Kelly M. Dybala

KELLY DYBALA is a co-leader of the firm's Leveraged Finance practice. She focuses her practice on private equity, mergers and acquisitions, liability management transactions, various financing transactions, and debt restructurings. Kelly represents borrowers, private equity funds, and direct lenders concentrating on acquisition financing, asset-based financing (including ABLs, factoring, and securitizations), cash-flow based financing, mezzanine financing, subscription, hybrid, and NAV financings, and subordinated debt and preferred equity financings. In addition, she is experienced in workouts, restructurings, and debtor-in-possession financings.

Kelly's financing experience extends across a wide variety of industries, including: beauty, energy, financial services and payment systems, food service (including fast casual and sit-down restaurants and food production and distribution), gaming, healthcare (including corporate practice of medicine, dentistry, and veterinary businesses), heavy industrials, insurance, logistics, retail, and wholesale businesses, telecommunications (including radio and television), technology and technology services, and wealth management and financial advisory firms.

Kelly has represented a number of leading private equity firms, including Advent International, Avista Capital, BDT Partners, BHMS, Berkshire Partners, Highview Capital, Great Hill Partners, Lindsay Goldberg, Lovell Minnick Partners, OMERS Private Equity, One Equity Partners, Providence Equity Partners, Siris Capital, Summit Partners, THL Partners, TowerBrook, TSG Consumers Partners, Wafra, and Z Capital Partners including many of their portfolio companies. Kelly regularly represents various investment firms in connection with their financing matters, including Castlelake, HighVista, Napier Park, and Pretium Partners. Kelly also represents corporate clients on both investment-grade and leveraged finance matters, including AFLAC, Bodega Latina Corporation, Casa Systems, IDEX Corporation, Fortegra Financial, Pier 1, Mattress Firm, Pennant Group, Raising Cane’s, Regal Rexnord, Tuesday Morning, United Pacific, Univision Communications, Vistra Corp., and Worldpay. Additionally, Kelly has counseled numerous clients in a variety of liability management transactions, including priming debt transactions, asset drop-downs, and other capital structure-optimizing activities.

Kelly has been recognized in numerous prestigious publications, including the below accolades:

• IFLR1000, “Highly Regarded,” Banking and Finance, United States
• The Best Lawyers in America, “Best Lawyer,” Banking and Finance Law and Corporate Law (2016–2022)
• The Hollywood Reporter, “Top 100 Power Lawyer” (2020)
• Chambers USA, Banking and Finance, Texas (2010–2025)
• D Magazine, “Best Lawyers in Dallas” (2013, 2017, and 2025)
• Super Lawyers, “Super Lawyer,” Texas (2014–2018)
• Super Lawyers, “Rising Star,” Texas (2004–2013)
• Legal 500 United States, “Recommended,” Private Equity Buyouts (2014–2016)
• M&A Advisor, “40 Under 40” honorees (2012)
• The American Lawyer, “45 Under 45” (2011)
• Dallas Business Journal, “40 Under 40” (2012)

Kelly’s work has included advising:

• Merit Street Media, Inc., a Texas-based television and digital media company, in its Chapter 11 filing in the United States Bankruptcy Court for the Northern District of Texas, and in the successful negotiation of US$21.4 million in debtor-in-possession financing.
• Special committee of the board of directors of Nordstrom, Inc. (NYSE: JWN) in its US$6.25 billion acquisition by certain members of the Nordstrom family and El Puerto de Liverpool, S.A.B. de C.V (pending).
• Raising Cane’s Restaurants, LLC in the issuance of US$500 million aggregate principal amount of 9.375% senior notes due 2029. 
• Walgreens Boots Alliance, Inc. in its agreement to invest US$1 billion in equity and convertible debt in VillageMD, which will primarily be used to fund the opening of full-service doctor offices co-located at Walgreens stores on a large scale.
• Siris Capital in a number of “take private” acquisitions, including their acquisitions of Polycom Inc., Premier Global Services, and Mavenir Inc.
• Z Capital in a number of acquisition financings, including their acquisitions of Twin Star, Premier Thermal Solutions, Daily Racing, and Affinity Gaming.
• OMERS in connection with their acquisition of Forefront Dermatology.
• One Equity Partners in connection with their acquisition of Resolute (and Resolute’s acquisition of Tioga).
• BDT Capital Partners in connection with their acquisition of Athletico.
• TSG Consumer Partners in connection with financing matters (and sale) of IT Cosmetics, as well as the sale of e.l.f. Cosmetics.
• Several portfolio companies of Summit Partners in connection with financing transactions, including Aurora Diagnostics and Clarabridge. 
• A number of public companies in connection with their financing matters, including Casa Systems, Pier 1 Imports, Tuesday Morning, Darling International, HMS, and Vantiv (now known as WorldPay) (including with respect to Vantiv’s recent acquisition of WorldPay).
• Raising Cane’s in connection with its financing matters.
• Apro, a portfolio company of Fortress, in connection with its financing matters.
• Univision Communications with respect to various financing matters, including the repricing of its term loans.
• Bodega Latina Corporation, as a subsidiary of Mexican public company Grupo Chedrani, in the financing of its acquisition of the Fiesta grocery store chain.
• Morrison Supply Company, an Advent International portfolio company, in connection with various financing matters, including an amendment to its ABL revolving facility.
• Aurora Diagnostics, a Summit Partners portfolio company, in connection with its senior secured credit facility.
• Clarabridge Inc., a Summit Partners portfolio company, in connection with its senior secured credit facility.
• Fortegra Financial with respect to various financing matters, including its offering of subordinated bond and working capital facility amendment and extension of its senior secured credit facility.
• EPL Oil & Gas with respect to financing matters in connection with its acquisition by Energy XXI.
• International Game Technology with respect to financing matters in connection with its acquisition by GTECH. 
• General Electric Capital Corporation in the sale of its sponsor lending business to CPPIB.
• My Alarm Center, a portfolio company of Norwest Venture Partners, in connection with its senior secured credit facility and mezzanine facility in connection with an acquisition.
• SMS Systems Maintenance Services with respect to its first and second lien credit facilities in connection with a dividend payment to its shareholders.
• Antares Capital in connection with several billion dollars of acquisition financing transactions and refinancing transactions for multiple private equity sponsors, including Aurora, Brentwood, Genstar, Gryphon, Odyssey, and Kohlberg.
• AB Private Credit in connection with senior secured acquisition financing to Comvest in its acquisition of Engage 2 Excel.
• Advent International’s investments in Serta/Simmons, Morrison Supply, Connolly Consulting, NCS Energy Services, Charlotte Russe, Bradco Supply, BOS Solutions, and Aerodom.
• Berkshire Partners’ investments in AmSafe, Citizens of Humanity, Grocery Outlet, HMT, National Vision, and Waterworks.
• Brazos Partners’ investments in Cheddar’s Restaurants, Comark Building Systems, Rennhack Marketing Services, Lone Star Overnight.
• Genstar Capital Partners’ various fund-level credit facilities.
• Hercules Offshore’s amendment to its senior credit facilities.
• Lindsay Goldberg’s investments in Brock Holdings, PSC, Alliant Insurance, Brightstar, and Maine Beverage.
• Norwest Venture Partners’ investment in My Alarm LLC.
• Providence Equity Partners’ investments in Learfield Communications, Medical Media, and Newport Television.
• Rehabcare Group’s financing for its acquisition of Triumph Healthcare.
• Summit Partners’ investments in the Lawson/InforGlobal combination, Aramsco, Central Security Group, Associations, Inc., People Admin, Eyeglass World, Sparta Systems, Focus Financial, and Champion Windows.
• THL Partners’ investments in Party City, Fogo de Chão, Intermedix, SMS Holdings, Acosta, Progressive Moulded Products, and Simmons Bedding.
• Kinder Morgan as to El Paso’s sale of certain of its assets to affiliates of Apollo.

Some of the above matters were handled prior to joining Sidley.