Firm’s Private Credit Group Continues to Help Shape the Asset Class
New York, November 3, 2022 – Proskauer, a leading international law firm, is pleased to share that Private Debt Investor has recognized three private credit deals the Firm advised on as some of the asset class’ most ground-breaking transactions over the past few years. The deals are three of only 10 transactions chosen by Private Debt Investor to celebrate private credit’s most transformative and industry-defining deals.
“Over the past few years, the private credit industry has grown dramatically, and has evolved into new sectors and structures, and these 10 deals exemplify this evolution,” said Stephen A. Boyko, co-chair of Proskauer’s Private Credit Group. “As the industry continues to expand, we look forward to advising direct lenders and borrowers on their industry-transforming transactions.”
Private Debt Investor chose the following deals, in which Proskauer advised Ares Management, MGG Investment Group and Stamps.com, respectively, as three of the most transformative transactions over the last several years:
- Ares’ unitranche financing of the Ardonagh Group in 2020, the largest ever financing of its kind at the time. The loan, a £1.875 billion commitment, was noted for both its size and the complexity of structuring and documentation.
- MGG Investment Group’s ESG-backed investment in Sunpro Solar and subsequent sale of the company to ADT Inc. (NYSE: ADT) in 2020. The transaction was completed on compressed timeline and ultimately valued at $825 million.
- Blackstone Credit’s $2.6 billion senior secured first-lien term loan for Stamps.com in 2021 to support its acquisition by private equity firm Thoma Bravo. Proskauer represented Stamps.com in its sale for approximately $6.6 billion.
Alex Griffith, partner in the firm’s Private Credit Group, noted: “A hallmark of private credit is deep, long-term relationships between borrower and lender, and that’s also what we offer clients as their trusted advisor. We are proud to have worked alongside our clients on each of these transactions to help them navigate challenges, successfully close deals and push the industry a bit further.”
For a full listing of Private Debt Investor’s Notable Deals, click here: Defining Deals: Transforming Private Debt
We are 800+ lawyers serving clients from 12 offices located in the leading financial and business centers in the Americas, Europe and Asia. The world’s leading organizations, companies and corporations choose us to be their representatives in their most critical situations. But more, they consider Proskauer a strategic partner to drive their business forward. We work with asset managers, major sports leagues, Fortune 500 companies, entertainment industry legends and other industry-redefining companies.
The Firm’s Private Credit Group is made up of cross-disciplinary finance and restructuring experts exclusively dedicated to private credit investors. It includes over 90 finance and restructuring lawyers focused on representing credit funds, business development companies, and other direct lending funds in the restructuring of “clubbed” and syndicated credits, preferred equity, special situations and alternative investments. Over the past five years, Proskauer has been involved in more than 1,000 deals for over 75 private credit clients across the United States and Europe with an aggregate transaction value exceeding $300 billion.