Jonathan’s practice focuses on commercial and corporate finance transactions. He represents traditional and alternative lenders and agents in structuring, negotiating, and documenting domestic and cross–border loan arrangements, out–of–court restructurings, debtor–in–possession financings, and other credit arrangements. His experience includes cash flow finance, asset‑based finance, and acquisition finance (including sponsor–backed leveraged buyouts). Jonathan maintains an active venture debt practice, representing lenders to emerging and later stage businesses at the forefront of the innovation economy. Jonathan often advises on transactions that include multiple tranches of debt such as second lien, mezzanine, last–out, and unitranche loans, including the negotiation of complex intercreditor, subordination, and participation agreements. 

In addition to representing lenders and agents, Jonathan also counsels borrowers, including portfolio companies of private equity firms, in connection with their acquisition, working capital, and other credit facilities. He advises lenders and borrowers in a variety of industries, including technology, software, service, manufacturing, distribution, healthcare, pharmaceuticals, retail, restaurants, and private equity.

Representative Experience

• An agent in connection with numerous senior secured credit facilities to finance private equity-backed leveraged buyouts featuring recurring revenue covenants which transition to traditional leveraged and fixed charge coverage covenants. 
• A first out lender in connection with a unitranche credit facility for an identity verification, document authentication, and fraud prevention technology services provider.
• An agent in connection with a $208 million multi–tranche credit facility for a provider of shared web hosting.
• An agent in connection with a $350 million asset–based revolving credit facility for a home goods retailer, including negotiation of a split–lien intercreditor agreement with two tiers of term loan lenders.
• An agent in connection with a $215 million asset–based revolving credit facility (including a first–in, last–out tranche) to support the acquisition of an apparel sourcing company with a borrowing comprised largely of in–transit inventory, along with negotiation of an intercreditor agreement with a second lien term loan lender.
• An alternative lender in connection with a $25 million asset–based credit facility for a distributor of pearls, including a substantial sublimit for consigned inventory.
• An alternative lender in connection with a debtor–in–possession and subsequent $20 million term loan and revolving credit facilities to finance a sale pursuant to Section 363 of the United States Bankruptcy Code of a plastic shipping pallet pooling company and supplier.
• An agent in connection with a $150 million credit facility to an Israeli technology company, with obligors located in Israel, the United Kingdom, and the United States.
• The lender in connection with a credit facility to a provider of environmental and material testing instruments, sensors, and software, including separate loans to domestic, Canadian, English, and Dutch borrowers and guarantees from an affiliate incorporated in Luxembourg.
• Multiple agents and lenders in connection with syndicated and bilateral recurring revenue based lines of credit to borrowers in the software industry.
• An agent and first–out lender in connection with a $197.5 million unitranche credit facility to support a sponsor–backed acquisition of a provider of software and hardware video solutions.
• A first lien working capital lender and second lien delayed draw term loan agent in connection with first and second lien credit facilities totaling $70 million to a company that develops database virtualization software solutions.
• An agent in connection with a $75 million senior secured credit facility to a healthcare information technology company. 
• An agent in connection with a $45 million senior secured credit facility to a national physician organization.
• An agent in connection with a $100 million senior secured asset-based credit facility for a travel management company for businesses.
• A first lien agent in connection with an approximately $29 million first lien credit facility for a property restoration software provider. 
• An agent in connection with an $85 million senior secured revolving credit facility for a mobile payment service company which provides international money transfers.
• An agent in connection with $50 million in pre-IPO senior secured asset-based financing for a cloud-based software company.
• The sole lender in connection with a $30 million senior secured credit facility for a digital and print media company. 
• An agent in connection with a $40 million asset–based revolving loan and term loan to a global specialty pharmaceutical and medical device company and a $28 million debtor‑in‑possession credit facility.
• An agent in connection with a $58 million second lien financing facility for a Tier 1 supplier of power distribution solutions and the subsequent out of court restructuring of related indebtedness.
• An agent in connection with a $21.5 million acquisition financing for an owner and franchisor of a fast–food restaurant chain.
• The lender in connection with a $3.5 million debtor–in–possession financing facility to a designer and manufacturer of after–market auto parts and accessories.
• An agent in connection with a $40 million asset–based revolving credit facility for a medical transcription service provider.
• An agent and term loan B lender in connection with an $86 million senior secured acquisition financing for a regional steakhouse chain.
• An agent in connection with multiple syndicated credit facilities to borrowers in the ad tech industry.