Sherri Snelson is a partner in White & Case's Debt Finance practice, based in New York.
Sherri has extensive experience acting as lead counsel for lenders, private equity funds and their portfolio companies in connection with leveraged finance and fund/portfolio finance transactions. Sherri is dual qualified in New York and England & Wales and practiced previously in the UK. Sherri has acted as lead counsel on hundreds of finance transactions that span a wide array of industries and jurisdictions throughout the Americas, Europe and Asia.
Sherri's experience also includes advising investors and borrowers in connection with both in- and out-of-court debt restructurings, DIP financings, exit financings, 363 sales, English administrations and schemes of arrangements and insolvency related matters in several European jurisdictions.
- Representation of Caremax, Inc. (formerly known as Deerfield Healthcare Technology Acquisitions, Corp.), as Borrower, in connection with a US$185 million senior secured credit facility to finance the business combination of CareMax Medical Group, L.L.C. and IMC Medical Group Holdings LLC, creating a technology-enabled care platform providing value-based care and chronic disease management to seniors.
- Representation of Deutsche Bank AG, as Facility Agent, Security Agent and Original Lender, in connection with a US$300 million NAV revolving credit facility for a European credit fund.
- Representation of L Squared Capital Partners, as Sponsor, in the US$90 million financing in connection with its acquisition of Literacy Resources LLC and its subsidiaries. Via its Heggerty brand, Literacy Resources offers a comprehensive suite of phonemic and phonological awareness to over 250,000 educators spanning from early pre-K to 5th grade. Heggerty's mission is to equip teachers with effective and engaging literacy products and professional learning opportunities that help prepare and empower all students to become lifelong readers.
- Representation of NovaQuest Capital, as Sponsor, in connection with financing of an aggregate principle amount of US$45 million in term loans, US$10 million in revolving credit, and US$25 million in delayed draw term loans. The loan proceeds will fund its acquisition of Spectra Medical Devices, Inc., a medical device manufacturer, and various of its subsidiaries.
- Representation of Owl Rock Capital Corporation, as Lender, Administrative Agent, Collateral Agent and Calculation Agent, in connection with a US$1 billion margin loan secured by shares in privately-held company.
- Representation of Rotunda Capital Partners LLC, as the Sponsor, and Storm Smart Buyer LLC, as the Borrower, in connection with a US$42 million initial term loan facility and a US$5 million revolving credit facility to finance the acquisition of The Smart Companies LLC and its subsidiaries, which serve homeowners and businesses in the U.S., Mexico and the Caribbean as the largest manufacturer and installer of code-approved hurricane protection products including hurricane screens, windows, doors, aluminium shutters and storm panels.
- Representation of Deutsche Bank AG, London Branch, as Administrative Agent, in connection with a US$400 million revolving NAV facility provided to an alternative fund holding company of a global fixed income manager.
- Representation of Entrepreneurial Equity Partners in the financing for its acquisition of Ya YA Foods Corp, a Canadian food manufacturer. The facility consisted of a CAD$117 million first lien credit agreement and US$21.5 million of mezzanine notes.
- Representation of Brundage-Bone Concrete Pumping Holdings, Inc. and other Borrowers and Guarantors with the amendment and restatement of a US$125 million asset-based loan facility, with Wells Fargo Bank, N.A. as Agent, Sole Lead Arranger, Bookrunner and Collateral Agent and Wells Fargo Capital Finance (UK) Limited as UK Security Agent.
- Representation of MAXIMUS, Inc., a leading provider of government services worldwide, as borrower on a US$2.1 billion secured credit facility (including a US$600 million multi-currency revolving credit facility) to finance the acquisition of Veterans Evaluation Services, Inc. and refinance existing indebtedness of the company.
- Representation of the Lead Arranger and Original Lenders in connection with a £455 million NAV Facility made available to an affiliate of a premier European private equity fund.
- Representation of Inflexion Private Equity Partners LLP in an acquisition financing consisting of a US$50 million senior facilities agreement and a US$86 million PIK Facilities Agreement. Along with a contribution by Informa PLC, proceeds were to acquire Novantas, a financial technology advisory firm.
- Representation of Dominus Capital, L.P. and Lockmasters Security Intermediate, Inc., in connection with the acquisition financing of Lockmasters, Inc., a leading manufacturer of security devices for the government, industry and automotive sectors.
- Representation of the Lender and Joint Lead Arranger with a hybrid NAV facility made available to funds and entities managed by a leading German-based private equity firm.
- Representation of Macquarie Infrastructure and Real Assets, as sponsor, and MIP IV MidWest Fiber Parent, LLC, as borrower, in connection with a US$185 million senior secured facility consisting of a US$100 million term loan, a US$45 million delayed draw term loan and a US$40 million revolving credit facility for Bluebird Network, an internet and broadband company.
- Representation of IFM Investors in connection with its acquisition of Buckeye Partners, L.P. in an all-cash public-to-private transaction with an enterprise value of US$10.3 billion. The transaction was named "Private Equity Deal (Over US$10 billion)" by M&A Advisor (2020).
- Representation of Entrepreneurial Equity Partners, LLC in connection with its acquisition of Daniele International Inc., a US charcuterie manufacturer/distributor.
- Representation of Entrepreneurial Equity Partners, LLC in connection with its acquisition and combination of Kronos Foods, Inc. and Grecian Delight Foods, Inc., US manufacturers/distributors of Mediterranean food products.
- Representation of Dominus Capital, L.P. in connection with its acquisition of Surface Preparation Technologies, LLC, the nation's number one provider of rumble strips and related roadway safety services.
- Representation of Morgan Stanley Infrastructure Partners in connection with its acquisition of Seven Seas Water Corporation, a leader in Water-as-a-Service® solutions.
- Representation of leading US, European and Asian investment managers in connection with equity bridge facilities for numerous closed-end investment funds.
- Representation of a consortium of development finance institutions in connection with collective arrangements to finance development and clean energy related projects.
"Secondaries," Global Fund Finance Symposium (February 2022)
"Fund Finance Transaction, Lender and Borrower Perspectives," Wildgen Fund Finance Webinar Series (July 2020)
"Hybrids, NAV and Other Forms of Fund Level Debt," Global Fund Finance Forum (February 2020)
"NAVigating the collateral waters: You have a boat but will it float?" GLI - Fund Finance 2022 (January 2022)
"Why GP-led fund restructurings are the innovation the market needed" Private Equity News (penews.com) (June 2021)
"Is Debt The New Equity?" Pratt's Journal of Bankruptcy Law (October/November 2005)