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Alternative Capital
& Special Situations
Vinson & Elkins’ Banking & Finance (Texas) and Bankruptcy/Restructuring (Texas, New York) practices are ranked Band 1 by Chambers USA, 2023
Vinson & Elkins’ Private Credit, Alternative Capital and Special Situations practice structures bespoke capital to finance acquisitions, growth, recapitalizations, rescue financings, stressed and distressed investment and exit transactions, and other opportunistic or event-driven needs, special situations and related workouts, restructurings, remedial actions and disputes.
Our team of multi-disciplinary lawyers are well versed in working across the debt, equity and hybrid components of capital structures to offer creative and tax-efficient investment solutions and guidance across a broad spectrum of industries for public and private borrowers and institutional investors. Our Private Credit, Alternative Capital and Special Situations team is best known for our sound legal and commercial judgment, understanding of the continually evolving finance markets, and realistic views on what clients can expect to achieve under the circumstances at hand.
Over the last decade, our finance lawyers have advised on thousands of financing transactions worth hundreds of billions in total deal value.
Special Situations Group
Vinson & Elkins’ Special Situations practice leverages the firm’s global presence with a deep, talented bench of lawyers. Our cross-practice team routinely advise prospective purchasers, investors and lenders in various distressed asset acquisitions and investments. Our experience covers a range of sectors including traditional energy, renewables, infrastructure, commodities, retail, wholesale, manufacturing, real estate, and health care. Our Special Situations lawyers team up with V&E lawyers with experience in specific sectors, including as to bankruptcy-related risks that may affect prospective investments, divestitures, and purchases. Where necessary in certain jurisdictions, we work alongside carefully chosen advisors to provide a single and seamless legal work product. Our client base includes private equity houses, special situations funds, hedge funds and other financial sponsors who seek Vinson & Elkins counsel to advise on their most complex and high-profile transactions.
40+ Debt Attorneys, 200+ Equity Attorneys, and 70+ Tax and Restructuring Attorneys
“What separates V&E, in my mind, from everyone else is the confidence they have on market terms, whether it be from a business standpoint or a legal standpoint. When you receive a product from V&E, you can, with high confidence, know that major issues have been flagged and addressed; that brings invaluable peace of mind.”
Banking & Finance Client Quote, Chambers USA, 2022
In addition to being recognized 19 consecutive years in Banking & Finance by Chambers USA, our finance practice has also received notable recognition for Top 10 in “Leveraged by Deal (Overall, Borrower & Lender)” and Top 10 in “Borrower: M&A by Deal,” Refinitiv U.S. Syndicated Finance League Tables, 2022, and “Commercial Lending Advice to Borrowers” and “Commercial Lending Advice to Lenders,” Legal 500 2023.
Vinson & Elkins’ Private Credit, Alternative Capital and Special Situations lawyers counsel clients navigating business and legal issues critical to capital investors and issuers.
Representative Industries
Representative Investment & Transaction Structures
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Experience Highlights
Special situations investor in its role as lender and administrative agent under $129 million of revolver and multi-draw term loan prepetition and DIP financing and $50 million of take-back exit financing provided in connection with the Chapter 11 bankruptcy proceedings and equitization of a multi-site private cinema chain
Special situations investor as lender in $136 million of senior secured multi-draw term loan and revolving credit facilities provided to a multi-site consumer retail car wash owner and operator
A global asset manager in the negotiation of a $71.675 million cross-border senior secured financing to acquire and upgrade cruise ship vessels to be operated in the Mediterranean
Beard Energy Acquisition Transition Corp. [NYSE : BRD] in connection with a $15 million hybrid senior secured bridge financing with penny warrants extended to a residential solar business, Suntuity Renewables LLC, in connection with the signing of a de-SPAC business combination agreement
Special situations investor in a $43 million senior secured term loan and revolving working capital credit facility and a related $4.25 million subordinated bridge note, each for purposes of financing the multi-site acquisition and recapitalization of a series of leading luxury automobile dealerships
A startup Alaskan airline in an $8.5 million asset-based, senior secured term loan from an alternative lender back-leveraging a portfolio of seven aircraft owned and operated by the airline
TPG on behalf of its portfolio company, a national provider of energy efficiency, energy transition and decarbonization solutions, in a $660 million financing that includes $575 million in first and second lien term loans and an $85 million first lien revolving credit facility
HPS Investment Partners in a $149 million syndicated first lien term loan B, and a $87 million syndicated second lien term loan B, with warrants to two privately held sports card valuation and distribution companies
Private debt capital fund in $85 million second lien secured term loan B credit facilities to finance the sponsored acquisition of a designer, manufacturer and supplier of food processing equipment
Private debt capital fund, as lender, in a $44 million mezzanine notes facility to finance the acquisition of globally-recognized hydrocarbon laboratory analysis, measurement, testing, and technology company servicing upstream, midstream, and downstream oil and gas markets
Investment fund in a $112.5 million preferred equity investment and issuance of warrants in a Bermudian plastic packaging manufacturing, sale and distribution company
Private investment fund in its $75 million common and preferred equity investment in connection with the development of a high-volume soybean crushing plant in Iowa