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, and subordinated debt financings. He also has substantial crisis management experience, helping clients navigate through financial distress and debt restructurings.

Lee's key transactions in 2021 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, 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

  • 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.
  • Avient to acquire DSM Protective Materials businessJones Day is advising Avient Corporation (NYSE: AVNT), a leading provider of specialized and sustainable material solutions, in its $1.485 billion purchase 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.
  • 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.
  • 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.
  • 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.
  • Belfius Bank, BNP Paribas, and ING Belgium provide acquisition financing of Bontexgeo group by WaterlandJones Day acted as legal counsel to Belfius Bank NV/SA, BNP Paribas Fortis NV/SA, and ING Belgium NV/SA in connection with the acquisition financing of the Bontexgeo group by Waterland.
  • Internet Fusion Group obtains financing for acquisition of Northcore Limited and Shade LimitedJones Day represented Internet Fusion Group, an online retail group, in connection with the leveraged acquisition financing of Northcore Limited, an outdoor surf accessories and lifestyle clothing brand, and Shade Limited, an independent on-line sunglasses retailer.
  • U.S. Steel closes €300 million sustainability linked revolving credit facilityJones Day advised U.S. Steel Košice, s.r.o., a wholly owned subsidiary of United States Steel Corporation and one of the largest integrated steel producers in Central Europe, on its entry into a €300 million sustainability linked revolving credit facility with a syndicate of lenders led by ING Bank N.V.
  • Macquarie acquires Beauparc Utilities, Ireland’s largest waste management companyJones Day advised Macquarie European Infrastructure Fund 6 in the acquisition and financing of Beauparc Utilities, Ireland’s largest waste management company.
  • Bally’s completes $1.5 billion Senior Notes offeringJones Day represented Bally's Corporation, a leading owner and operator of 12 casinos across eight states as well as online gaming and sports betting platforms, in connection with the issuance by two of its unrestricted subsidiaries of $750 million aggregate principal amount of 5.625% Senior Notes due 2029 and $750 million aggregate principal amount of 5.875% Senior Notes due 2031.
  • Bridge to Life announces first close of $56 million growth financingJones Day advised Bridge to Life, Ltd. in its $56 million capital raise consisting of a secured credit facility and a Series A preferred equity investment.
    • View All

    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 Commentaries

    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 Reprints

    Stretching Leverage: Holdco PIK Financing Instruments

    March 2019 Reprints

    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 Reprints

    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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