Press Release 02.29.24
Philip Tendler is the co-leader of Pillsbury’s Bank & Leveraged Finance team and offers clients the benefit of his deep experience representing borrowers and lenders on a broad range of financing matters.
Philip's practice encompasses corporate and project finance, trade receivables securitizations, asset-based lending facilities, term loans (in both the pro rata & term loan B markets), venture debt, mezzanine and subordinated debt, leveraged leases, and distressed and exit financings. He is an advisory board member of the Institute for Energy Law and, before joining Pillsbury, was an equity securities analyst in the Global Energy and Power Group at Schroders.
Representative Experience
- Represented AT&T Inc. in its Otter Media joint venture with The Chernin Group.
- Counsel to SYNNEX Corporation, a global business process services company, in structuring, obtaining and refinancing (over the years, $10 billion+) of bank, securitization, acquisition, receivables and supply chain financings in the U.S. and important international markets, including Japan, Canada, and Mexico.
- Counsel to PurEnergy in connection with the acquisition of a 440MW power generation facility and restructuring of a $320 million leveraged lease.
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- Selected corporate finance transactions
- Counsel to Headwaters Incorporated in connection with structuring, obtaining and repricing a $425 million Term B Loan, a $350 million incremental Term B Loan in connection with a leveraged acquisition, and the banking aspects of its $2.6 billion acquisition by Boral Limited.
- Counsel to Barkbox in structuring and obtaining a $35 million revolving credit facility with an innovative advance formula based on both recurring revenue and asset based lending principles
- Counsel to an organic consumer products company in structuring and obtaining a $24.25 million credit facility with separate advance rates based on asset based lending principles, as well as equipment and intellectual property valuations.
- Counsel to Clearwater Paper Corp. in structuring and obtaining a combined $300 million revolving credit facility provided by pari passu lenders under separate commercial bank and farm credit bank facilities, along with the adoption of a cloud-based supply chain finance program.
- Counsel to Renewable Energy Group Inc. regarding secured revolving credit facilities and letter of credit facilities for various subsidiaries.
- Counsel to Blackhawk Network, Inc. in connection with $550 million credit facility.
- Counsel to a private equity sponsor-backed, web-focused, technology company in connection with structuring and obtaining over $153 million under a unitranche credit facility, including in connection with additional commitments for a leveraged acquisition and a dividend recapitalization financing.
- Counsel to a leading document solutions provider in structuring, obtaining and refinancing over $595 million of credit facilities consisting of a $205 million syndicated credit facility and split collateral credit facilities consisting of an innovative $50 million asset supported non-monitored revolving credit facility and a $200 million term loan "B."
- Counsel to a leading lessor of commercial aircraft engines in structuring, obtaining and refinancing over $1.6 billion of asset-based lending (ABL) revolving credit facilities secured primarily by aircraft engines, including amendments to restructure this facility in connection with resecuritizing $434 million of ABS securities issued by a special purpose subsidiary.
- Counsel to DSG International in obtaining an $80 million first lien combination ABL/term loan credit facility and a $55 million second lien term loan credit facility incurred to finance the acquisition of Arquest Inc.
- Counsel to a publicly traded REIT in the assignment of approximately $300 million of commercial real estate loans to a joint venture of Divco West and TPG Capital formed in connection with a $1.3 billion divestiture.
- Counsel to Empowered Careers and other startup companies in obtaining venture debt financing and negotiating terms with lenders through early-phase startup operations, strategic pivots and liquidity events.
- Selected energy, LNG, oil & gas, natural resources & project finance transactions
- Counsel to Masterpayment AG in structuring and providing trade financing for physical commodity trading, and evaluating the financing of crude oil purchase agreements, Jones Act maritime compliance, and in connection with sales of petroleum product inventory secured by purchase money security interests.
- Counsel to the developer/contractor in structuring and obtaining financing of United States government receivables arising in connection with the performance of services under energy savings performance contracts.
- Counsel to an innovative ag-tech company in connection with structuring and drafting long term feedstock and purchase agreements for the cultivation and sale of non-GMO tree crops that can be processed into oil for biofuel, plant protein for animal feed or biogas, and biomass for baseload electricity generation.
- Counsel to the purchaser in arranging trade finance and a letter of credit liquidity facility for the purchase renewable feedstocks in Indonesia to be imported into European and North American markets.
- Counsel to the purchaser in connection with the potential purchase of a LNG marine vessel.
- Counsel to the United States subsidiaries and United States distribution business of one of the largest global integrated solar power products manufacturers and solar systems developers, in connection with a $60 million ABL revolving credit facility.
- Counsel to the seller of a 102MW wind project in California.
- Counsel to leading integrated biodiesel producer in connection with the acquisition of a 75 million gallon/year synthetic biodiesel production facility and restructuring of credit enhancement facilities for $100 million industrial revenue bonds.
- Counsel to shareholder in connection with a proposed limited recourse guaranty of capital contribution obligations to a solar project financed through the U.S. Department of Energy Loan Guarantee Program.
- Counsel to solar development company in the acquisition and evaluation of multiple projects in California.
- Counsel to seller of a rare earths mine in California.
- Counsel to seller of Illinois coke calciner and marine terminal
- Counsel to sponsor/project company in connection with the project financing of the 65 million gallon/year Blue Flint Ethanol project.
- Counsel to major cement manufacturer in the development of a 25MW inside-the-fence wind energy project.
- Counsel to utility in developing a 535MW combined-cycle gas-fired power plant in Utah, including acquisition and secured progress payment structure, EPC contract, and acquisition of emission credits through bankruptcy proceedings.
- Counsel to potential bidder for the local gas distribution business of a major Southwestern United States utility company.
- Counsel to buyer of interests in natural gas fields offshore Indonesia, unitization agreements, LNG liquefaction plant agreements, and gas sale and purchase agreements for sales of natural gas to Chinese customers.
- Counsel to lender in the project financing of an industrial gas project in Trinidad.
- Counsel to major oil company in connection with new commercial supply arrangements in Russia.
- Selected restructuring and distressed investing transactions
- Counsel to administrative agent in connection with the evaluation of lender rights and intra-syndicate actions arising in connection with the enforcement of a $200 million syndicated credit facility.
- Counsel to lender in restructuring of distressed $100 million agricultural credit which included additional guarantees and $65 million of additional real estate collateral.
- Counsel to lender in connection recapitalization of winery business through a holdco structure and restructuring of approximately $25 million of related loan obligations under a consolidated credit facility and the exercise of post-default rights and remedies.
- Counsel to lender in exit financing for the bankruptcy of the largest grower and distributor of palm trees in the country through the liquidation of $150 million of pre-bankruptcy claims of different creditors under a master loan agreement.
- Counsel to ad hoc committee of stockholders of Trident Resources Corp. in corporate governance restructuring and providing C$120 million subordinated debt financing.
Professional Highlights
- Recognized in Chambers USA for Banking & Finance, 2015 - 2019
- Recognized by IFLR1000 (Leading Financial Law Firms) for Banking, Project Finance – US (2018 - 2019)
- Member of the team representing SYNNEX Corporation in connection with the banking aspects of its $800 million acquisition of Westcon-Comstor Americas from Datatec. This deal was honored as the Global M&A Network's "Global Corporate Deal of the Year" in 2018.
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- Associations
- Serves as pro bono legal counsel to, and previously as a member of the board directors of, a non-profit social services agency.
- Past and present affiliations include: Bar Association of San Francisco; Association of International Petroleum Negotiators; Municipal Fiscal Advisory Committee to the Mayor; advisory board member, The Institute of Energy Law.
- Honors & Awards
- Member of the Projects Team, Ranked in IJ Global - Three Top 20 League Tables for First of 2017 in North America (including Project Finance, Infrastructure Finance and Power Infrastructure Finance).
- Speaking Engagements
- Presenter, “Recurring Revenue Financing: Structuring, Documentation, and Financial Covenants – Alternative Financing for Early Stage Growth Companies” (Strafford Webinar, February 18, 2021)
- Presenter, “Life of a Corporate Finance Attorney” (University of California, Berkeley School of Law (Boalt Hall) October 22, 2015)
- Presenter, “Recent Trends in Revolving Credit Agreements for Newly Public Social Media Companies – Facebook vs. Twitter” (University of California, Hastings College of the Law, March 19, 2014)
- Presenter, CLE “Project Finance M&A: How to Buy and Sell Projects” in San Francisco, Calif. (ABA Annual Meeting, August 10, 2013)
- Moderator and panelist, “Evolving Trends in the Secured Lending Market: A Borrower's Perspective” in San Francisco, Calif. (September 20, 2012)
- Presenter, 2011 Renewable Energy Markets Conference on in San Francisco, Calif. (November 16, 2011)
- Presenter, “Exit Planning: What Every CEO, Business Owner and Board Advisor Needs to Know” in Silicon Valley, Calif. (March 26, 2010)
- Panelist, “International Project Finance” (University of California, Berkeley School of Law (Boalt Hall) April 23, 2008)
Education
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J.D., University of California, Berkeley, Boalt Hall School of Law, 2000
John M. Olin Foundation Fellowship in Law and Economics, 1999-2000B.A., Brandeis University, 1994
summa cum laude, Phi Beta KappaSchool of Oriental and African Studies, University of London, 1993
Admissions
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California
Courts
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U.S. District Court for the Northern District of California