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Peter Schwartz is a partner in our New York office and the chair of our finance practice. He represents lenders and borrowers in leveraged finance transactions, and also has extensive experience in private equity and M&A.
Mr. Schwartz is the principal counsel for a number of private debt funds, private investment funds, private equity firms and their portfolio companies, and public and private companies. He represents them in direct, club and syndicated financing transactions, many of which involve cross-border components. Mr. Schwartz's experience covers a wide range of financial products, including senior secured and unitranche loans, second lien financings, mezzanine debt, subordinated notes, preferred stock, warrants, and structured financings. He also represents purchasers and sellers in the monetization of pharmaceutical royalty streams (structured both as sales and financings).
He represents both lenders and borrowers in the origination of financing transactions, and also regularly advises on debt restructurings and work-outs, forbearance arrangements, and public and private debt-for-equity exchanges.
- Private investment funds focused on growth, acquisition and special situation financings for pharmaceutical, biotechnology, medical device and healthcare companies in numerous secured debt, royalty and equity financings, ranging in value from $20 million to $300 million.
- Private debt funds focused on growth, acquisition, and special situation financing in numerous secured debt and equity financings for companies and private equity firms in various industries, ranging in value from $30 million to $300 million.
- Private equity funds in senior secured and mezzanine financings for a number of their acquisitions and portfolio companies, ranging in value from $25 million to $500 million.
- Fortune 500 companies in their auction and sale of royalty streams on prescription and OTC pharmaceutical products.
- A Fortune 500 company in its global debt financings, including first, second and third lien financings, secured and unsecured high yield bonds, and credit facilities in Europe, Asia and Latin America, ranging in value from $200 million to $3.3 billion.
- Private equity funds in numerous leveraged buyouts of companies in industries including life sciences, education, food service, healthcare services, automotive, branded goods, telecom, and financial services, ranging in value from $40 million to $350 million.
- A venture-backed corporation in a number of secured financings, ranging in value from $25 million to $75 million.
- A leading hedge fund in the acquisition of a mortgage origination and servicing business.
- A major international consumer goods company in the sales of a number of non-core businesses.
- A major international life sciences company in a number of public and private acquisitions.
April 1, 2020, Covington Alert
The Coronavirus Aid, Relief, and Economic Security (CARES) Act opens up new Small Business Administration (SBA) loan opportunities to support many companies and nonprofit organizations with 500 or fewer employees.
March 23, 2020
NEW YORK—The American Lawyer has named Covington lawyers Sergio Urías and Laura Torre as “Dealmakers of the Year.” The annual feature highlights “the most impressive and significant matters that deal lawyers worked on in 2019.” Shareholders of Covington’s client Prisma Medios de Pago, Argentina’s largest payment processing company, were mandated by the antitrust ...
Covington Represents Eisai in $330M Royalties Sale
November 5, 2019
NEW YORK—Covington represented Eisai Co., Ltd. in connection with its sale to Royalty Pharma of royalties on sales of tazemetostat by Epizyme, Inc. outside of Japan for $330 million. Under a collaboration agreement between Epizyme and Eisai, Epizyme is responsible for the development and commercialization of tazemetostat outside of Japan, and Epizyme owes ...
July 22, 2019
NEW YORK—Covington advised Bayer in a definitive agreement to sell the Dr. Scholl’s™ business to Yellow Wood Partners for a purchase price of $585 million. Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the ...
Covington Advises Argentinian Payments Company on Sale with Enterprise Value of $1.42B
January 22, 2019
NEW YORK—Covington advised Prisma Medios de Pago, Argentina’s leading payments company, in the sale of a controlling stake to Advent International. Prisma’s existing shareholders will retain a 49% stake in the company. The transaction values 100 percent of Prisma at $1.42 billion. Prisma is an Argentinian company established in 2014 through the merger of Visa ...
March 2, 2018
NEW YORK—Covington advised Mavis Tire Holdings LLC, and its family owners, and other owners, including investment funds managed by ONCAP, in its agreement to merge with Express Oil Change & Tire Engineers, a Golden Gate Capital portfolio company, creating one of the largest independent automotive service platforms in the United States. Mavis Discount Tire, based ...
December 26, 2017
SILICON VALLEY—The Financial Times has recognized Covington among the most innovative firms in 2017 in the category of "Enabling Business Growth," for advising "Tencent in its acquisition of a $8.6bn majority stake in Supercell, the Finnish gaming company, while maintaining Supercell’s creative culture and retaining its employees by introducing incentive ...
Covington Represents Tencent in $8.6 Billion Acquisition
June 21, 2016
SILICON VALLEY—Covington advised Tencent Holdings Limited, a leading provider of internet service in China, in connection with its acquisition of a majority stake in Supercell from SoftBank. A consortium established by Tencent will acquire up to 84% of Supercell for $8.6 billion in a transaction valuing Supercell at approximately $10.2 billion. Supercell is a ...
February 18, 2015
WASHINGTON, DC, February 18, 2015 — The BTI Consulting Group has named Covington & Burling partners David Martin, Keith Noreika, Jeannie Perron, Michael Riella, and Peter Schwartz to its 2015 “Client Service All-Stars” list for demonstrating “superior client focus, innovative thought leadership, unmatched business understanding, and outstanding results.” BTI is ...
2/24/2014
NEW YORK, February 24, 2014 — Covington & Burling advised American Tire Distributors in the acquisition of Terry’s Tire Town from Talisman Partners for up to $365 million. American Tire, a portfolio company of TPG, is a wholesale distributor of replacement tires throughout the United States and Canada. The acquisition is expected to close at the end of March, ...
January 7, 2013
NEW YORK, January 7, 2013 — Covington & Burling advised Illumina, Inc. on its announced acquisition of Verinata Health, Inc. for cash consideration of $350 million plus up to $100 million in milestone payments through 2015. Upon completion of the acquisition, Illumina will have access to the Verinata’s verifi® prenatal test, the broadest non-invasive prenatal ...
November 28, 2012
NEW YORK, November 28, 2012— Covington & Burling is advising Grupo Financiero Banorte S.A.B. de C.V., and its affiliate Afore XXI Banorte, S.A. de C.V., in a $1.6-billion acquisition of Afore Bancomer, S.A. de C.V. from the Spanish bank, Banco Bilbao Vizcaya Argentaria S.A., which would create Mexico’s largest pension fund. Afore Bancomer is Mexico’s second ...
April 21, 2011
NEW YORK, April 21, 2011 — The Goodyear Tire & Rubber Company has announced that it has amended and restated its European revolving credit facility and closed an offering of €250 million of 6 3/4 percent Senior Notes due 2019 by its European subsidiary, Goodyear Dunlop Tires Europe B.V. Changes to the European credit facility include the extension of the ...
January 11, 2011
NEW YORK, January 11, 2011 — Scout Partners LLC has announced that it has made a growth capital investment in The Hinckley Company. Terms of the transaction, which closed on December 30, 2010, were not disclosed. Covington & Burling LLP advised Scout Partners on the deal. Scout Partners, a partnership between David Howe and Peterson Capital LLC, was created ...
1/6/2011
NEW YORK, January 6, 2011 — Charlesbank Capital Partners has announced that it has acquired Peacock Engineering Company, LLC, a leading provider of outsourced food packaging and supply chain management services to many of the nation’s largest branded consumer products companies, from Behrman Capital. The terms of the transaction, which closed on December 21, ...
October 25, 2010
NEW YORK, October 25, 2010 — Kadmon Pharmaceuticals announced today that it has acquired Three Rivers Pharmaceuticals, a privately held specialty pharmaceuticals company based in Warrendale, Pennsylvania. Three Rivers will serve as the commercial and operational cornerstone for Kadmon, a privately held biopharmaceutical company based in New York City. Terms of ...
October 25, 2010
SAN FRANCISCO, October 25, 2010 — Omeros Corporation today announced that it has received $20 million from Vulcan Capital as well as a grant award for $5 million from Washington State's Life Sciences Discovery Fund (LSDF) to support the advancement of the Company's G protein-coupled receptor (GPCR) program. In return, Vulcan Capital and LSDF have a right to ...
September 21, 2010
NEW YORK, September 21, 2010 — Prestige Brands Holdings, Inc. has announced that it has entered into a definitive agreement to acquire 100% of the stock of Blacksmith Brands Holdings, Inc., a portfolio company of Charlesbank Capital Partners, for $190 million in cash. Covington & Burling LLP advised Charlesbank on the transaction, which is expected to close in ...
11/2/2009
NEW YORK, NY, November 2, 2009 — Charlesbank Capital Partners, LLC has announced the formation of Blacksmith Brands Inc. with the acquisition of five over-the-counter consumer products brands from McNEIL-PPC, Inc. Covington & Burling LLP advised Charlesbank on the transaction. The brands acquired by Blacksmith include: Efferdent denture cleaner; Effergrip ...
July 16, 2009
NEW YORK, NY, July 16, 2009 — Snow Phipps Group, LLC, a private equity firm, announced on July 7 that it had completed the acquisition of ITS Holding Company (ITSolutions), a leading information technology services provider to US government civilian, national security, and intelligence agencies, along with Mr. Stefan Lalos, co-founder and CEO of ITSolutions. ...
Covington Advises Procter & Gamble on Sale of Noxzema
9/8/2008
NEW YORK, NY, September 8, 2008 — Alberto-Culver Company announced today that it signed an agreement to acquire the Noxzema skin care brand from The Procter & Gamble Company. The agreement includes the existing business in the United States, Canada and portions of Latin America. Procter & Gamble will continue to operate its existing Noxzema shave care, ...
Covington Advises Procter & Gamble On Sale of ThermaCare
7/17/2008
NEW YORK, NY, July 17, 2008 — Wyeth Consumer Healthcare, a division of Wyeth, announced that it signed an agreement to purchase ThermaCare, a leading over-the-counter heat wrap, from Procter & Gamble. Covington & Burling LLP advised Procter & Gamble on the transaction. Introduced in the United States in 2002, ThermaCare Heat Wraps use heat therapy to relieve ...
Covington Advises Pfizer on Acquisition of Serenex
3/3/2008
NEW YORK, NY, March 3, 2008 — Pfizer Inc. announced today that it has entered into an agreement to acquire Serenex Inc., a privately held biotechnology company. Covington & Burling LLP advised Pfizer on the transaction. Pfizer, the world’s largest research-based biomedical and pharmaceutical company, discovers and develops innovative medicines to treat and help ...
1/2/2008
NEW YORK, NY, January 2, 2008 — Pfizer announced on December 31 that it has completed the cash tender offer for the outstanding shares of common stock of Coley Pharmaceutical Group, Inc., a publicly-held biopharmaceutical company specializing in vaccine adjuvant technology and a new class of immunomodulatory drug candidates designed to fight cancers, allergy and ...
10/12/2007
NEW YORK, NY, October 12, 2007 — TouchTunes Music Corporation, the largest on-location digital entertainment network, has announced its acquisition of White Rabbit Game Studio, creators of PlayPorTT and developers of portable, on-location game systems. Covington & Burling LLP advised TouchTunes on the transaction. White Rabbit executives and employees will form ...
June 26, 2007
NEW YORK, NY, June 26, 2007 — The GSI Group, Inc. announced that its parent company, GSI Holdings Corp., which is controlled by Charlesbank Capital Partners, has entered into an agreement pursuant to which affiliates of Centerbridge Partners, L.P. will acquire a majority stake. Covington & Burling LLP advised The GSI Group and Charlesbank Capital Partners on the ...
Covenant Negotiation Considerations and Compliance Best Practices
2007, Association for Finance Professionals Annual Conference
Covington Announces Ten New Partners
10/5/2006
WASHINGTON, D.C., October 5, 2006 — Covington & Burling LLP announced the election of ten new partners, effective October 1. Stuart Stock, chair of the firm’s management committee, commented, “These remarkable lawyers reflect the strength and diversity of our firm and its practice. We are very pleased to have them as members of our partnership.” Covington’s ...
- BTI Client Service All-Star, Finance (2015)
- Legal 500 US, M&A - National Firms - Large Deals (2009)
- Legal 500 US, Private Equity Buyouts - Middle Market (2008)