Banking and Finance 2025

USA Trends and Developments

Trends and Developments Contributed by: Meyer C. Dworkin, James A. Florack, Vanessa L. Jackson and Kenneth J. Steinberg Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP delivers customised, in- novative counsel to lenders and borrowers on their most important and complex financing transac- tions. The firm’s finance and sponsor finance prac- tices have been at the forefront of developments in the market for the past decade. The broad, market- leading practices, led by 25 partners in New York and London, provide advice to financial institutions, direct lenders and companies that anticipates market trends and protects against emerging vulnerabilities. Clients count on the firm’s deep legal experience and commercial understanding in transactions that

include leveraged and investment-grade acquisition financing, direct lending, bridge loans, structured finance, asset-based lending and project and infra- structure finance. Clients benefit from Davis Polk’s strong culture of cross-practice collaboration. The firm’s finance and sponsor finance lawyers work closely with capital markets lawyers on high-yield and investment-grade debt and as a team with its re- structuring lawyers on financings, including DIP and exit facilities. * The authors would like to thank Jason Kyrwood for his invaluable assistance in the prepara- tion of this article.

Authors

Meyer C. Dworkin is a partner in Davis Polk’s finance practice. He advises lenders and borrowers on a wide range of finance transactions,

James A. Florack is co-head of Davis Polk’s global sponsor finance practice and is regularly recognised in legal industry surveys as among the very best finance lawyers in the United States for both domestic and cross-

including acquisition and other leveraged and investment-grade financings, asset-based financings, DIP and other distressed financings, and structured credit financings. His structured credit practice includes work on NAV facilities, capital call facilities, and back-leverage transactions secured by liquid and illiquid debt, equity and other asset classes. In addition, he represents hedge funds, private equity funds and corporations in negotiating prime brokerage, derivatives and repurchase agreements, as well as other trading and financing documentation and complex structured financial products.

border transactions. He advises clients on a wide range of transactions, including leveraged and investment-grade lending, structured finance and high-yield debt offerings. He represents both financial institutions, including most of the largest banks in the United States, and major corporations across numerous industries. He also leads the firm’s Latin America finance practice. Jim is a Chambers Band 1 attorney in both the United States and Latin America.

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