Jenner & Block

Elizabeth A. Davidson counsels major public and private companies, private equity groups and commercial lending institutions on debt financing matters.  Ms. Davidson is a co-chair of the firm’s Opinion Letter Committee and a member of the firm’s Associate Development and Evaluation Committee.

Ms. Davidson has been responsible for financings in connection with leveraged buyouts, working capital financings/refinancing and restructurings.  She concentrates her practice on leveraged finance transactions, including senior, second lien and mezzanine financings; workout and debt restructurings including debtor-in-possession and exit financings; and 144A senior debt offerings.  Ms. Davidson has extensive experience with cross-border transactions, asset-based lending and complex intercreditor, subordination and collateral matters.

Ms. Davidson’s recent engagements have included representation of:

Borrower Representation:

  • General Dynamics Corporation in several $1 billion unsecured, multicurrency credit facilities
  • KPS Capital Partners LP through a series of six secured acquisition financings which formed its portfolio investment in Hephaestus Holdings, LLC and its subsidiaries, leading to the structuring and negotiation of $475 million of secured credit facilities consisting of a $100 million asset-based revolving facility and a $375 million term loan with intercreditor arrangements
  • KPS Capital Partners LP through a series of three secured acquisition financings which formed its portfolio investment in North American Breweries Holdings, Inc., leading to the structuring and negotiation of $145 million senior secured credit facilities consisting of a $25 million revolving facility and a $120 million term loan
  • Heartland Payment Systems in a $350 million senior secured credit facility
  • Viskase Companies, Inc., a portfolio investment of Icahn Enterprises, in $215 million initial and tack-on secured high yield notes and a $25 million asset-based revolving credit facility
  • John B. Sanfilippo & Son in $162.5 million of senior secured credit facilities consisting of a $117 million asset-based revolving credit facility and a $45 million mortgage facility

Lender Representation:

  • Guggenheim Corporate Funding as agent in structuring, documenting, negotiating and closing an $80 million secured credit facility and first lien term facilities ranging from $75 million to $80 million including intercreditor agreements with first lien revolving credit facilities
  • Private equity debt fund as majority lender in a second lien term facility commitment to fund a public company acquisition on strategic aspects of bid process and primary business, financial and legal issues in loan documentation and complex intercreditor relationship among revolving first lien, term first lien and term second lien credit facilities
  • National banking institution as agent in structuring, documenting, negotiating and closing numerous asset-based credit facilities ranging from $15 million to $200 million and senior secured credit facilities ranging from $25 million to $85 million
  • Global finance company as agent in forbearance negotiations with distressed borrower and in structuring, documenting, negotiating and closing a $35 million DIP credit facility and a $45 million second lien term exit facility
  • Bixby Bridge Fund as sole lender in structuring, documenting, negotiating and closing senior subordinated, unsecured term credit facilities ranging from $10 million to $20 million
  • Private equity fund in distressed debt purchase and subsequent $8.5 million DIP credit facility in connection with a loan-to-own transaction

Prior to attending law school, Ms. Davidson spent six years as a commercial loan and work-out lender with Boulevard Bank, N.A. in Chicago and then Bank One in Lexington, Kentucky.