Andrew R. Cardonick

DREW CARDONICK represents private credit lenders and national and international commercial banks in an extensive range of finance and restructuring matters. His finance experience is wide-ranging, and covers syndicated, club, and single lender financings, including private equity-sponsored and non-sponsored asset-based, cash flow, split lien, and unitranche loans throughout the United States and internationally. In connection with those financings, he has negotiated and documented a multitude of intercreditor agreements of numerous different types. Drew also has extensive experience in restructuring matters, having represented the largest secured creditors in two of the largest bankruptcies in the history of the United States and written extensively on debtor-in-possession financings, cash collateral, substantive consolidation, fraudulent conveyance, and other bankruptcy structuring issues.

Awards & Accolades

• Listed, The Best Lawyers in America, Bankruptcy and Creditor Debtor Rights / Insolvency and Reorganization Law, 2013–2022
• Listed, Super Lawyers Magazine, Illinois Super Lawyers, 2011–2022
• Listed, Leading Lawyers Network, 2012–2022

Drew’s experience includes the following representations:

• Represented a major international bank, as lead agent for a 200+ member bank group, in connection with a US$1 billion debtor-in-possession loan and the restructuring in connection therewith.
• Represented a major international bank, as administrative agent, in connection with a US$325 million asset-based senior secured credit facility with a national bookstore chain, including the highly complex intercreditor agreement documentation related thereto.
• Represented a major private credit lender, as administrative agent, in connection with its US$282 million senior secured credit facility with a large private equity-owned car wash rollup, including in connection with the extensive sets of intercreditor agreement negotiations.
• Represented a major private credit lender, as administrative agent, in connection with its US$240 million senior secured facility with an internet services company.
• Represented a large national bank, as administrative agent, in connection with a syndicated, multi-currency, senior unsecured US$225 million credit facility with a diversified paper producer.
• Represented a major international bank, as administrative agent, in connection with a US$185 million senior secured credit facility with a large international steel conglomerate and the related extensive intercreditor agreement negotiations.
• Represented a major international bank, as administrative agent, in connection with a US$185 million asset-based senior secured credit facility with a wire supplier.
• Represented a major international bank, as administrative agent, in connection with a US$179 million asset-based senior secured credit facility with a private equity-backed U.S. and Canadian steel conglomerate.
• Represented a large international bank, as administrative agent, in connection with a US$170 million asset-based senior secured credit facility with a private equity-backed healthcare equipment company.
• Represented a major international bank, as administrative agent, in connection with a US$160 million asset-based syndicated senior unsecured credit facility with a food services supplier.
• Represented a major international bank, as administrative agent, in connection with its US$136 million senior secured credit facility with a private equity-backed large manufacturing and distribution company, including the related extensive intercreditor agreement negotiations.
• Represented a major international bank in connection with its US$125 million senior secured credit facility with a U.S. based staffing company.
• Represented a major national bank in connection with its US$120 million debtor-in-possession financing credit facility in the Chapter 11 case of a major steel manufacturer.
• Represented a major private credit lender, as administrative agent, in connection with its US$118 million secured credit facility with a private equity-backed manufacturer of flooring, countertops, and window coverings.
• Represented a major national bank in connection with a US$100 million term loan facility with a business insurance intermediary company.
• Represented a major international bank in connection with its US$100 million secured credit facility to a large international steel conglomerate.
• Represented a large private credit lender, as administrative agent, in connection with its US$80 million senior secured credit facility with a financial services company.
• Represented a major private credit lender, as administrative agent, in connection with its US$76 million senior secured credit facility with a beauty products company.
• Represented a major international bank in connection with a US$75 million asset-based senior secured credit facility with the U.S.-based subsidiary of a major international steel company.
• Represented a large national bank, as administrative agent, in connection with a US$70 million multi-currency revolving loan facility with an ESOP-owed distributor.
• Represented a major international bank in connection with a US$60 million senior secured credit facility to an international food products distributor, including in connection with the related, highly complex intercreditor agreement negotiations.
• Represented a major national bank in connection with the restructuring of a US$60 million senior secured credit facility with a private equity-backed industrial manufacturing company, including throughout the related Chapter 11 bankruptcy case.
• Represented a major national bank, as administrative agent, in connection with a US$60 million senior credit facility with an electrical and utility construction contractor.
• Represented a large private credit lender in connection with a US$55 million unitranche asset-based credit facility to a print and online media company and its subsidiaries.
• Represented a major national bank, as administrative agent, in connection with a US$50 million senior credit facility with a producer of polyester fibers and fabrics.
• Represented a major national bank, as administrative agent, in connection with a US$50 million asset-based senior secured credit facility with a a manufacturer of home furnishings, stoves, heaters, and consumer electronics.
• Represented a major national bank, as administrative agent, in connection with a US$48.8 million revolving and term loan facility to a medical device manufacturer.
• Represented a major private credit lender, as administrative agent, in connection with a US$46.5 million secured credit facility with a provider of construction, heating, and air conditioning services.
• Represented a large private credit lender, as administrative agent, in connection with a US$42 million asset-based senior credit facility to a large private equity-backed information services provider.
• Represented a major private credit lender, as administrative agent, in connection with its US$40 million secured credit facility with a private equity-owned chain of car washes.
• Represented a large private credit lender, as administrative agent, in connection with US$35 million of senior credit facilities provided to a radio broadcasting station.
• Lead counsel in connection with a myriad of other secured and unsecured credit facilities, restructurings, and bankruptcies in a wide variety of market segments, including agricultural, retail, wholesale, distribution, and manufacturing.
• Primary counsel to two major financial institutions in connection with the liquidation of their remaining portfolios.
• Primary counsel to the Commercial Finance Association in both the Third Circuit and the U.S. Supreme Court in connection with an appeal of the substantive consolidation decision issued by the District Court in Owens Corning.
• Lead counsel to various lenders in connection with WARN Act negotiations with federal and state agencies and leaders.
• Lead counsel to various lenders in connection with claims of creditors under the Perishable Agricultural Commodities Act and the Packers and Stockyards Act.

• Board Member, Commercial Finance Association Education Foundation