Private Credit & Direct Lending


We are one of the few international law firms with dedicated Private Credit & Direct Lending capability. Our clients cover the full spectrum of the private credit market and include performing and distressed credit funds, sovereign wealth funds, alternative capital providers and in-house bank direct lending teams. Our offering is unique due to our comparative strength across all major North American, European and Asia-Pacific markets.

We have significant experience implementing direct lending strategies, including "buy-and-hold" and partial syndication, and cover the full range of loans from performing credit (whether senior, stretched-senior, unitranche or junior, including second lien, mezzanine and PIK loans/notes and preferred equity investments) through to special situations lending and rescue financing.

With a strong track record in the large-cap and middle-market spaces, we are well versed in the prevailing terms, nuances and challenges our clients may encounter. Our record acting across the mature middle-market direct lending universe as well as the maturing large-cap direct lending universe is second to none. Unlike other firms, we offer a 'specialist' direct lending offering alongside market-leading syndicated and high yield offerings, so that our direct lending lawyers are well versed in the latest market developments in all areas of leveraged finance. Our leanly staffed deal teams are committed to providing efficient and cost-effective services for all aspects of the lending transaction and our dedicated lawyers allow our clients to compete on tight timelines in a quickly evolving marketplace. This commercial approach combined with our expertise and market knowledge justifies our pre-eminent standing with both lenders and sponsors.


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"White & Case is a market-leading offering in private credit, benefiting from up-to-date syndicated market insights from the banking team," adding: "The firm has a talented bench of associates and senior associates supporting the partners."
Chambers & Partners: UK – Banking & Finance, 2022

"They are the best and we use them for everything we can. They see a ton of transactions across a wide range of deal and counterparty types and have a great, up-to-the-minute sense of where the market is on various non-price terms and how transactions are evolving. The partners are responsive and involved; they roll up their sleeves and get their hands dirty on actual work."
Legal 500 US: – Finance – Commercial Lending – Advice to Lenders, 2022

"Unique mix of knowledge of European private credit experience and profound knowledge of local Benelux markets."
Legal 500 Belgium: – Banking, Finance & Capital Markets, 2022

"Their main strength is client-centricity to get work done and then tackle subsequent ancillary issues. They meet stringent timelines and deliver quality work." "The Hong Kong finance team is always extremely responsive, helpful, and commercial."
Chambers & Partners: Asia-Pacific – Banking & Finance, 2022


Representation of Blackstone Credit and its affiliates on second lien, preferred equity and common equity financing to support Advent International on its approximately £4 billion acquisition of the shares in Cobham plc. Cobham is a leading global technology and services innovator with customers and partners in more than 100 countries, with market leading positions in wireless, AV, data and satellite communications, defense electronics, aviation services and life support and mission equipment.

Surgical Manufacturing Business
Representation of Goldman Sachs Private Credit and EQT Credit as co-lenders under a bespoke holdco financing arrangement, backing the acquisition by TA Associates of a minority stake in a surgical manufacturing business. This was a complex transaction involving a structured interplay between the financing arrangements and shareholder documentation.

Representation of Carlyle's special situations/private credit team in connection with arranging private placement notes to refinance existing debt of the Unifruitti Group, a Chilean-based global fruit exporter.

Gibson Brands
Representation of Blackstone Credit in connection with a US$130 million senior secured financing for Gibson Brands, a multinational manufacturer of musical instruments and professional audio equipment headquartered in Tennessee. Blackstone Credit's financing package included a US$60 million international term loan made to Gibson's Hong Kong subsidiary and a US$70 million "last-out" term loan made under an amended and restated ABL credit agreement in favor of Gibson and certain of its US and Dutch subsidiaries.

Summit Broadband
Representation of Deutsche Bank Direct Lending in connection with a secured term loan and revolving credit facility to fund the acquisition of Summit Broadband by Grain Management. Summit is a Florida-based fiber-optic telecommunications provider.

HealthScape Advisors and Pareto Intelligence
Representation of Churchill Asset Management, as lead arranger and bookrunner, in connection with a term loan in an aggregate principal amount of US$122.5 million and a revolving credit facility in an aggregate principal amount of US$20 million for the financing of New Mountain Partners’ acquisition of HealthScape Advisors and Pareto Intelligence, a leading healthcare management consulting firm.

HNA Aviation
Representation of RRJ Capital in connection with a US$930 million senior secured guaranteed mandatory exchangeable bond and a US$600 million senior secured guaranteed bridge term loan to HNA Aviation (HK) Air Catering. HNA Aviation (HK) Air Catering is the sole shareholder of gategroup, a Zurich headquartered global leader in airline catering, retail-on-board and hospitality products and services.

China Oceanwide Real Estate Development Holdings
Representation of PAG as lender in an up to US$215 million senior secured term loan facility to China Oceanwide Real Estate Development Holdings Limited, a company incorporated under the laws of the BVIs and wholly owned by China Oceanwide Holdings Limited, a company incorporated under the laws of Bermuda and listed on the Main Board of the HKSE, as parent guarantor.

IB Daiwa Corporation
Representation of ADM Capital as lender in various loans provided to borrowers in Hong Kong, the PRC, and other parts of Asia, including its US$44 million loan to IB Daiwa Corporation, a Japanese listed company with interests in oil and gas exploration.