In our venture debt practice, we represent emerging technology companies throughout the debt funding lifecycle, from a first facility alongside an equity round through subsequent upsizings, refinancings, and exits. Our attorneys have documented a high volume of these transactions opposite the principal lenders in this market, including specialty banks and non-bank technology lenders. That experience matters to clients for a practical reason: we generally know in advance how a particular lender approaches a particular structure, and which points are genuinely negotiable. 

We also represent sponsor-backed portfolio companies in connection with credit facilities used for working capital, dividend recapitalizations, and acquisitions, and non-sponsored borrowers on secured and unsecured financings for acquisitions, leveraged buyouts, and refinancings. 

Growth-stage facilities are underwritten differently from traditional cash-flow credit, and the covenant package usually reflects that. We structure and negotiate those provisions with attention to what happens if a company’s trajectory changes, since that is the moment when the terms agreed at signing determine how much room a borrower has to operate.