Overview

Corvane Ryle's Banking & Private Credit practice advises lenders, arrangers, sponsors and corporate borrowers on the financings that fund growth and transactions. We act in leveraged and acquisition finance, direct lending, asset-based lending, real estate finance, project finance and syndicated loans, from Frankfurt, London, New York, Chicago and Singapore.

Private credit has become a primary source of capital for companies of every size. Direct lenders now finance deals that once went to banks, and they do so on terms that reflect their own approach to covenants, documentation and portfolio management. We act for the funds that lend and for the sponsors and companies that borrow from them, which gives us an informed view of where terms are settling and where there is room to negotiate.

We also advise banks on regulatory capital, syndication, intercreditor arrangements and the sale or transfer of loans. In Europe, our Frankfurt team works across German, English and other law financings and advises on the interaction between lending rules and insolvency regimes. In the United States, we help lenders navigate the documentation changes that have followed recent liability management transactions.

Consumer and retail lending is a growing area. We advise on credit facilities backed by receivables, inventory and loyalty programs, and on partnerships between banks, fintechs and retailers in point-of-sale credit. Our regulatory colleagues in Consumer Protection and Privacy & Cyber contribute when these programs raise compliance questions.

Benedikt Sauerland, based in Frankfurt, leads the practice. He works with finance partners across our offices to serve clients that include banks, credit funds, sponsors such as Northwall Capital, and companies such as Castellan Hotels.

Key lawyers

Our finance lawyers act with the private equity and restructuring teams on financings from first term sheet to enforcement.

• Benedikt Sauerland, Partner, Frankfurt
• Annika Holmgren-Reyes, Partner, London

Representative experience

• Advised Castellan Hotels on a US$650 million refinancing.
• Represented a direct lending fund in a US$1.4 billion unitranche financing for a healthcare services buyout.
• Advised the arrangers on a multi-currency syndicated facility for a European retail group.
• Represented a sponsor on the financing of the acquisition of a consumer brand.
• Advised a bank on a significant risk transfer transaction under German and English law.
• Acted for a retailer on a receivables financing program secured by credit card receivables.
• Represented lenders in the amendment of a leveraged loan with liability management protections.