Paul H. Zumbro is a partner in Cravath’s Corporate Department. His practice focuses principally on leveraged finance transactions.
Mr. Zumbro has extensive experience in leveraged finance, having represented the arranger banks in several multibillion-dollar LBO financings, including for Freescale Semiconductor, Neiman Marcus and Warner Chilcott, to name a few. Mr. Zumbro’s leveraged finance expertise is complemented by his significant experience in all phases of capital raising and balance sheet restructurings, including out-of-court debt exchanges and debtor-in-possession (DIP) financings. In addition to financing transactions, Mr. Zumbro has represented buyers in distressed M&A transactions, including both regular-way Bankruptcy Code Section 363 sales and “credit bid” transactions.
Representative recent matters include representing:
- Credit Suisse AG, as administrative agent, in connection with the approximately US$700 million acquisition of all the Gulf of Mexico oil and gas assets of ATP Oil & Gas Corporation by Bennu Oil & Gas, LLC. The transaction was effected pursuant to a “credit bid” under Section 363 of the Bankruptcy Code. Bennu Oil & Gas was formed by the lenders under ATP’s DIP credit facility to effect the acquisition. Mr. Zumbro represented Credit Suisse in connection with the arranging of ATP’s US$618 million DIP facility to finance ATP’s bankruptcy case and throughout ATP’s bankruptcy case in its capacity as administrative agent under ATP’s DIP facility. Mr. Zumbro also represented Credit Suisse in connection with its arrangement of a US$350 million credit facility provided to Bennu Oil & Gas to finance the acquisition of ATP’s assets and related transactions.
- The arrangers (including Credit Suisse Securities, Citibank Global Markets and Deutsche Bank Securities) in a number of credit facility financings for Freescale Semiconductor dating back to the initial US$17.6 billion LBO transaction in 2006. These transactions have included various “amend and extend” transactions, incremental term loan financings and replacement revolving credit facilities. Including the 2006 LBO transaction, Mr. Zumbro has represented the arrangers in a total of over US$7 billion in loan market financing transactions for Freescale Semiconductor.
- Credit Suisse in connection with the US$257 million/€175 million U.S. institutional loan market debt financing by Grohe Holding GmbH, Europe’s largest and the world’s leading single‑brand supplier of sanitary fittings at the time of the financing. Mr. Zumbro also represented Credit Suisse in connection with a repricing transaction under the Grohe credit facility. Grohe Holding GmbH is a portfolio company of private equity sponsors TPG Partners IV, L.P. and DLJ Merchant Banking Funds.
- Credit Suisse in connection with the US$550 million credit facility provided to Orbitz Worldwide, Inc., a leading global online travel company. Mr. Zumbro also represented Credit Suisse in connection with a repricing transaction under the Orbitz credit facility.
- Credit Suisse International (“CSI”) in connection with a complex restructuring involving the conversion of an interest rate swap provided by CSI to Entegra Power Group, LLC into a second lien loan with modifications to the payments waterfall. The transaction required close coordination between Cravath’s corporate and litigation departments to reach a negotiated resolution and a global restructuring solution in a complex multiparty setting.
- Barnes & Noble, Inc. in connection with its acquisition of substantially all the intellectual property assets, including all trademarks and the database of approximately 48 million customers, from the Borders Group, Inc. bankruptcy estate. The transaction was effected pursuant to a Bankruptcy Code Section 363 sale, and involved complex interaction of bankruptcy and non-bankruptcy privacy law issues.
Mr. Zumbro is a member of the International Bar Association (IBA) and the American Bankruptcy Institute, and is a member of the Reorganization and Workout Sub-Committee of the IBA’s Section on Insolvency, Restructuring and Creditors’ Rights. He co-authored the United States country section in the Practical Law Company’s Cross-Border Finance Handbook (2006/07; 2008/09 and 2011). In 2010, Mr. Zumbro authored a chapter, entitled “An Overview of Debtor-in-Possession Financing,” that appeared in the Inside the Minds™ publication, Debtor-in-Possession and Exit Financing: Leading Lawyers on Securing Financing and Analyzing Recent Trends in Bankruptcy Financing and a Law360 article entitled “Majority Rules: Impact of Bankruptcy ‘Credit Bid’ Rulings.” His paper “Cross-Border Insolvencies and International Protocols - An Imperfect but Effective Tool” appeared in the May 2010 issue of the IBA’s Business Law International. He recently authored a chapter, entitled “The Impact of Recent Litigation and Trends on Bankruptcy Lawyers and Their Clients,” in the book Bankruptcy and Financial Restructuring Law 2011: Top Lawyers on Trends and Key Strategies for the Upcoming Year (Aspatore Thought Leadership), published by Aspatore Books, a division of Thomson Reuters.
Mr. Zumbro has been recognized as a leading lawyer in banking and finance by The Legal 500 in 2009, 2012 and 2013 and IFLR1000: The Guide to the World’s Leading Financial Law Firms in 2013 and 2014. He has also been cited by The Legal 500 for his skill in corporate restructuring from 2010 through 2012.
Mr. Zumbro was born in Bethesda, Maryland. He received a B.A. cum laude and with Distinction in the Major, from Yale College in 1992 and a J.D. from Columbia Law School in 1997, where he was a Stone Scholar. Mr. Zumbro joined Cravath in 1997 and became a partner in 2005.
Mr. Zumbro can be reached by phone at 212-474-1036 or by email at email@example.com.