which discusses this type of financing’s features and examines the benefits and…
- Jul 16, 2019
Finance partner Eric Goodison and practice management counsel Margot Wagner co-authored an article, “Market Trends 2018/19: M&A Financing”, that appeared in Lexis Practice Advisor.
- May 29, 2019
On May 22, 2019, the Internal Revenue Service (the “IRS”) and the Department of the Treasury (“Treasury”) released final regulations (the “Final Regulations”) under Section 956 of the U.S. Internal Revenue Code of 1986, as amended…
- May 15, 2019
Paul, Weiss hosted its Annual Private Equity General Counsel CLE Program.
- Mar 15, 2019
Article 9 of Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on over-the-counter derivatives (“OTC Derivatives”), central counterparties and trade repositories (as amended, “EMIR”) requires…
- Dec 07, 2018
- Firm News
Paul, Weiss is pleased to announce that the following attorneys have been elected to the partnership, effective January 1, 2019: Justin Anderson, Robert Britton, David Carmona, Harris Fischman, Christopher D. Frey, Matthew B.…
- Nov 27, 2018
U.S. regulations imposing stay requirements on the terms of swaps, repurchase agreements and other qualified financial contracts of globally systemically important banks (GSIBs) take effect on January 1, 2019 in support of a policy…
- Nov 01, 2018
On October 31, 2018, the Internal Revenue Service (“IRS”) and the Department of the Treasury (“Treasury”) released proposed regulations (the “Proposed Regulations”) under Section 956 of the U.S. Internal Revenue Code of 1986, as…
CFIUS Adopts Pilot Program that Imposes Mandatory Filing Requirement for Foreign Acquisitions and Investments Involving Critical Technology in Certain Industry Sectors
- Oct 26, 2018
On October 10, 2018, the Treasury Department announced that the interagency Committee on Foreign Investment in the United States (“CFIUS”) had used its new authority under the Foreign Investment Risk Review Modernization Act of 2018…
- Sep 25, 2018
Finance partner Jordan Yarett contributed an article, “Structured Finance, Securitization and Derivatives,” to Lexis Practice Advisor.
- Sep 15, 2018
Ten years after the collapse of Lehman Brothers, market participants and other global companies operate in a markedly changed regulatory enforcement and compliance landscape. This memorandum discusses the legal and business…
- Aug 13, 2018
President Trump today signed the John S. McCain National Defense Authorization Act for Fiscal Year 2019 (“FY 2019 NDAA”) (H.R. 5515).
- Jul 19, 2018
Corporate partner Eric Goodison and practice management counsel Margot Wagner published an overview of covenant-lite loans on the Thomson Reuters Practical Law website.
President Trump Decides Not to Impose New Foreign Investment Restrictions against China; Opts Instead to Support CFIUS Reform Legislation in Congress
- Jun 29, 2018
As an outgrowth of the Section 301 investigation that was conducted by the Office of the U.S. Trade Representative concerning China’s laws, policies, practices and actions related to technology transfer, intellectual property and…
- Apr 25, 2018
Finance partner Eric Goodison authored an article titled “Market Trends 2017/18: M&A Financing” for Lexis Practice Advisor.
- Jan 01, 2018
Deputy chair Valerie Radwaner was featured in a Q&A in LEADERS magazine’s latest issue.
- Dec 13, 2017
Corporate counsel Ryan McNaughton discussed esoteric asset securitization at the Practising Law Institute’s “New Developments in Securitization” seminar on December 13 in New York City.
- Aug 08, 2017
Recently, the International Swaps and Derivatives Association published the ISDA 2017 OTC Equity Derivatives T+2 Settlement Cycle Protocol, the newest installment of ISDA’s mechanism aimed at facilitating the multilateral and…
President Trump Signs Sanctions Legislation Targeting Russia, North Korea and Iran, Creating New Compliance Risks for U.S. and Non-U.S. Companies
- Aug 03, 2017
President Trump recently signed into law H.R. 3364, the “Countering America’s Adversaries Through Sanctions Act.” The law significantly expands U.S. sanctions targeting Russia and restricts President Trump’s ability to lift them…
OFAC Breaks New Ground By Penalizing Non-U.S. Companies for Making U.S. Dollar Payments Involving a Sanctioned Country
- Jul 28, 2017
On July 27, 2017, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $12 million settlement with two Singapore-based companies over their use of U.S. dollar payments in connection with providing…
- Jul 19, 2017
In a sweeping new rule published today in the Federal Register, the CFPB barred providers of consumer financial products and services from entering into or enforcing contracts that include arbitration clauses precluding class action…
Client Alert: Second Circuit Holds that Trust Indenture Act 316(b) Prohibits Only Non-Consensual Amendments to Core Payment Terms of Bond Indentures
- Jan 18, 2017
On January 17, 2017, the Court of Appeals for the Second Circuit issued its long-anticipated opinion in Marblegate Asset Management, LLC v. Education Management Finance Corp., ruling that Section 316(b) of the Trust Indenture…
- Dec 14, 2016
Corporate counsel Ryan McNaughton will discuss esoteric asset securitization at the Practising Law Institute's "New Developments in Securitization" seminar on December 14 in New York City.
- Dec 01, 2016
The Consumer Financial Protection Bureau recently published a bulletin outlining a demanding compliance standard for companies that use incentive programs as part of employees' compensation arrangements. In light of the bulletin and…
- Oct 31, 2016
Firm chair Brad Karp and litigation partners Roberto Gonzalez, Susanna Buergel, Jane O'Brien and Elizabeth Sacksteder co-authored an article entitled, "D.C. Circuit Finds Single-Director Structure of the CFPB Unconstitutional."
- Sep 15, 2016
The International Swaps and Derivatives Association, Inc. recently published the 2016 Variation Margin Protocol to assist market participants in adapting to a new margin regime for uncleared derivatives that will come into effect …
Client Alert: United States Recommends That the Supreme Court Deny Review in Midland Funding v. Madden
- May 26, 2016
In its decision last year in Madden v. Midland Funding, LLC, the Second Circuit held that, after a national bank sells its loans to a third party, the National Bank Act no longer preempts state usury laws that would otherwise…
- May 09, 2016
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) released a 377-page notice of proposed rulemaking that would prohibit, going forward, banks and a variety of other companies from including in contracts arbitration…
- Apr 27, 2016
On April 21, 2016, the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing…
Client Alert: Treasury Issues Inversion Regulations, Proposes Sweeping Changes to Debt/Equity Classification
- Apr 11, 2016
On April 4, 2016, as the most recent step in its ongoing battle against inversion transactions, the U.S. Department of Treasury issued both new temporary and proposed regulations addressing certain inversion and post-inversion…
- Mar 07, 2016
Corporate partner Jordan Yarett authored an article in The Journal of Structured Finance's winter 2016 issue.
- Feb 28, 2016
Corporate partner Bob Zochowski spoke on a panel at the ABS Vegas 2016, the largest capital markets conference in the world.
- Feb 18, 2016
Volatility in financing markets is having a major impact on private equity transactions.
- Feb 01, 2016
Corporate partner Eric Goodison contributed to Practical Law Journal's year in review.
Awards & Recognition
- Oct 04, 2020
Partners Matthew Abbott, Scott Barshay, Susanna Buergel, Karen Dunn, Harris Freidus, Marco Masotti and Jordan Yarett have been honored with Law360 2020 MVP Awards, which recognize an elite slate of attorneys who have distinguished…
- Feb 26, 2019
Firm chairman Brad Karp, corporate partner Mark Bergman and litigation partners Susanna Buergel, Roberto Gonzalez, Jane O’Brien and Elizabeth Sacksteder have been selected to receive the Law360 Distinguished Writing Award at the 2019…
- Aug 15, 2018
Corporate partner and Deputy Chair Valerie Radwaner was recognized in the Law Firm Transformative Leadership category of Corporate Counsel’s Women in Law Awards.
- May 07, 2018
Paul, Weiss was recognized in two categories at the M&A Advisor’s 10th annual International M&A Awards.
- Dec 13, 2017
Paul, Weiss was commended in the “Accessing New Markets and Capital” category of the Financial Times’ annual feature recognizing the year’s most innovative North American law firms and lawyers.
- Dec 13, 2017
Litigation partner Nick Groombridge, corporate partner Scott Barshay and Paul, Weiss were recognized by the Financial Times in an annual feature recognizing this year’s most innovative North American law firms and lawyers.
- Nov 29, 2016
The Asian Lawyer honored Paul, Weiss with an Emerging Markets Award in the "M&A Deal of the Year: Other Sectors" category for our role in Yokohama's $1.2 billion acquisition of Alliance Tire Group.
- Oct 27, 2016
Paul, Weiss has been shortlisted by The Asian Lawyer in two categories in its 2016 Emerging Markets Awards.