Brian D. Trudgen

Partner

Chicago + 1.312.269.4243

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Brian Trudgen represents a variety of leading banks, direct lenders, public and private companies, and private equity firms. In more than 20 years of practice, Brian has assisted clients in a broad range of financing matters across various structures and industries. His experience includes domestic and cross-border investment-grade unsecured credits, broadly syndicated loans, leveraged loans, mezzanine loans, subordinated facilities, growth/venture facilities, project finance transactions, wrap collateral structures, asset-based facilities, workouts, and restructurings. Included among the industries in which Brian is active are manufacturing, technology, energy, gaming, government contracting, tribal, transportation, and financials.

Brian is a member of the Firm's ESG (environmental, social, and governance) Working Group and Opinion Committee. He is also a frequent presenter on ESG, electronic signature, private credit, capital markets, and secured lending matters at continuing legal education and client training programs.

Experience

  • PNC Bank provides $500 million unsecured revolving credit facility to Pure Storage, Inc.Jones Day represented PNC Bank, National Association, as administrative agent, in connection with a $500 million unsecured revolving credit facility provided to Pure Storage, Inc., a public technology company that specializes in all-flash data storage hardware and software products.
  • Phoenix Merchant Partners subsidiary amends and provides new delayed draw term loan for company specializing in automotive financing softwareJones Day represented Phoenix Merchant Agent, LP, a subsidiary of Phoenix Merchant Partners, LP, as administrative agent, in connection with an amendment to and an addition of a delayed draw term loan in an existing credit facility for a company specializing in automotive financing software.
  • Educational nonprofit restructures debt and achieves workouts with its lender and major creditorsJones Day successfully assisted pro bono a Virginia-based 501(c)(3) educational organization in restructuring its balance sheet, negotiating and documenting new financing, facilitating settlements with major secured and unsecured creditors, navigating non-profit governance issues, addressing real estate concerns, and resolving labor and employment issues.
  • PNC Bank provides $1.3 billion syndicated unsecured revolving credit facility to leading manufacturer and supplier of industrial safety equipmentJones Day represented PNC Bank, National Association, as administrative agent, in connection with a $1.3 billion syndicated unsecured revolving credit facility provided to a leading manufacturer and supplier of industrial safety equipment.
  • PNC Bank leads syndicate of lenders on amendment and extension of its existing secured credit facility for leading kaolin clay companyJones Day represented PNC Bank, National Association, as administrative agent, in connection with the arrangement, syndication, and documentation of an amendment and extension of its existing senior secured credit facility, consisting of a $190 million outstanding delayed draw term loan and a $75 million revolving credit facility, for a leading producer of kaolin clay.
  • PNC Bank leads syndicate of lenders on amended and restated senior secured credit facilities for professional sound reinforcement and live touring production support companyJones Day represented PNC Bank, National Association, as administrative agent, in connection with the arrangement, syndication, and documentation of upsized and extended senior secured credit facilities, consisting of a $350 million revolving working capital credit facility, a $200 million term loan, and a $70 million revolving term-out facility, provided to a professional sound reinforcement and live touring production support company, to be used for the company’s build-out of its new headquarters.
  • PNC provides $750 million senior unsecured revolving credit facility to Logitech Europe S.A.Jones Day represented PNC Bank, National Association, as administrative agent and a lender, in connection with a $750 million senior unsecured revolving credit facility provided to Logitech Europe S.A., a Swiss public company that designs software-enabled hardware solutions.
  • American Pacific Group acquires ServerLIFTJones Day advised American Pacific Group in the acquisition and financing of ServerLIFT LLC, a leading provider of data center and server lift equipment and other related equipment.
  • PNC Bank leads syndicate of lenders on $425 million senior secured revolving credit facility for leading North American private railroad and transportation management companyJones Day represented PNC Bank, National Association, as administrative agent, in connection with a $425 million syndicated senior secured revolving credit facility made to a provider of intermodal transportation and supply chain management services and one of North America's largest and fastest growing private railroad and transportation management companies, and certain of its affiliates.
  • Riverside portfolio company acquires FleetWatcherJones Day represented The Riverside Company in connection with the acquisition and financing by portfolio company Align Technologies of FleetWatcher, LLC, a leading provider of fleet and materials management software.
  • Tail End Strategic Capital Partners obtains $30 million subscription line of creditJones Day represented Tail End Strategic Capital Partners, an innovative private equity firm focusing on secondary opportunities, in connection with a $30 million subscription line of credit.
  • One Source Technology amends and extends its senior secured revolving credit facilityJones Day represented One Source Technology, LLC and certain of its affiliates in connection with the amendment and extension of its senior secured revolving credit facility.
  • PNC Bank leads syndicate of lenders on amended and restated senior secured credit facilities in aggregate principal amount of $500 million provided to technology company specializing in live production services and integrated permanent solutionsJones Day represented PNC Bank, National Association, as administrative agent in connection with the arrangement, syndication, and documentation of upsized and extended senior secured credit facilities, consisting of a $290 million revolving working capital credit facility, a $140 million term loan, and a $70 million revolving term-out facility, provided to a technology company specializing in live production services and integrated permanent solutions, to be used for the company’s build-out of its new headquarters.
  • restor3d obtains $15 million venture debt secured term loan facilityJones Day represented restor3d, inc., a leader in 3D printed, personalized orthopedic implants, in its $15 million venture debt secured term loan facility in connection with a Series A funding.
  • Large financial institution leads syndicate of lenders on $70.5 million senior secured credit facility for water treatment specialistJones Day represented a large financial institution, as administrative agent, in connection with a $70.5 million syndicated senior secured credit facility, consisting of a $15 million revolver and $55.5 million term loan, provided to a water treatment specialist.
  • Receivables financier provides AU$100 million debtor finance facility to Slade Health SPVJones Day advised a receivables financier in connection with a AU$100 million secured debtor finance facility to a special purpose subsidiary of Slade Health, a supplier of pharmaceutical compounding services.
  • PNC Bank provides $2.3 billion syndicated unsecured revolving credit facility to CooperCompanies and affiliatesJones Day represented PNC Bank, National Association, as administrative agent, in connection with a $2.3 billion syndicated unsecured revolving credit facility made to The Cooper Companies, Inc., CooperVision International Limited and certain of their affiliates, which is a global public company that specializes in medical devices, including for vision, women's health and surgical procedures.
  • Direct lender provides incremental increase to existing senior secured credit facility for large sponsor portfolio companyJones Day represented a direct lender, as administrative agent, in connection with an incremental increase in commitments under an existing senior secured credit facility for a large sponsor portfolio company, a portion of which was used to finance a material acquisition.
  • American Pacific Group acquires C.F. StinsonJones Day advised American Pacific Group in the acquisition and financing of C.F. Stinson, LLC, a leading distributor of fabric products.
  • PNC Bank provides upsize and extension of existing senior secured credit facility for one of largest family-owned construction companies in Midwest and Mid-Atlantic regionsJones Day represented PNC Bank, National Association, as administrative agent, in connection with an amendment, extension, and upsize of a $160 million syndicated senior secured revolving credit facility for one of the largest family-owned construction companies in the Midwest and Mid-Atlantic regions.

    • The following represents experience acquired prior to joining Jones Day.

    Multi-Lender Credit Facilities

    Served as counsel to the administrative agent and lead arranger in connection with a $1.6 billion unsecured credit facility for a publically traded manufacturing company borrower, the proceeds of which were used to refinance existing indebtedness and for working capital.

    Served as counsel to the administrative agent and lead arranger in a $130 million asset-based credit facility for a publically traded manufacturing company borrower, the proceeds of which were used to refinance existing indebtedness and for working capital. The credit facility included U.S., Canadian, French, and English tranches of debt with obligors and collateral in those jurisdictions.

    Served as counsel to the administrative agent and lead arranger in connection with an $800 million credit facility for a public company borrower, the proceeds of which were used to refinance existing indebtedness and to financing the acquisition of a group of companies in the wood treatment industry. The obligations under the credit facility were secured equally and ratably with the company's outstanding notes pursuant to the terms of a collateral trust agreement.

    Served as counsel to the administrative agent and lead arranger in connection with a $200 million unsecured credit facility for a public company borrower in the railroad and transportation industries.

    Served as counsel to the administrative agent and lead arranger in connection with $120 million in senior secured credit facilities, including a tranche of $50 million in economic development revenue bonds, for a privately held company in the meat packing industry.

    Served as counsel to the administrative agent and lead arranger in a $335 million asset-based credit facility for a national petroleum company.

    Served as counsel to the administrative agent and lead arranger in connection with a $202 million senior secured credit facility to finance the acquisition of the stock of a specialty metals company. The credit facility also involved the merger of the acquired company into the borrower, as well as the negotiation of a subordination agreement with third-party lenders who helped to finance the acquisition.

    Served as counsel to the administrative agent and lead arranger with respect to a $400 million unsecured credit facility provided to an investment-grade, public company borrower.

    Served as counsel to the administrative agent and lead arranger with respect to a $400 million senior secured credit facility provided to a vertically integrated, global vision company and 35 of its domestic subsidiaries. The credit facility was guaranteed by the borrower's nonprofit insurance company parent, which implicated various regulatory issues in the structuring and documentation of the guaranty agreement.

    Served as counsel to the administrative agent and lead arranger with respect to approximately $160 million in senior secured credit facilities consisting of first lien, second lien, and fully subordinated tranches of debt for a specialized manufacturing company with U.S. and Canadian operations.

    Served as counsel to the administrative agent, collateral agent, sole lead arranger, and sole bookrunner with respect to an $85 million revolving credit facility with a $25 million export-related subfacility, which was guaranteed by the Export-Import Bank of the United States under a fast-track working capital guaranty program for a global specialty chemicals company. The credit facilities were secured by first/second priority liens in all of the company's domestic assets with inverse first/second priority liens granted in connection with a simultaneous high yield debt offering (wrap collateral structure).

    Single-Lender Credit Facilities

    Served as counsel to a bank with respect to the issuance of an $80 million letter of credit used to provide credit enhancement and liquidity support for certain industrial development bonds. The facility was secured by a gross revenue pledge of the members of the obligated group under two separate master indentures.

    Served as counsel to a financial institution in connection with a $100 million term loan made to a processing company, the proceeds of which were used to refinance a tranche of notes issued pursuant to senior notes offering.

    Served as counsel to a financial institution in connection with a $90 million credit facility that included a $50 million revolving credit facility and a $40 million term loan facility for a holding company that owns and operates various equipment manufacturers and a marine transportation provider.

    Served as counsel to a financial institution in connection with the structuring, documentation, and negotiation of a $10 million secured term loan facility provided to a municipal authority in connection with the transfer of the ownership of certain facilities from a private management company to a municipal authority in which the private company continued in its role as the manager of such facilities. The credit facility was secured by a pledge of such transferred assets. In addition, the structuring of the financing arrangements required the resolution of a number of issues that are unique to the context of a public-private partnership, including those related to the municipal authority's power to enter into the public-private partnership with the management company as well as issues related to the authority's acquisition of and granting security interests in assets.

    Served as counsel to a private equity firm in the purchase of senior subordinated notes used to fund a portion of the acquisition consideration for the leveraged buyout of a services company.

    Served as counsel to the lender in connection with secured bank qualified and non-bank qualified credit facilities for a private, nonprofit assisted living facility operator, the proceeds of which were used to refinance existing indebtedness and for providing working capital.

    Leasing Matters

    Served as counsel to a national equipment leasing company with respect to the purchase of an approximately $21 million portfolio of federal government equipment leases.

    Served as counsel to the lender in connection with the funding of an aircraft lease, where the funding was collateralized by a security interest in the aircraft and an assignment of the funded lease.

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