Experience

Commercial Lending - Illustrative Borrower Representations

The following is a list of illustrative borrower transactions handled by attorneys in Verrill's Commercial Lending Group:

  • Representation of a logistics company in a $110 million senior syndicated secured loan facility and a related $25 million senior secured subordinated term loan facility in connection with a refinancing and a multi-national acquisition
  • Representation of an international communications company in a $75 million syndicated revolving credit facility which includes a multicurrency component for the Borrower's foreign subsidiaries in Europe and Asia
  • Representation of a chemical manufacturing business in a loan facility that includes a $1.8 million line of credit and $3.9 million in term loans
  • Representation of the borrower in connection with several different low-income housing projects in states across the country
  • Representation of franchisee with multiple locations in connection with $3.35 million acquisition loan
  • Representation of a Canadian acquirer of a Maine-based manufacturing facility in a term loan and a line of credit from a local bank.
  • Representation of a physicians group in the refinancing of their medical office building.
  • Representation of a lumber mill in obtaining acquisition financing and an operating line of credit with a governmental lender.
  • Representation of a multistate medical services business in obtaining working capital and equipment financing from a California-based lender.
  • Representation of a Massachusetts manufacturer in the financing of the acquisition of a new manufacturing facility and related operating line of credit.
  • Representation of a home health agency franchisee in obtaining multi-million dollar acquisition financing and operating line of credit from a commercial bank.
  • Representation of private equity group's portfolio company borrowers in negotiation of covenant modifications with commercial lenders to accommodate cash flow and other needs.
  • Representation of a Massachusetts manufacturer in the refinancing of credit facilities with commercial banks and subordinated lenders for purposes of redeeming a mezzanine financier's shareholding.

Commercial Lending - Illustrative Lender Representations

The following is a list of illustrative lender transactions handled by attorneys in Verrill's Commercial Lending Group:

  • Representation of lender, administrative agent and swingline lender in connection with an agented secured loan facility aggregating $90 million that includes a revolving loan facility, a letter of credit facility, a swingline loan facility and a term loan, for a petroleum products distribution business
  • $44 million mortgage loan to finance the acquisition of an office complex in Portland, Maine
  • Representation of lender and administrative agent in a secured agented loan facility aggregating $16 million, to finance the acquisition of specialized tanker trucks by a natural gas company
  • $16.5 million construction and term mortgage loan to finance the conversion of a building into an office building
  • $24 million mortgage loan to refinance a commercial building in New York City
  • $15.1 million mortgage loan to acquire a commercial building in Boston
  • $17.4 million construction and term mortgage loan to finance the acquisition and renovation of a commercial building in New York City
  • $24.5 million mortgage loan to finance the acquisition of a commercial building in Somerville, Massachusetts
  • $10.5 million mortgage loan to refinance a hotel located in Durham, North Carolina
  • $12 million mortgage loan to finance the acquisition of two medical office buildings located in Maine
  • $5.6 million construction mortgage loan to a non-profit corporation to finance the construction of a new residential care facility in Maine
  • $20 million unsecured reducing revolving loan facility for a multi-national educational business
  • Secured loan facility aggregating $2.7 million that includes a revolving loan and a mortgage term loan, for a medical device manufacturing business
  • Secured loan facility aggregating $10 million that includes a working capital revolver, an equipment revolver and a term loan, including a letter of credit facility, for a group of food processing businesses
  • Secured loan facility aggregating $17 million that includes a line of credit and a term loan, for a food distribution business
  • Secured loan facility aggregating $24 million that includes a line of credit and a term loan, for a multi-state manufacturing business
  • $25,000,000 secured line of credit for a multi-state industrial and mechanical construction business
  • Secured loan facility aggregating $10.3 million that includes term loans, mortgage loans and a revolving loan facility with a letter of credit facility, for a manufacturing business with locations in two states
  • Secured loan facility aggregating $5 million that includes a line of credit and a term loan, for a communications business
  • Secured loan facility aggregating $11.8 million that includes multiple lines of credit, revolving lines that convert to term loans, and term loans, for a group of equipment repair and restoration businesses
  • Secured loan facility aggregating $28.2 million that includes a line of credit that is seasonally adjusted, a letter of credit facility, term loans and an equipment revolver, for a regional product distribution business
  • Secured loan facility aggregating $6.875 million that includes multiple term loans, a construction loan (converting to term) and multiple lines of credit (for equipment acquisition and for working capital), for a group of nursing homes
  • Secured loan facility aggregating $9.2 million that includes lines of credit and term loans, for a group of companies in the natural resources business
  • Secured loan facility aggregating $8.05 million that includes term loans, a working capital line of credit and an equipment acquisition line of credit, for a machine manufacturing business
  • Secured loan facility aggregating $4.05 million that includes a term loan and a line of credit, for a local utility business
  • $10,000,000 line of credit facility for a multi-national paper making company
  • Representation of letter of credit bank in connection with the issuance of $6,525,000 in aggregate amount of Revenue Obligation Securities issued in connection with an expansion of an existing manufacturing facility
  • Secured loan facility aggregating $30 million that includes an asset-based working capital line of credit and an equipment line of credit, for a distributor
  • Representation of letter of credit bank in connection with the issuance by the Finance Authority of Maine of $5,065,000 in aggregate amount of Revenue Obligation Securities in connection with the construction of a new publishing facility
  • $4,500,000.00 mortgage loan for the acquisition of an office building in New Hampshire
  • Secured loan facility aggregating $5 million that includes a line of credit, term loan and equipment financing facility, for a tool and die manufacturing company.
  • Representation of lender and administrative agent in connection with several different multi-lender line of credit loans (secured and unsecured) provided to publicly held Real Estate Investment Trusts
  • Representation of lender in connection with several so-called "mezzanine loans" secured by pledges of the limited liability company membership interests in the single-purpose entities that own real estate, including the negotiation of intercreditor agreements between the first mortgage lender and the mezzanine lender
  • Continuing representation of the Maine Health and Higher Educational Facilities Authority (MHHEFA), an instrumentality of the state which issues bonds for the construction and renovation of hospitals, nursing homes and higher education facilities

HeadInvest: Management Buyout

Androscoggin Savings Bank bought HeadInvest, an investment advisory firm, and held it as a wholly-owned subsidiary for many years. It decided that the business was not a good fit for it and agreed to sell the business to the then-existing management. We advised the management group on establishing an acquisition vehicle, negotiating a new lease for office space and in negotiating and closing the deal (including seller financing).

Multi-Disciplinary Representation in Mill Purchase and Regulatory Compliance

We represented the buyer in the acquisition of Domtar Maine LLC, which owns and operates the pulp mill in Baileyville, Maine (also known as Woodland), and continue to represent the mill in regulatory compliance matters. The mill produces about 395,000 metric tons of pulp a year, and is Washington County's largest employer with about 300 employees. It also has significant hydroelectric generating assets, with surplus power being sold to New Brunswick Power.

Verrill acted as co-counsel with O'Melveny & Myers.

Our representation included extensive due diligence and contract negotiation, and we relied upon our extensive experience in real estate, pension and benefits, labor and employment (several unions are involved with the mill), energy (including FERC), environmental law, commercial finance, tax and intellectual property.

Firm Highlights

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