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Overview
Ismael Duran is a partner in the Global Finance practice at Paul Hastings and is based in the firm’s New York office. He focuses on advising investment and commercial banks, direct lenders and other financial institutions in connection with tailored, complex lending transactions across multiple industries, including leveraged and investment grade facilities, acquisition finance, bridge facilities, asset-based lending and other corporate financings. Admitted to practice in New York and Spain, Ismael also represents financial institutions, sponsors, and corporate borrowers in connection with financings in the Latin America region.
Ismael has represented lenders and other financial institutions in a number of acquisitions and lending transactions, including Michael Kors’ acquisitions of Versace and Jimmy Choo, II-VI’s acquisition of Coherent, Liberty Media’s agreement to acquire the exclusive rights holder of the MotoGP World Championship, Thermo Fisher Scientific’s acquisition of Patheon, and several financing transactions by Formula One Group, the iconic global motorsports business. Ismael also regularly represents lenders and borrowers in connection with the negotiation and implementation of credit facilities as they relate to Latin American clients or Latin American interests.
Education
- Columbia Law School, J.D., 2005 (Harlan Fiske Stone Scholar; Fundación Rafael del Pino Scholarship)
- Universidad de Zaragoza, law degree (with honors), 1996
Representations
- Goldman Sachs, as lead arranger and administrative agent, in connection with Univision Communications Inc. (UCI), a wholly owned subsidiary of TelevisaUnivision''s refinancing of $500 million of its senior secured term ''b'' loans due in 2026.
- JPMorgan Chase Bank, as administrative agent, in connection with the repricing of Coherent''s $2.436 billion in term B loans.
- Goldman Sachs in connection with the committed debt financing for Liberty Media''s agreement to acquire Dorna Sports, the exclusive commercial rights holder to the MotoGP World Championship. The transaction reflects an enterprise value of €4.2 billion for Dorna and expands Liberty Media''s portfolio of leading live sports and entertainment assets.
- JPMorgan, Citigroup and Wells Fargo in providing $2 billion of committed debt financing to APA (NASDAQ: APA) (APA) in connection with APA''s acquisition of Callon Petroleum (NYSE: CPE).
- Citibank in connection with GE HealthCare Technologies'' $1 billion 364-day credit facility.
- Expro, a global energy services provider, on the amendment and extension of its debt facilities.
- Goldman Sachs Bank USA, as lead arranger, and JPMorgan SE, as facility agent, in connection with the repricing of the $1.7 billion term loan B under Formula One Group''s senior secured credit facilities.
- JPMorgan Chase Bank, as administrative agent, lead arranger and incremental lender in arranging and providing a $750 million incremental term loan A financing to Microchip Technology (NYSE: MCHP) under its existing credit facility.
- JPMorgan Chase Bank, as administrative agent, joint lead arranger and lender in arranging and providing a $1 billion revolving credit facility to First Solar (NASDAQ: FSLR).
- Barclays Bank in connection with Kinder Morgan''s $4 billion revolving credit facility.
- JPMorgan Chase Bank and Goldman Sachs Bank USA, as lead arrangers, in connection with the refinancing of the first lien term loan B and first lien revolving credit facility, and the incurrence of a new term loan A by Formula One Group, the iconic global motorsports business. Delta Topco and its subsidiaries (Formula One Group) replaced the previous $500 million first lien revolving credit facility with a new $500 million revolving credit facility, with extended maturity, and replaced the previous $2.902 billion first lien term loan B with a new first lien term loan A of $725 million, and a refinanced term loan B of $1.7 billion.
- The lenders in connection with Garden SpinCo''s $650 million term loan facility and $150 million revolving credit facility. SpinCo is a wholly owned subsidiary of 3M. Goldman Sachs & Co. and JPMorgan Securities acted as initial purchasers, as well as the selling securityholder, in connection with a 144A/Regulation S offering of $350 million aggregate principal amount of 8.625% senior notes, due 2030, by SpinCo. The notes were offered as part of the financing for the proposed combination of the Food Safety Business of 3M with Neogen in a Reverse Morris Trust transaction. The notes were initially issued by SpinCo to 3M and transferred and delivered by 3M to the selling securityholder, in satisfaction of certain of 3M''s existing debt. SpinCo did not receive any proceeds from the sale of the Notes by the selling securityholder.
- The lead arrangers in connection with a $1.5 billion revolving credit facility for Capri Holdings and Michael Kors.
- The Travelers Companies in connection with its $1 billion revolving credit facility.
- Bank of America in its role as administrative agent and lead arranger, and the other lead arrangers party thereto, to Thermo Fisher''s $5 billion unsecured revolving credit facility that refinanced and upsized its existing revolving credit facility.
- JPMorgan Chase Bank, as administrative agent, in connection with an amendment to, and restatement of, Microchip Technology''s existing credit agreement.
- JPMorgan Chase Bank and Goldman Sachs Bank USA in connection with senior secured bridge term loans in an amount up to $1 billion for Garden Spinco, a wholly owned subsidiary of 3M, in connection with 3M''s announced spin-off of its Food Safety business and Spinco''s combination with Neogen.
- Citigroup Global Markets as financial adviser and debt finance provider to Vertiv Holdings (NYSE: VRT) (Vertiv) in connection with Vertiv''s acquisition of E&I Engineering Ireland and its affiliate, Powerbar Gulf.
- The administrative agent and the lenders in connection with a new $3.5 billion revolving credit facility for Kinder Morgan (NYSE: KMI) and an amendment to Kinder Morgan''s existing revolving facility. Proceeds from the financings will be used for the company''s working capital needs and for other general corporate purposes, including the repayment of existing debt.
- JPMorgan Chase Bank, as administrative agent, in connection with Tenable''s $425 million credit agreement, comprising, among other things, (i) a $375 million senior secured term loan facility and (ii) a $50 million senior secured revolving credit facility.
- JPMorgan Chase Bank, as administrative agent, in connection with an amendment to Lions Gate Capital Holdings'' credit agreement and an extension of the maturity dates of its term loan A and revolving credit facilities. Lions Gate extended the maturity for approximately $445 million of the term loan A facility and $1.25 million of the revolving credit facility to April 6, 2026.
- JPMorgan Chase Bank, in $5.425 billion of committed financing in connection with II-VI Incorporated''s acquisition of Coherent, Inc. II-VI used the net proceeds of the debt financing to finance the cash consideration of the transaction, and for general corporate purposes. In addition to proceeds from the debt financing, II-VI financed the merger with cash on hand from the combined company balance sheets and proceeds from the issuance of new II-VI convertible preferred stock, and common stock.
- JPMorgan Chase Bank and Credit Suisse Securities (USA) in providing committed financing for Cable One''s acquisition of Hargray Acquisition Holdings, including a senior unsecured bridge facility in an aggregate principal amount of $900 million.
- Bank of America, as administrative agent and lead arranger, and the other lead arrangers party thereto, in connection with the refinancing of Thermo Fisher Scientific''s $3 billion revolving credit facility that closed on Dec. 4, 2020. The proceeds of the revolving credit facility are available to repay all obligations under Thermo Fisher''s existing credit agreement, for working capital, and for other general corporate purposes.
- JPMorgan Chase Bank and Banco Latinoamericano de Comercio Exterior, as joint lead arrangers, in connection with the acquisition financing for Imperia Intercontinental''s acquisition of Scotiabank''s banking and insurance business in El Salvador, including Scotiabank El Salvador and Scotia Seguros.
- Blackstone in its acquisition of Stearns Holdings as part of the comprehensive financial restructuring plan agreed to between Stearns and funds affiliated with Blackstone. Stearns'' restructuring plan was confirmed by the Bankruptcy Court for the Southern District of New York on Oct. 24, 2019. Stearns emerged from Chapter 11 bankruptcy on Nov. 5, 2019. The plan, with support from Blackstone, has enabled Stearns to significantly reduce its outstanding debt, continue operations and preserve the jobs of its employees, and has positioned the company for long-term success.
- JPMorgan Chase Bank, as Administrative Agent and Arranger, in connection with Axip''s amended and restated $250 million revolving credit agreement.
- Hokchi Energy, in connection with the term loans to be provided by JPMorgan Chase Bank, BNP PARIBAS, Banco Nacional de México, integrante del Grupo Financiero Banamex, HSBC México, Institución de Banca Múltiple, Grupo Financiero HSBC and Natixis, New York Branch, of up to $290 million. The term loans are guaranteed by Pan American Energy. Hokchi will use the net proceeds from the term loans to, among other things, finance expenditures related to the onshore and offshore infrastructure and facilities for the development of the oil and gas that Hokchi Block located in Mexico.
- Barclays Bank in connection with the bridge financing for Boston Scientific to finance its acquisition of BTG.
- Barclays Bank, as administrative agent, in Kinder Morgan''s (a) $4 billion revolving credit agreement (the 5-year credit facility) and (b) $500 million revolving credit agreement (the 364-day credit facility). These credit facilities replaced the $4 billion revolving facility, set forth in the prior credit agreement dated as of Sept. 19, 2014, and amended as of Jan. 26, 2016, which was repaid and terminated.
- JPMorgan Chase Bank and Barclays Bank as lead arrangers in connection with the $1.6 billion term loan facility and $1 billion revolving credit facility used to finance Michael Kors (USA)''s acquisition of Gianni Versace for a total enterprise value of €1.83 billion.
- Morgan Stanley Senior Funding, as lead arranger and bookrunner, in connection with a $800 million senior unsecured term loan credit agreement for Brunswick to finance Brunswick''s acquisition of Power Products - Global Marine & Mobile business, effectuate a refinancing of Power Product''s outstanding credit facilities, and pay fees and expenses in connection with the foregoing.
- Grupo Cinemex and its subsidiaries in connection with the financing for the acquisition of the assets of Cobb Theaters and its affiliates located in Florida. The financing was completed on March 23, 2018.
- JPMorgan Chase Bank, as administrative agent, in connection with Lions Gate''s $3.5 billion senior secured revolving and term loan credit facilities. The credit agreement facilities closed on March 22, 2018.
- JPMorgan Chase Bank in connection with an aggregate $3.8 billion revolving facility and a $3 billion term loan facility for Microchip Technology. Microchip Technology used the proceeds from the notes offering and the credit facilities to finance, in part, the $10.15 billion acquisition of Microsemi and related refinancing transactions.
- Citibank, JPMorgan and Credit Suisse in connection with a $1 billion secured bridge loan financing to Eckerd Perú (Inkafarma). The loan proceeds were used to finance the acquisition of Quicorp .
- JPMorgan Chase Bank, as lead arranger, and JPMorgan Europe, as facility agent, in connection with the refinancing of the $3.3 billion term loan under Formula One Group''s senior secured credit facilities.
- The arrangers in connection with a $1 billion revolving facility and an aggregate $1 billion term loan facility for Michael Kors Holdings and certain of its subsidiaries.
- JPMorgan Europe, JPMorgan Chase Bank and Goldman Sachs Bank USA in connection with the £1.115 billion bridge financing for Michael Kors (USA) and Michael Kors Holdings, related to the announced acquisition of Jimmy Choo.
- Goldman Sachs Bank USA and Goldman Sachs Lending Partners in connection with a bridge financing to Thermo Fisher Scientific in its acquisition of Patheon for approximately $7.3 billion (including the assumption of debt). The proceeds of the bridge facility were used to finance the acquisition, to repay certain indebtedness of Patheon, and to pay fees and expenses related thereto.
- Barclays Bank, JPMorgan Chase Bank and the lenders in connection with a $1.25 billion revolving credit facility for Trinity Acquisition, a subsidiary of Willis Towers Watson. The proceeds of the revolving credit facility are available to refinance existing debt and for working capital, capital expenditures, permitted acquisitions and other general corporate purposes. Barclays is the administrative agent for the facility.
- JPMorgan Chase Bank, as administrative agent, joint lead arranger, and joint bookrunner, in connection with amended and restated senior unsecured credit facilities for Signet Jewelers, which consist of a $357.5 million term loan facility and a $700 million revolving credit facility.
- JPMorgan Chase Bank, Bank of America and Deutsche Bank in connection with committed financing to Lions Gate Entertainment related to its acquisition of Starz, in a $4.4 billion cash and stock transaction.
- CIBC, Scotiabank, JPMorgan and Wells Fargo in connection with a $1.6 billion committed bridge facility for Algonquin Power & Utilities to finance its acquisition of The Empire District Electric Company.
- Barclays Bank and the lenders in connection with a $1 billion term loan facility for Kinder Morgan and a $1 billion incremental expansion of Kinder Morgan''s existing revolving facility. Proceeds from the financings will be used for the company''s working capital needs and for other general corporate purposes, including the repayment of existing debt.
- JPMorgan Securities, Barclays Bank, BNP Paribas Securities, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Securities, Royal Bank of Canada, Société Générale, TD Securities (USA) and The Bank of Nova Scotia as joint lead arrangers and joint bookrunners of a new $2 billion revolving credit facility and a new $3.8 billion term loan facility for Neptune Finco in connection with Altice''s acquisition of Cablevision Systems.
- Barclays Bank in connection with $5 billion of committed bridge financing related to Kinder Morgan''s acquisition of (i) all of the outstanding units of Kinder Morgan Energy Partners, (ii) all of the outstanding shares of Kinder Morgan Management and (iii) all of the outstanding units of El Paso Pipeline Partners, in each case not already owned by KMI. The combined Kinder Morgan entities own an interest in or operate approximately 80,000 miles of pipelines and 180 terminals.
- JPMorgan Securities, as lead arranger, and JPMorgan Chase Bank, as administrative agent, in connection with the refinancing of Realogy Group''s senior secured credit facilities. Realogy Group''s amended and restated credit facilities are comprised of $1.920 billion aggregate principal amount of term loans and a $475 million revolving credit facility.
- Barclays Capital in connection with $3 billion in bridge financing to Thermo Fisher Scientific and as financial advisor to Thermo Fisher in its €2.47 billion acquisition of Phadia, a portfolio company of Cinven.
- JPMorgan Securities and Barclays Bank in connection with $12.5 billion in bridge financing to Thermo Fisher Scientific related to its acquisition of Life Technologies.
- JPMorgan and Deutsche Bank as lead arrangers and lenders in connection with $4.15 billion of senior secured credit facilities to finance the acquisition and refinance existing debt of Universal Health Services and Psychiatric Solutions, comprised of (i) a US$500 million "tranche A" term loan facility, (ii) a $2,850 million "tranche B" term loan facility, and (iii) a $800 million revolving credit facility.
- The lenders and initial purchasers, including JPMorgan and Morgan Stanley & Co., in connection with the financing related to Postmedia Network''s $1.1 billion acquisition of the newspaper publishing business of Canwest (owner of newspapers such as the National Post, Ottawa Citizen and Montreal Gazette).
- Royal Bank of Canada, Deutsche Bank, HSBC Bank and Toronto-Dominion Bank, as arrangers in connection with $1.6 billion of financing related to the acquisition of Grey Wolf by Precision Drilling Trust.
Matters may have been handled prior to joining Paul Hastings.