Elizabeth R. Tabas Carson

ELIZABETH TABAS CARSON represents alternative lenders, investors, asset managers, hedge funds, traditional banks, and investment banks, as well as corporate borrowers, financial sponsors and their portfolio companies on a wide range of complex domestic and cross-border leveraged finance and special situations transactions. Liz has extensive experience in structuring and negotiating private financings, secured and unsecured lending transactions, cash flow and asset-based leverage facilities, merger and acquisition financing, mezzanine and second lien financings, debt restructurings and workouts, recapitalizations, SPAC and de-SPAC support transactions, fund financings, private debt, and financings of alternative assets, including structuring financings and liquidity solutions for investment funds and asset managers, public and private companies, and not-for-profit institutions.

Liz’s practice focuses on distressed debt, regulated and complex debt offerings in private and public markets with a particular focus on asset managers, healthcare, life sciences, technology, intellectual property, concentrated NAV financings, and other transactions involving regulated and esoteric asset classes. She has in-depth experience with deals of all sizes, from bi-lateral domestic financings and “club” deals for emerging growth and middle-market companies to more broadly syndicated credit facilities for large publicly traded companies, as well as private sponsor-owned businesses with cross-border operations.

Liz has been recognized by several industry publications, including Chambers Global (USA, 2025) and Chambers USA (2021–2025) in Banking and Finance, and IFLR 1000 in Banking (2020–2021).

Prior to joining Sidley, Liz was a partner at another global law firm.

• Represented the DIP lender in connection with the Hooters restructuring.
• Representing a private fund in an up to US$375 million syndicated NAV facility supported by a diverse portfolio of loans, secondaries, and other equity and credit instruments.
• Represented an insurance company in its debt investment in a NAV facility supported by a diverse portfolio of loans, secondaries, non-control direct PE investments and other equity and credit instruments.
• Represented a global asset manager in its issuance of a NAV facility supported by certain non-performing debt investments and foreclosed investments.
• Represented an asset manager in connection with a convertible note issued by a manager of BDCs and other middle market lending vehicles and secured by management fees and other assets of the manager.
• Represented a hedge fund in structuring a sourcing and participation arrangement in a specialty healthcare private credit fund’s future debt and equity investments.
• Represented an insurance company in investment in an insurance-wrapped loan supporting investments in private credit limited partnership interests.
• Represented a hedge fund in connection with its investment in a convertible note backed by crypto assets.
• Advised an international asset manager in connection with its intellectual property-backed guidance financing for a multi-national 4G/5G wireless network hardware and software provider and its subsequent passu-secured convertible notes issuance to support a subsequent de-SPAC transaction.
• Represented a European lender in a US$1.75 billion new money financing and global restructuring and debt exchange of a multinational energy, metal, mining, and infrastructure conglomerate.
• Represented an international asset manager in connection with a US$52 million NAV loan, with a US$30 million accordion to provide liquidity to a premier emerging. markets private equity fund with clean energy and transportation infrastructure investments in South East Asia.
• Represented a Mexican shipping and transportation conglomerate in the US$2.1 billion acquisition and financing arrangements for the acquisition of a railroad.
• Represented an international investment company in connection with a financing, tax-driven equity recapitalization and sale of a majority stake in its U.S. dairy processing business.
• Represented a clinical diagnostics company in connection with its growth financing, balance sheet restructuring, and de-SPAC merger.
• Represented a publicly held leading lifestyle brands collective in connection with the acquisition of a significant portfolio of consumer brands, including the negotiation of a US$150 million senior-secured asset-based revolving credit facility, a US$645 million senior-secured term loan credit facility, a US$668 million second lien term loan facility credit agreement and a US$450 million trade receivables securitization facility.
• Represented middle-market private equity sponsor in the financing aspects of its US$315 million acquisition of a leading North American manufacturer of high-quality pipe fitting and system components business and subsequent bolt-on acquisitions.
• Represented a sponsor-backed technology company in connection with a non-recourse financing secured by esoteric insurance and litigation assets.
• Represented a regulated not-for-profit health insurance business and certain of its subsidiaries in connection with a US$1.45 billion Term Loan A and Revolving Loan unsecured syndicated credit facility with a US$500 million incremental facility to be used to finance strategic acquisitions.
• Represented a privately held department store chain in connection with the restructuring and upsizing of their US$225 million asset-based syndicated loan facility.
• Advised the ad hoc committee of bondholders in connection with the restructuring of nearly US$20 billion of defaulted loans of Brazil’s leading telecommunications service provider.

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

Liz serves as chair and previously as vice chair of the ABA Subcommittee on Fund Finance and is a fellow of the American College of Commercial Finance Lawyers. She also serves as a volunteer and board member of Compass Pro Bono Consulting, which provides strategic consulting to other non-profits.