Novela Law Assists The Legacy Companies In Closing $90 Million In Financing

MIAMI - Jan. 8, 2014 - PRLog -- The Miami law firm, NOVELA LAW, specializing in complex domestic and international business transactions, represented, The Legacy Companies in negotiating, refinancing and closing a $50 Million Senior Revolving Loan, and $10 Million Senior Term Loan both from PNC Bank and a $30 Million Mezzanine Term Loan from an unnamed lender. The senior credit facility was provided by PNC Bank, and partially guaranteed by the Export-Import Bank of the United States (EXIM).

A South Florida based business,The Legacy Companies and its affiliated companies are international manufacturers and distributors of commercial-grade kitchen and restaurant equipment to over 120 countries. Neal Asbury, President and CEO of The Legacy Companies, sought out Novela Law’s expertise negotiating and closing the financing. Daniel Novela, a partner at Novela Law, worked on closing the financing over a two month period.

Mr. Novela worked with The Legacy Companies and its lender to improve the terms of an existing $30 Million senior credit facility. Novela noted, “We have represented The Legacy Companies for 12 years. During the last three years we have amended The Legacy Companies’ senior credit facility several times. Originally from $10 Million, to now to $60 Million. This transaction was quite interesting because it was two separate transactions closing concurrently. A $60 Million senior credit facility (consisting of a revolving loan and a term loan) and a $30 Million mezzanine term loan. This credit facility replaces an existing credit facility with a significantly larger credit line and better credit terms. The improvements in the senior credit facility and mezzanine term loan will allow my client to continue its impressive organic growth and to fund future acquisitions.  Each party had separate counsel and each party had diverse interest. It was necessary for Novela Law to coordinate each lender’s counsel and our local counsel in Pennsylvania to achieve a great result. Additionally, there were other pre-existing secured lenders whose interest had to be subordinated to the Senior and Mezzanine lenders. Getting everyone to agree in a way that was beneficial to my client was the tricky part and is what really makes my job interesting. Time was of the essence, so this required us working through the Thanksgiving holidays to close before we hit the year-end holiday season.

About Novela Law

Novela Law is a boutique Miami law firm focused on complex business and real estate transactions requiring innovative legal solutions. The firm’s corporate practice has included both domestic and international asset and stock purchases, merger agreements, corporate, project and acquisition finance, commercial finance, and counseling high-net worth individuals. The firm is headquartered at its 1390 Brickell Ave. office in Miami, FL. Further information about the firm can be located at http://www.novelalaw.com.