Frank S. Hamblett

/My focus

My practice focuses on two main areas.

First, I represent banks and other financial players (including private equity firms) in single and multiple bank credit facilities, subordinated debt facilities, second lien credit facilities, tranche B term loans, intercreditor issues and cross border financings.

Second, I also have extensive experience representing indenture trustees, administrative agents, collateral agents, secured creditors and debtors in various types of debt restructurings, whether voluntary or involuntary (including exercising rights and remedies under Articles 8 and 9 of the UCC) as well as in bankruptcy proceedings.

/Representative experience

For Indenture Trustees, Administrative Agents, and Collateral Agents

• Represent indenture trustee for the holders of $625,000,000 of second priority lien notes in the bankruptcy proceeding of Midstates Petroleum, Inc.
• Represent indenture trustee for the holders of 12.00% secured convertible bonds in the bankruptcy proceeding of Warren Resources, Inc.
• Represent indenture trustees in foreclosing upon and liquidating over 100 CDOs and CLOs having an aggregate original face value of over $50 billion dollars
• Represent indenture trustee, administrative agent, and collateral agent for approximately $2.5 billion dollars in debt secured by more than a dozen power plants in the Calpine bankruptcy cases in New York
• Represent administrative agent in the cross-border restructuring of US and U.K. senior secured credit facilities to a large manufacturer of forced air unit heaters and infrared heating systems
• Represent indenture trustee for the holders of $150,000,000 of unsecured senior notes in the bankruptcy of FirstFed Financial Corp., a failed bank holding company in California
• Represent indenture trustee for the holders of $325,000,000 of senior secured floating rate notes secured by three (3) satellites in the cross-border restructuring/bankruptcy of Satélites Mexicanos, S.A. DE C.V., a Mexican corporation
• Represent indenture trustee for the holders of $138,000,000 of 5 ¾% unsecured convertible subordinated notes in a bankruptcy proceeding seeking to challenge the priority of distributions to senior creditors based upon the “X” clause contained in the applicable subordination provisions

For Borrowers

• Represent a publicly traded company that provides human resource, payroll, and benefits outsourcing services on (a) its senior revolving loans in the aggregate principal amount of up to $2 billion dollars, (b) its $400,000,000 4.07% Senior Notes, Series A and (c) its $400,000,000 4.25% Senior Notes, Series B
• Represent a multinational company that provides IT services on its $400,000,000 senior secured term B facility and its $125,000,000 senior secured revolving credit facility
• Represent a publicly traded company that provides IT services on its $375,000,000 senior secured floorplan facility
• Represented a private equity sponsored REIT on its $400,000,000 senior secured credit facility
• Represent one of the largest privately owned office suppliers in the US on its $325,000,000 senior secured credit facilities
• Represent a healthcare provider in a comprehensive, out-of-court restructuring of all of its credit facilities (including (a) approximately $425 million of senior secured credit loans from various European banks, (b) approximately $140 million of subordinated PIK notes from three major nonprofit hospitals, and (c) approximately $25 million in equipment loans)
• Represent a well-known, fast casual bakery and cafe franchisor on its $112,000,000 senior secured revolving credit facility
• Represent a US-based, publicly held defense contractor on its $130,000,000 senior secured revolving credit facility and its $40,000,000 subordinated term loan
• Represent an affiliate of the Malaysian government and one of the largest producers of palm oil in the world, with respect to (a) the senior secured credit facilities established for the benefit of its US subsidiaries in the aggregate principal amount of up to $94,000,000 (US) and (b) the credit facilities established for the benefit of its Canadian subsidiaries in the aggregate principal amount of up to $236,000,000 (CAN)
• Represent a food products and services portfolio company of a private equity fund on its US and U.K. senior secured credit facilities
• Represent various private equity funds with respect to senior, subordinated, and second lien credit facilities to their operating companies

/Looking ahead

I am actively following a number of lawsuits brought against various financial institutions, acting in their capacities as corporate trustees and/or agents. My team is developing strategies for clients to proactively mitigate risk in response to these cases.