David Becker is a partner in the Firm's Capital Markets, High Yield & Leveraged Finance Group in London. David joined the Firm in 2019 after having spent a total of 20 years in the Wall Street and London offices of two other leading international law firms.
David is a highly regarded high yield and leveraged finance specialist, advising banks, private credit and alternative capital providers, borrowers and issuers on a broad range of high yield, leveraged finance, liability management and restructuring transactions across the debt capital structure and over the full credit life cycle.
Representative Legal Matters
- Represented 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 US$40.5 billion acquisition of Allergan Generics and subsequent related liability management transactions.
- 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$66 billion of committed acquisition and corporate financing to Teva since 2009.
- Represented LabTech Group in its £900 million senior secured financing facility with AIG.
- Represented GSO Capital Partners in the €600 million private high yield to fund the merger of Polynt Composites and Reichhold.
- Represented CEE Equity Partners on the first lien / second lien financing for its acquisition of Hungarian telcom Invitel.
- Represented Stifel Nicolaus and the other initial purchasers on the US$ 325 million senior high yield bond offering and recapitalisation for 4finance and the related tender and exchange offer
- Represented Bank of America Merrill Lynch as mandated lead arranger in the €350 million refinancing for Ülker Bisküvi.
- 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.
- David represented Barclays and JPMorgan in US$600 million of senior secured financing commitments to back 888 Holding’s recommended bid for Bwin.party.
- 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".
- Represented 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.
- Advised 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.
- 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.
- 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.
- 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.
- Represented GSO Capital in connection with its £130 million holdco financing to Welcome Break, the UK motorway services group.
- Represented the PIK bondholder credit committee led by Anchorage, Oakhill and Canyon Capital in the recapitalization of the fashion retail chain New Look.
- 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.
- Regularly represents banks and alternative capital providers in a broad range of financings for the hospitality, leisure and real estate 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), Aroundtown/Grand City Properties, PPHE Hotel Group (Park Plaza Westminster Bridge, London, Park Plaza Hercules House, London, Park Plaza, Park Royal, London and Park Plaza Europe Hotel Management), Red Sea Group, Elad Europe (Germany), PBM Group (Germany), Intown Properties, Canada Israel Group, the Rappaport Group, Tamares Properties, LabTech Group (Camden Market) and Plaza Centers (CEE).
- England & Wales (Registered Foreign Lawyer) (2019)
- New York~United States (1999)
- Columbia University School of Law (JD)
- Yeshiva University (BA)
Baker & McKenzie LLP, an English partnership, is a member of Baker & McKenzie International, a Swiss Verein.