David Becker | White & Case LLP International Law Firm, Global Law Practice
David Becker
David Becker

David Becker

Partner, London

T +44 20 7532 1405

T +44 20 7532 1000

E dbecker@whitecase.com

in LinkedIn profile

“David Becker is a key member of the capital markets team who acts on some of the biggest transactions representing multinational clients in the financial sector.”

Chambers Global 2014

Overview

David Becker's practice focuses on high-yield and leveraged finance transactions. He also advises debtors and creditors in debt restructurings and liability management, as well as on a wide range of US securities law matters.

David is a partner in the Firm's Capital Markets group in London. Prior to relocating to our London office, David practiced in the Wall Street office of another leading international law firm.

Bars and Courts

  • New York State Bar

Education

  • JD, Columbia University School of Law
  • BA, Yeshiva University

Languages

  • English
  • Hebrew

Experience

US$33.75 billion in acquisition financing commitments to Teva Pharmaceuticals to fund its pending US$40.5 billion acquisition of Allergan Generics

David represents the lead arrangers, Bank of America Merrill Lynch, Barclays, BNP Paribas, Citi, Credit Suisse, HSBC, Mizuho Bank, Morgan Stanley, RBC and Sumitomo Mitsui, in their US$33.75 billion acquisition financing commitments to Teva Pharmaceutical Industries Ltd. to fund Teva's pending US$40.5 billion acquisition of Allergan Generics.  In the past David has also represented the lending banks for the committed financing for Teva's unsolicited approach to Mylan, Teva's acquisition of Cephalon, Teva's acquisition of Ratiopharm and Teva's acquisition of Taiyo Pharmaceuticals, for a total of approximately US$66 billion of committed acquisition and corporate financing to Teva since 2009.

Acquisition financing to Amaya Gaming to fund its US$4.9 billion acquisition of Pokerstars

David represented GSO Capital Partners and other co-investors in approximately US$1 billion in committed financing across Amaya's capital structure to finance Amaya's US$4.9 billion acquisition of online poker giant Rational Group (owner of the Pokerstars and Fulltilt brands), creating the world's largest publically traded i-gaming company.

Acquisition financing to 888 Holdings to fund its recommended bid for Bwin.party

David represented Barclays and JPMorgan in US$600 million of senior secured financing commitments to back 888 Holding’s recommended bid for Bwin.party.

B Communications' innovative debut high-yield bond offering

David represented B Communications Ltd., the controlling shareholder of Israel's Bezeq Telecommunications, on its innovative debut US$800 million senior secured high yield bond offering, the first internationally marketed high-yield bond to be listed on the Tel Aviv Stock Exchange and which was recognized by IFLR as the "High Yield Deal of the Year 2015".

Piaggio's €250 million high-yield bond issue

David advised Italy's Piaggio & C.S.p.A, the iconic Italian scooter manufacturer, in its €250 million high-yield notes offering and the related exchange offer for certain existing notes.

Cognor/Zlomrex high-yield bond restructuring

David led the team advising Zlomrex International Finance S.A. (ZIF) on the restructuring of its approximately US$118 million outstanding senior secured high-yield notes under an English law Scheme of Arrangement and a US Chapter 15 recognition procedure, replacing the existing bonds with an innovative capital structure comprised of new high-yield notes and convertible PIK bonds. Incorporated in France, ZIF is a financing vehicle for the Cognor Group, one of the largest suppliers of steel in the CEE.

Rhiag Group's €415 million high-yield notes offering

David advised Apax Partners LLP and the Rhiag Group in connection with the issuance, by Rhino Bondco S.p.A., of €415 million in fixed and floating rate high-yield notes to fund the private equity acquisition of Italian automotive components distributor Rhiag-Inter Auto Parts Italia S.p.A.

Almatis bond recapitalization

David represented GSO Capital Partners, as lead investor, and a consortium of co-investors in a multi-tranche US$410 million and €110 million secured private high-yield bond financing in the US$1 billion debt Chapter 11 restructuring for Almatis, the world's largest alumina company. This transaction was one of the longest running and most complex restructurings in Europe.

Magyar Telecom and Invitel ZRT's bond restructuring

David represented Magyar Telecom and Invitel ZRT, the Hungarian telecoms company, in its restructuring of its €425 million in high-yield bonds pursuant to an English law Scheme of Arrangement and a US Chapter 15 recognition.

Welcome Break Holdco Financing

David represented GSO Capital in connection with its £130 million holdco financing to Welcome Break, the UK motorway services group.

New Look Recapitalization

David represented the PIK bondholder credit committee led by Anchorage, Oakhill and Canyon Capital in the recapitalization of the fashion retail chain New Look.

HCA Hospitals acquisition financing

David represented BofA Merrill Lynch, JPMorgan and Citigroup as lead arrangers, providing US$14 billion in a secured bank financing (comprised of multi-tranche/multi-lien US and European facilities) to fund KKR and Bain's US$32 billion acquisition of HCA Hospitals, the largest investor-owned healthcare service provider in the US. At the time, this represented the largest ever leveraged finance transaction.

Goldman Sachs and JPMorgan's multiple offerings for IMC Global

David represented Goldman Sachs and JPMorgan as lead arrangers in connection with multiple offerings for IMC Global, including US$1.2 billion in high-yield bond offerings and related debt tender offers and consent solicitations, numerous common equity offerings, and a US$400 million mandatory convertible preferred offering. He also represented Goldman Sachs in restructuring IMC Global's outstanding debt and the related registered exchange offers and consent solicitations, in connection with the Cargill Fertilizer/IMC Global merger to form NYSE-listed Mosaic Company, a leading producer, miner and marketer of phosphate and potash crop nutrients.

Telesat Canada/Loral Skynet acquisition financing

David represented Morgan Stanley, UBS and JPMorgan as lead arrangers, providing US$910 million senior/senior subordinated bridge financing to fund Loral Space & Communications and Pension Canada's acquisition of Telesat Canada from Bell Canada and the merger of Telesat Canada with Loral Skynet, forming the world's fourth-largest fixed-satellite-service provider, and the subsequent high-yield notes bridge take-out financing.

Hospitality and Leisure Financings

David regularly represents banks and alternative capital providers in a broad range of financings for the hospitality and leisure industry for acquisition financings, dividend recaps, mezz financings and development financings, including recently for the Alrov Group (Hotel Café Royal, London, and Lutetia Hotel Paris), PPHE Hotel Group (Park Plaza Westminster Bridge, London,  Park Plaza Hercules House, London and Park Plaza Europe Hotel Management), Red Sea Group, Elad Europe (Germany), PBM Group (Germany) and Plaza Centers (CEE).

Awards & Recognition

Chambers Global 2014

Corporate/M&A – UK

Chambers Global 2014

Corporate/M&A – Israel