Frederick F. "Rick" Eisenbiegler

Rick has vast experience in first lien, second lien, mezzanine and first-out/last-out financings and related intercreditor arrangements, working with clients in many cases to develop innovative structures and solutions.

Chambers has noted that Rick “is a well-known figure in the leveraged finance market, with peers recognizing his work representing established lenders across the full spectrum of transactions. His peers praise him as someone with ‘a very deep understanding of the market,’ who is able to give ‘senior insight and advice in a very efficient way.’”

Rick’s clients include an array of specialty finance companies, private debt funds, and business development companies, including Ares Capital, Cerberus Business Credit, Ares Commercial Finance, BlackRock Capital, Blackstone Credit, Bain Capital Credit, Willow Tree Credit Partners, and Breakwater Capital.

Rick is the head of the firm’s direct lending practice. Prior to joining Morgan Lewis, he was a partner in another international law firm, where he led the firm’s transactional finance group and banking and leveraged finance group.

New Money Debt Financings
Senior Secured “Unitranche” Financings

• Ares Commercial Finance, as collateral agent, revolving credit agent, and revolving credit lender, in an $835 million first lien unitranche facility for Differential Brands Group Inc. in connection with the acquisition of the North American division of Hong Kong-based Global Brands Group Holding Ltd. for a purchase price of $1.38 billion. The first lien financing included a first out/last out structure governed by a bespoke agreement among lenders reflecting the relative rights of the first out ABL lenders and last out term lenders.
• GSO Capital Partners, as sole lead arranger, and GSO Capital affiliates and managed accounts, as lenders, in a $600 million secured term loan unitranche acquisition financing. Proceeds of the financing were used to acquire a global provider of spa services and operations. The equity sponsor was Catterton Management Company. The term loan was secured by assets of the borrower and its wholly owned subsidiaries in the Bahamas, England, and the United States. Also represented GSO in the negotiation of an agreement between lenders among the term loan lenders and an intercreditor agreement with the borrower’s revolving lender, PNC Bank, National Association.
• Ares Capital Corporation and certain of its affiliates in a complex recapitalization of a leading airport terminal concession manager operating restaurants, bars, lounges, and gourmet markets. Ares acted as lead arranger and administrative agent under a $460 million senior secured unitranche credit facility (consisting of term loans, delayed draw term loans, and a revolving credit facility). Proceeds of the financing were used to prepay senior and subordinated debt, address liquidity issues, and fund the borrower’s projects.
• Ares Capital Corporation, as sole agent, arranger and lender, in $385 million senior secured unitranche credit facilities for a leading provider of safety and security equipment for the commercial aviation, aerospace, defense and ground transportation industries. The credit facilities were used to refinance existing senior and subordinated indebtedness and finance future acquisitions and working capital needs. The equity sponsors were Berkshire Partners and Greenbriar Equity Group.
• Ares Capital Corporation, as administrative agent, and Senior Direct Lending Program LLC, a joint venture between Ares and Varagon Capital Partners, as lender, in connection with financing the acquisition by private equity sponsor Pamplona Capital Management of a market-leading manufacturer and distributor of quality bakery ingredients, products, supplies, and service. The lenders provided $285 million in revolver and term loan commitments in a first lien credit facility.
• BlackRock Capital, as “last-out” representative and lender, in a $201 million unitranche financing for a premier provider of distribution and transportation services, the proceeds of which were used, among other things, for multiple add-on acquisitions. The equity sponsor was Wind Point Partners.
• Ares Capital Corporation, as administrative agent, collateral agent and joint lead arranger, in a $197 million senior secured unitranche credit facility for a provider of non-clinical services to anesthesiology medical practices. A portion of the loan proceeds were used to finance the acquisition of an anesthesiology practice in the mid-Atlantic region of the US. The equity sponsor was Moelis Capital Partners.
• Ares Capital Corporation, as sole agent and arranger, in $137.5 million senior secured unitranche credit facilities that financed the acquisition of a managed healthcare company. The equity sponsor was H.I.G. Capital.
• Ares Capital, as administrative agent, and Senior Direct Lending Program LLC, a joint venture between Ares and Varagon Capital Partners, as lender, in a $95 million senior secured unitranche credit facility for a leading servicer of on- and off-highway equipment, transport refrigeration, and power generation. The equity sponsor was ES Capital.
• Ares Capital, as administrative agent, collateral agent and lender, in $86.5 million senior secured unitranche credit facilities for a leading provider of training and certification to medical coders. The equity sponsor was Eli Global, LLC.
• Ares Capital Corporation as administrative agent, collateral agent, lead arranger, bookrunner and lender, in $70 million senior secured “unitranche” credit facilities and a $131 million investment in preferred units, for a company that manages for -profit law schools. The equity sponsor was Sterling Fund Management.
• Ares Capital, as lead arranger and administrative agent, in a $67 million term loan facility with a worldwide luxury hospitality, restaurant, and prepared-foods brand and its affiliates.
• Ares Capital, as lead arranger and administrative agent, in a $65 million senior secured term and revolving credit facility for a Puerto Rico waste management company, which was used to finance the acquisition of the company by existing management and refinance existing debt.
• Ares Capital, as collateral agent, lead arranger and bookrunner, and BMO Harris Bank as administrative agent, lead arranger and bookrunner in a $64 million revolving credit and unitranche term loan financing for the acquisition of a leading hotel management service provider. The equity sponsor was TLP Group.
• Ares Capital, as lead arranger, administrative agent, and lender, in a $60 million senior secured unitranche credit facility for a healthcare and surgical facility management company.
• Ares Capital Corporation, as lead arranger, administrative agent and collateral agent, in $57.5 million senior secured “unitranche” credit facilities for an over-the-counter healthcare company. The equity sponsor was H.I.G. Capital.
• Ares Capital Corporation, as lead arranger and syndication agent, and Citizens Bank, as administrative agent, in $50 million senior secured unitranche credit facilities that recapitalized an information consulting services company. The equity sponsor was Snow Phipps.
• Willow Tree Credit Partners, as term loan lender and administrative agent, in a $15 million term loan facility and a $15.5 million delayed draw term loan facility to support the recapitalization of a provider of veterinary practice management services and to fund its acquisitions of veterinary practices. The equity sponsors were Trive Capital and Latticework Capital Management.

Senior and First Lien Financings

• Ares Capital, as administrative agent, under a $330.5 million senior secured credit facility and an $81 million secured mezzanine facility with a healthcare training and credentialing organization, focusing on medical coding, billing, healthcare compliance, revenue cycle management, and practice management. The private equity sponsor was Eli Global.
• Ares Commercial Finance, as administrative agent and collateral agent, in advising on a bankruptcy plan of reorganization and documenting and negotiating a $275 million asset-backed, super-priority debtor-in-possession revolving loan facility (including a roll-up of approximately $164 million of pre-petition first lien revolving loans) to Centric Brands Inc., which ranked senior to a $160 million junior debtor-in-possession term loan facility provided by existing second lien lenders.
• Ares Capital Corporation, as administrative agent, joint lead arranger and sole bookrunner, in a recapitalization financing for a leading public safety software developer and vendor specializing in incident-response software. The recapitalized debt structure consisted of $204 million of first lien revolving credit and term loan facilities and an $80 million second lien term loan facility. The private equity sponsor was Insight Venture Partners.
• Cerberus Business Finance, as sole lead arranger, administrative agent, collateral agent and lender, in a $145 million secured term loan facility and a $25 million secured revolving credit facility to support the acquisition of a US metals manufacturer.  The equity sponsor was Monomony Capital Partners LP.
• Ares Capital, as lead arranger and administrative agent, under a $140 million first lien credit facility. The financing was provided in connection with a minority investment in a premier real estate investment and hospitality management company by Trilantic Capital Partners.
• Ares Capital, as agent and a lender, in a recapitalization and refinancing for a global software and technology solutions provider for heavy building materials, structured in two tranches: a $132 million first lien facility and a $41 million second lien term loan facility. The facilities are secured by assets of both US and Dutch loan parties as well as shares of French and UK subsidiaries. The equity sponsor was Quilvest Private Equity.
• Jefferies Finance LLC, as arranger, book runner, administrative agent, and collateral agent, in connection with a $120 million senior secured credit facilities for a satellite communications service provider.
• Ares Capital in a $100 million senior secured and a $50 million unsecured mezzanine recapitalization financing for a leading reseller in the office automation industry.
• Ares Capital, as agent, lead arranger, and lead lender in a $75 million term loan acquisition financing for one of the largest sellers and distributors of foodservice equipment and supplies in the United States. The equity sponsor was Vestar Capital.
• Cerberus Business Finance, as administrative agent and collateral agent, in a $66 million senior secured credit facility that financed acquisition of a US-based manufacturer of fertilizers used by the professional turfgrass industry and crop growers. The equity sponsor was Sun Capital Partners Group VII LLC.
• Breakwater Investment Management, LLC,as sole lead arranger, administrative agent, and as lender and minority equity investor, in a $15 million first lien credit facility for a leader in fan-commerce that assembles and distributes packaged crates of curated fan-driven goods to its subscribers.
• Breakwater Investment Management, LLC, as sole lead arranger, administrative agent and lender, in a $10 million first lien term loan which financed a recapitalization of two professional and management services organizations engaged in facilitating small businesses in forming and managing captive insurance companies.

Second Lien Financings

• GSO Capital Partners LP, as sole lead arranger, and GSO Capital affiliates and managed accounts, as lenders, in a $400 million second lien acquisition financing. The proceeds of the facility were used to acquire a leading global provider of advanced audio and video design solutions and equipment to the entertainment industry. The equity sponsor was Catterton Management Company.
• Ares Capital, as second lien agent and lender, in a $210 million second lien credit facility with a leading laundry equipment service provider in the United States and Canada. Pamplona Capital Management was the equity sponsor.
• Ares Capital Corporation, as collateral agent, lead arranger, bookrunner and lender, in a $130 million second lien term loan to a provider of re-entry treatment and education services for adult correctional populations throughout the United States.
• Ares Capital Corporation, as agent and sole lead arranger and bookrunner, in a $105 million second lien term loan facility to a leading provider of laundry facilities management services. The equity sponsor was Code Hennessey.
• Ares Capital Corporation, as administrative agent, joint lead arranger and sole bookrunner, in a recapitalization financing for a leading public safety software developer and vendor specializing in incident-response software. The recapitalized debt structure consisted of $204 million of first lien revolving credit and term loan facilities and an $80 million second lien term loan facility. The private equity sponsor was Insight Venture Partners.
• Ares Capital Corporation, as sole agent and arranger, in a $72.75 million second lien term loan facility that was used to recapitalize an operator of restaurants, bars, food courts, eateries, gourmet markets and cafés at airports throughout the United States.
• Arrowhead Capital, as second lien lender, under a $70 million second lien facility with leading distributor of proprietary branded automotive aftermarket custom wheel and performance tires. Morgan Lewis also represented Arrowhead in connection with an equity co-investment. The private equity sponsor was Clearlake Capital Group.
• Ares Capital, as sole lead arranger and administrative agent, under a $65 million second lien facility provided in connection with a minority investment in a premier real estate investment and hospitality management company. The equity sponsor was Trilantic Capital Partners.
• Ares Capital Corporation, as administrative agent, in a $60 million senior subordinated second lien loan facility and a $25 million senior subordinated unsecured loan facility for a leading provider of portable storage and moving solutions for residential and business customers. The equity sponsor was Arcapita, Inc. The debt financing was structured to be Shari'ah compliant.
• Ares Capital, as sole lead arranger, administrative agent and lender, in a $41 million second lien term loan facility used to recapitalize a global software and technology solutions provider for heavy building materials. The facility is secured by assets of both US and Dutch loan parties as well as shares of French and UK subsidiaries. The equity sponsor was Quilvest Private Equity.

Mezzanine Financings

• Ares Capital, as sole agent, arranger and investor, in a $105 million mezzanine acquisition financing for a leading provider of software services for health and human services organizations. The equity sponsor was Genstar Capital Management, LLC.
• Ares Capital, as administrative agent and lender, under a $81 million secured mezzanine facility for a healthcare training and credentialing organization, focusing on medical coding, billing, healthcare compliance, revenue cycle management and practice management. The equity sponsor was Eli Global.
• Ares Capital Corporation, as sole agent and arranger, in a $71.5 million senior subordinated loan facility for a senior care services platform company.  The equity sponsor was Genstar Capital Management, LLC.
• Ares Capital Corporation, as sole agent and lead arranger, in a $54 million mezzanine financing for a managed care healthcare company. The equity sponsor was Apax Partners.
• Ares Capital, as sole lead arranger, administrative agent and lender, under a $50 million unsecured mezzanine recapitalization financing for a leading reseller in the office automation industry.
• Gleacher Mezzanine Fund II, L.P., as lead investor, in connection with a $50 million mezzanine financing facility for a leading franchisor in the automotive aftermarket services industry. The equity sponsor was Carousel Capital.
• Gleacher Mezzanine Fund II, L.P., as lead investor, in a $32 million mezzanine financing for a leading manufacturer of infection protection products for medical and dental markets. The equity sponsor was Beecken Petty O'Keefe & Company.
• JPM Mezzanine Capital, as lead investor, in a $30 million senior subordinated loan for a manufacturer and marketer of chemical products. Oak Tree Capital was the private equity sponsor.
• Arrowhead Mezzanine LLC, as lead arranger and Gleacher Mezzanine Fund II, L.P., as lead investor in a $22.5 million senior subordinated term loan facility that financed the acquisition of a company providing crisis prevention, nonviolent physical intervention, and dementia care training. The equity sponsor was Brockway Moran & Partners, Inc.
• Gleacher Mezzanine Fund II, L.P., as lead investor, in an $18.4 million mezzanine acquisition financing for one of the largest pizza chains in the country. The equity sponsor was Lee Equity.
• Gleacher Mezzanine Fund II, L.P., as lead investor, in an $18 million mezzanine acquisition financing for a full -service print and packaging supplier.
• Arrowhead Capital Fund III LP and PNC Erieview Capital,as mezzanine investors, in the $17.85 million mezzanine financing of a manufacturer of energy-efficient luminaries and retrofit solutions. The equity sponsor was Harbour Group.

Split Lien Financings

• GSO Capital Partners, as sole lead arranger, and GSO Capital affiliates and managed accounts, as lenders, in a $600 million secured term loan unitranche acquisition financing. Proceeds of the financing were used to acquire a global provider of spa services and operations. The equity sponsor was Catterton Management Company. The term loan was secured by assets of the borrower and its wholly owned subsidiaries in the Bahamas, England and the United States. Also represented GSO in the negotiation of an agreement among lenders among the term loan lenders and an intercreditor agreement with the borrower’s revolving lender, PNC Bank, National Association.
• GSO Capital Partners, as sole lead arranger, and GSO Capital affiliates and managed accounts, as lenders, in a split collateral $425 million term loan unitranche financing for a leading regional provider of waste collection services. Affiliates of Ares Capital and KKR Capital were the other term lenders. Wells Fargo was the lead arranger of a $200 million ABL credit facility being provided alongside the term loan facility.
• Providence Equity Capital Markets LLC and GSO Capital Partners LP,as sole lead arrangers and lenders, in a split collateral $275 million term loan financing of one of the nation’s largest privately-owned truckload carriers.
• GSO Capital Partners, as sole term lender, in a $37 million acquisition financing of a leading maker of fine writing implements. HSBC provided working capital facilities to the borrower on a split-collateral basis. The equity sponsor was Clarion Capital Partners.

Workouts, Restructurings, Bankruptcies, DIP Financings and Exit Financings

• Precision Partners First Lien Lender Group: Represented York Capital, Oppenheimer Funds, Jefferies Finance, CIT, Redwood Capital and GE, as lenders holding a majority in principal amount of $216 million first lien credit facility for Precision Partners Holding Company in connection with workout and restructuring arrangements. Precision Partners is a global manufacturing and engineering services company. The restructuring resulted in the conversion of the entire second lien credit facility into equity in the restructured company.
• Molecular Insight Pharmaceuticals Bondholder Group: Represented Highland Capital, Morgan Stanley, QVT, Taconic Capital, McDonald Investment Management, Pioneer Investment Management and other holders of a majority in principal amount of $200 million senior secured bonds of Molecular Insight Pharmaceuticals (MIPI) in connection with workout and restructuring arrangements. The restructuring resulted in bondholders acquiring control of and substantially all of the equity in the restructured company. We also represented bondholders in connection with a $10 million senior secured priming debtor-in-possession credit facility for MIPI and $40 million senior secured exit credit facility for the restructured company. MIPI is a global clinical-stage biopharmaceutical company and a pioneer in the emerging field of molecular medicine.
• Biopharmaceuticals Company Senior Secured Bondholder Group: Represented Highland Capital, Morgan Stanley, and other holders of over 80 percent in principal amount of $190 million senior secured bonds issued by a clinical-stage biopharmaceuticals company in connection with workout and restructuring arrangements.
• Healthcare Company Mezzanine Lender Group: Represented Ares Capital Corporation, GSO/Blackstone and Golub Capital, as lenders holding a majority in principal amount of $125 million mezzanine loans in connection with out-of-court restructuring arrangements. The borrower is a healthcare company that operates dialysis/renal centers.
• TLC Senior Secured Lender Group: Represented Highland Capital, GSO/Blackstone, and other holders of a majority in principal amount of approximately $100 million senior secured credit facilities for TLC Vision Corporation in workout and restructuring arrangements, including pre-arranged bankruptcy proceedings. Also represented Cantor Fitzgerald, as agent, in a $15 million DIP financing for TLC in the bankruptcy proceedings.
• Mezzanine Lender Group: Represented Ares Capital Corporation, GSO Capital Partners and Spring Limited, as holders of more than 90 percent in principal amount of $100 million subordinated loan facility for a foreclosure services company in connection with the workout and restructuring arrangements. The equity sponsor was Great Hill Partners.