Daniel P. Strzalka

/My focus

I counsel clients in connection with secured and unsecured cash flow and asset-based senior and subordinated credit facilities. My clients include national banks, mezzanine funds, venture capital funds and other finance companies in addition to borrowers involved in such transactions. Typical transactions include agent/co-lender involvement, intercreditor arrangements, underlying acquisitions, international components, and other deal complexities or specialized industries, such as litigation or healthcare finance. I also regularly represent asset managers in connection with capital call credit facilities and other fund finance transactions.

/Representative experience

• Counsel to agent bank in connection with $1 billion revolving credit facility to higher education institution located in the Midwest
• Counsel to asset manager in multiple capital call facilities secured by capital call commitments of institutional investors, both domestic and international
• Counsel to agent bank in connection with $120 million revolving and delayed draw term facility to nationwide health care provider
• Counsel to regional commercial bank in connection with out-of-court restructuring of term loan facilities extended to a group of skilled nursing homes and assisted living facilities
• Counsel to dental service provider in connection with $1 billion dollar Term Loan B transaction
• Counsel to Midwest based retail service provide in connection with its $75 million asset based lending transaction involving additional mezzanine debt
• Counsel to East Coast based venture capital fund in connection with multiple initial debt and equity investments in early stage companies
• Counsel to mezzanine fund in connection with its senior subordinate secured mezzanine loans to multiple lower mid-market portfolio companies
• Counsel to bank in connection with revolving credit facility secured by tax lien collateral involving tri-party intercreditor arrangement and third-party custodial arrangements

/Looking ahead

As lenders and SBICs continue to navigate recently revised rules enacted by the SBA relating to an SBIC’s ability to procure debt in the form of capital call facilities without the need for SBA approval (subject to a narrowly defined set of conditions and circumstances), there may be expanded opportunity for both SBICs and lenders in this market not available under previous requirements (e.g., the need for SBA approval in all circumstances). Certain hurdles remain, particularly as it relates to restrictions on collateral structures available to the lender, in order to comply with the SBA conditions, but we expect continued effort on both sides to explore the potential opportunities that could result from these revised rules.