David L. Batty is a partner in Winston & Strawn’s finance practice group who concentrates on corporate lending.
Mr. Batty focuses his practice on the representation of financial institutions in syndicated credit facilities, including cross-border transactions, as well as mezzanine financings. He has served as counsel to the administrative agent and lead arranger in syndicated credit facilities ranging in size from $100 million to more than $4 billion extended to companies in the media, telecommunications, consumer, defense technology, and other sectors.
Mr. Batty also has extensive experience with financing private equity acquisitions, including representing private equity sponsors. In August 2009, he participated as a presenter at the American Bar Association’s 2009 Annual Meeting, and in November 2009, he participated in the 8th annual Private Equity and Mezzanine Finance Conference, which included Wachovia Capital Partners and other major private equity funds and financers in the Southeast. He served as the panel coordinator for a discussion of the practical implication of TARP rules on executive compensation at the 14th annual University at North Carolina School of Law Banking Institute in March 2010.
Recent transactions follow:
- Represented the credit parties, a family of domestic and offshore investment funds formed by a private equity firm specializing in consumer and retail investments, in connection with a $100 million revolving credit facility secured by limited partner subscription agreements. The purpose of the credit facility is to fund portfolio investments and to bridge the receipt of capital calls.
- Represented the sponsor, a middle market private equity firm focused on investments in the business services and financial services industries, and the borrower, a diversified ancillary well site services company that provides critical services supporting the Marcellus and Utica Shale drilling and hydraulic fracturing programs of major exploration and production companies, in connection with a senior secured credit facility consisting of a $5 million revolving credit facility, $12 million equipment line of credit, and a $15 million term loan to finance the sponsor’s leveraged buyout of the borrower.
- Represented the administrative agent and lead arranger in connection with a senior secured credit facility consisting of a $350 million revolving credit facility and a $200 million term loan facility to finance working capital and the acquisition of a containerboard mill by a privately owned, closely held company involved in the manufacture and distribution of forest and wood products, building and construction materials, and packaging products throughout North America.
- Represented the administrative agent and lead arranger in connection with a $60 million senior secured revolving credit facility for a privately held media company that owns and operates over 70 publications, network affiliate television stations, and other media related ventures.
- Represented the joint lead arrangers in connection with senior secured credit facilities consisting of a $40 million revolving credit facility and a $130 million term loan facility to finance the acquisition by a private equity sponsor of a consumer technology company with products that enable people to bring their creative ideas to life in a personalized, professional-looking way at home, in schools, and in the workplace. This transaction involved negotiating the terms of a $65 million mezzanine subordinated debt instrument with the subordinated debt-holders.
- Represented the administrative agent and joint lead arranger in connection with a senior secured credit facilities consisting of a $200 million revolving credit facility and a $400 million term loan facility to finance the acquisition of a premium potato chip maker by a high-growth innovative packaged food company focused on building, acquiring, and energizing brands.
- Represented the administrative agent and lead arranger in a $200 million unsecured revolving credit facility for a leader in the development, manufacture, and distribution of cast/wrought and powder metal stainless steels and specialty alloys, including high-temperature (iron-nickel-cobalt base) alloys, controlled expansion alloys, ultra high-strength alloys, implantable alloys, tool and die steels, and other specialty metals, as well as cast/wrought titanium alloys.
- Represented the administrative agent and joint lead arranger in connection with an amend and extend refinancing transaction of a $4.48 billion credit facility to mature in six separate tranches of debt for one of the largest multimedia retailers in the work.
- Represented the administrative agent and lead arranger in a $1.025 billion revolving and term loan credit facility for a television broadcasting company in connection with a redemption of outstanding high-yield notes.
- Represented the administrative agent and lead arranger in a $310 million credit facility, including first and second lien term loans, to finance the acquisition of a national producer of premium cosmetic products.
Mr. Batty received a B.A. in History, cum laude, from George Washington University in 1988 and a J.D., cum laude, from Boston College School of Law in 1991.
Honors & Awards
Mr. Batty is listed in the 2008-2013 and 2015 editions of Best Lawyers in America for "Banking and Finance" and is rated AV Preeminent by Martindale-Hubbell®.
Mr. Batty served as an Assistant Professor at the Charlotte School of Law in 2012 and 2011 where he taught Constitutional Law among other core courses.
Mr. Batty is a member of the North Carolina Bar Association, Business Law Section, and has served on the Uniform Commercial Code Committee (2002-2003) and Legal Opinion Committee (2002-present). He currently serves on the Steering Committee for the University of North Carolina School of Law, Center for Banking and Finance, and previously served on its Board of Advisors (2002-2003) and as a practitioner in residence (2001-2006). He served as an Adjunct Professor at the North Carolina Central University School of Law in fall 2006 and fall 2007.
Mr. Batty is a member of Winston & Strawn’s Corporate Opinion Committee.
Publications & Speaking Engagements
Mr. Batty has written and lectured on numerous capital markets topics, including second lien intercreditor agreements, leveraged acquisitions, and legal opinions. He was a faculty member for the University of North Carolina School of Law Banking Institute seminar in 2010, a role he has also held in 2005, 2003, 2002, and 2000.
Mr. Batty’s recent speeches include: “The Latest Trends in Debt Financing Terms Self-Help — Strategies in an Illiquid Market,” Private Equity and Mezzanine Finance Annual Conference, November 2009; “If You Want Something Done Right, Do It Yourself — Self-Help Strategies in the Age of Illiquidity,” American Bar Association 2009 Annual Meeting; Panel Coordinator, “After the Fall: Navigating the New Credit Market,” 14th Annual Reuters Loan Price Corporation Loan Conference,” September 2008; “Current Market Overview of Senior Debt Financing for Private Equity Acquisitions, Private Equity and Mezzanine Finance Annual Conference, November 2007; “Structuring the Financing Commitment for a Leveraged Acquisition,” The Art of Advising Emerging Growth Companies, UNC School of Law, November 2004 (with Sean M. Jones); “Revised UCC Article 9 – Secured Transactions Revisited,” Seminar Speaker, January 2004; and “Perfected Opinions: Secured Transaction Legal Opinions under Article 9 of the UCC,” North Carolina Bar Association CLE program, November 2002.
His recent publications include: “Practical Skills in an Academic Setting: Suggestions for Educating Lawyers for the 21st Century” (with Sean M. Jones) and “The Charlotte School of Law's Commitment to Training Law Students to be Practice-Ready Attorneys Drives Our Transactional Course of Study,” Notes Bearing Interest, Vol. 32, Number 4 (June 2011), “Dodd-Frank's Requirement of Skin in the Game' for Asset-Backed Securities May Scalp Corporate Loan Liquidity,” 15 North Carolina Banking Institute 13, March 2011; “Necessity is the Mother of Innovation During the Credit Crisis,” 14 North Carolina Banking Institute 1, March 2010; Client Briefing, “Adding Insult to Injury — How the Tax Code Complicates Amending Financing Transactions,” Feb. 19, 2009; “Current Issues in Syndicated Lending — Defending Lenders and the Failure to fund,” LJN’s Equipment Leasing Newsletter, Vol. 28, No. 1, February 2009; “Silent Second Liens – Will Bankruptcy Courts Keep the Peace?” 9 North Carolina Banking Institute 1, April 2005 and Journal of Bankruptcy Law and Practice, August 2005 (with Jo Ann J. Brighton); “Discussion Draft of the Proposed North Carolina Bar Association Illustrative Form of Legal Opinion for Uniform Commercial Code Secured Lending Transactions,” 7 North Carolina Banking Institute 73, April 2003; “Deposit Accounts Under the New World Order,” 6 North Carolina Banking Institute 1, April 2002 (with Professor Ingrid Michelsen Hillinger and Richard K. Brown); “How to Be Secure When Your Collateral is a Security: A Guide to the Creation and Perfection of Security Interests in Investment Property Under the 1994 Revisions to the Uniform Commercial Code,” 4 North Carolina Banking Institute 183, April 2000 (with Joseph B.C. Kluttz and V. Nicole Nichols).