LeeFederman

Partner

London + 44.20.7039.5928

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Lee Federman has represented financial institutions, direct lenders, hedge funds, financial sponsors, and corporates in complex event-driven financing transactions for more than 15 years. Lee has worked in several key financial jurisdictions (London, New York, Hong Kong, and Amsterdam) across a broad range of industries, including energy, health care, infrastructure, leisure, and telecommunications. His domestic and cross-border experience includes advising on leveraged and other structured financings, including infrastructure financings, bank/bond financings, margin loans, fund level financings, and subordinated debt financings. He also has substantial crisis management experience, helping clients navigate through financial distress and debt restructurings.

Lee's recent transactions include advising Macquarie European Infrastructure Fund 6 SCSp on the financing of its acquisition of Beauparc Utilities, Bally's Corporation on the acquisition financing of its $2.7 billion take private of Gamesys plc, STERIS plc on its $2.55 billion financing package for the acquisition of Cantel Medical, Astorg on the financing of its investment in ARMOR-IIMAK, Global City Theatres BV on the restructuring of its investment in Cineworld Group plc, Atlas Arteria on its €115 million debt refinancing of the Warnow Tunnel in Germany, and a leading direct lender on a €750 million secured credit facility to a global payment services provider.

Lee worked with Credit Suisse and Lehman Brothers International (Europe) on secondment assignments. He regularly holds training programs and is a presenter at conferences for the Loan Market Association.

Experience

  • Avient acquires DSM Protective Materials businessJones Day advised Avient Corporation (NYSE: AVNT), a leading provider of specialized and sustainable material solutions, in the $1.485 billion acquisition and financing of Koninklijke DSM N.V.’s protective materials business, a leading specialty engineered materials business built around the invention of Dyneema®, the world’s strongest fiber.
  • Macquarie agrees to acquire Suez Recycling and Recovery UK Group for approximately €2.4 billionJones Day is advising Macquarie Asset Management in the execution of a put option agreement to acquire 100% of the shares of Suez Recycling and Recovery UK Group, for approximately €2.4 billion.
  • Alternative investment management firm participates in €590 million growth equity funding round of global fintech payments platformJones Day advised an alternative investment management firm in connection with participation in a €590 million growth equity funding round of a global fintech payments platform.
  • Orange and Masmovil to combine in €18.6 billion mergerJones Day is advising Orange, S.A. ("Orange"), one of the world's leading telecommunications operators, on the combination of their telecom business in Spain with Masmovil, one of the leading telecommunications operators in Spain, for an enterprise value of €18.6 billion (€7.8 billion for Orange Spain and €10.9 billion for Masmovil).
  • Permira Credit refinances Sportscape GroupJones Day advised Permira Credit, as unitranche lender, in connection with the refinancing of the newly created European online sporting goods retailer, Sportscape Group.
  • Sun Communities Inc. acquires Park Leisure 2000 Ltd.Jones Day advised Sun Communities, Inc. in the £186 million acquisition of Park Leisure 2000 Ltd. from Midlothian Capital Partners.
  • FLEETCOR acquires Global Reach GroupJones Day is advising FLEETCOR Technologies, Inc. in the acquisition of Global Reach Group, a UK-based cross-border payments provider.
  • Macquarie Asset Management acquires 50% shareholding in Island Green PowerJones Day advised Macquarie Asset Management ("MAM"), via Macquarie Green Investment Group Renewable Energy Fund 2 ("MGREF2"), in its acquisition of 50% of the shares in Island Green Power Limited, a UK-based renewable energy developer focused primarily on the development of utility-scale solar plants.
  • Armor sells stake in ARMOR-IIMAK to AstorgJones Day advised EN5, controlling shareholders of the Armor group, on the management buyout of Armor Iimak group and the simultaneous 40% investment by Astorg Midcap in the Armor Iimak group.
  • Direct lender provides $100 million term loan facility to designer and developer of enterprise softwareJones Day advised a direct lender, as administrative agent, collateral agent, and sole lead arranger, in connection with a $80 million senior secured term loan facility and $20 million senior secured delayed draw term loan facility provided to a designer and developer of enterprise software, the proceeds of which were used, in part, to finance the acquisition of a data technology provider.
  • Sun Communities acquires Park Holidays UK for $1.3 billionJones Day advised Sun Communities, Inc. on its acquisition of Park Holidays UK for approximately $1.3 billion.
  • Eastman sells adhesives resins business product lines for $1 billionJones Day advised Eastman Chemical Company in the $1 billion sale of its adhesives resins assets and business to Synthomer plc.
  • OakNorth finances management buyout of Mr Fothergill's SeedsJones Day advised OakNorth Bank plc in connection with its financing of the management buyout of UK-based horticulture company, Mr Fothergill's Seeds by Harwood Private Capital.
  • Brasserie Blanc refinances existing facilitiesJones Day advised OakNorth Bank plc in connection with the refinancing of the Brasserie Blanc restaurant group.
  • Arsenal Capital Partners' portfolio company Fenzi Holdings acquires Advanced Glass Technologies business of Johnson Matthey PLCJones Day represented Arsenal Capital Partners' portfolio company, Fenzi Holdings SPV S.p.A., in the acquisition and financing of the Advanced Glass Technologies business of Johnson Matthey PLC, which manufactures advanced glass enamels, precious metal pastes and conductive inks for use in automotive glass and other industry applications.
  • BBVA provides €54 million acquisition financing to group specialized in sector of connection and control of fluids and kitchen and bathroom taps in both residential and non-residential areas and civil worksJones Day provided legal advice to Banco Bilbao Vizcaya Argentaria, S.A. in the €54 million acquisition financing of 100% of the share capital of Standard Hidráulica, S.A.U.; Hidrogas Canalizaciones, S.A.U.; Hidrostandard del Mediterráneo, S.L.U.; STH Westco Holdings Ltd.; STH Westco Limited; STH Hidraulica Ellas Single Member, S.A.; and Standard Hidraulica Southern Africa Plumbing and Heating Equipment (Pty) Ltd., a group specialized in the sector of the connection and control of fluids and kitchen and bathroom taps in both residential and non-residential areas and civil works, by IEE21 Europe, S.L.U.,a newly created Spanish company sponsored by H.I.G. European Capital Partners 3 Fund, LLC.
  • Ensign-Bickford Industries acquires Cawood Scientific LimitedJones Day advised Ensign-Bickford Industries, Inc. on its acquisition of Cawood Scientific Limited (Cawood).
  • Cascades sells controlling interest in Reno De Medici to ApolloJones Day represented Cascades Inc. (TSX: CAS) in the sale of its 57.6% interest in dual-listed Reno De Medici S.p.A., a recycled cartonboard manufacturer listed on the Italian stock exchange (BIT: RM) and on the Madrid stock exchange (BME: RDM) with a market cap in excess of €500 million, to an affiliate of funds managed by Apollo Global Management, Inc. (NYSE: APO) for an all-cash purchase price of €1.45 per share, corresponding to an overall consideration of €315.3 million.
  • Bally's acquires Gamesys for $2.7 billionJones Day advised Bally's Corporation in connection with the $2.7 billion acquisition and financing of Gamesys Ltd., an LSE-listed online gaming company.
  • Direct lenders provide €250 million secured facility for acquisition of shares in global technology businessJones Day advised a direct lender in connection with a €250 million secured term loan facility to corporate purchaser of shares in leading global technology business.
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    February 2021 External Publications

    Extracting value from leveraged businesses: the case of McLaren and its bondholders, Corporate Rescue and Insolvency

    February 2021 External Publications

    Jumping the line: priming restructuring transactions during the COVID-19 crisis, Butterworths Journal of International Banking and Financial Law

    December 2020 Commentary

    European Government Support Schemes: Current State of Play

    November 2020 External Publications

    Unitranche Financing: An Introduction, LexisNexis PSL.

    October 2020 White Paper

    Extracting Value from Leveraged Businesses: The Case of McLaren and its Bondholders

    June 2020 White Paper

    Financial Government Support Measures Related to COVID-19 for European Corporates

    January 2020 Reprint

    Stretching Leverage: Holdco PIK Financing Instruments

    March 2019 Reprint

    Easier said than done: The failure of the European Central Bank's Guidance on Leveraged Transactions, Butterworths Journal of International Banking and Finance Law

    February 2019 Reprint

    Market Flex, LexisNexis PSL

    Additional Publications

    Publications Prior to Jones Day

    May 2018
    Permitted acquisitions: how much flexibility can borrowers expect?
    Butterworths Journal of International Banking and Financial Law

    March 2018
    Private Debt: Brexit Effect on UK loan market
    International Financial Law Review

    Speaking Engagements

    Speaking Engagements Prior to Jones Day

    May 2018
    Leverage Finance:  European Market Update, London

    April 2018
    LMA Loan Market Hot Topics, Lagos

    October 2017
    Closing the Deal, Johannesburg

    May 2017
    Recent Trends in Leveraged Finance, London

    November 2015
    Structuring Cross Border Financings, Toronto

    October 2015
    Unitranche Facilities and Other Trends in Leveraged Finance, Paris

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