C. Dana Waterman  III - Lane & Waterman LLP

C. Dana Waterman III

Listed in Best Lawyers since 1995

Dana Waterman joined Lane & Waterman in 1971 and has served as its Managing Partner since 2001. Dana advises clients of the Firm on corporate, limited liability company and partnership organization, operations and related governance matters, securities offerings and financing, merger and acquisition transactions, and corporate risk and compliance issues. Dana also serves as Secretary and General Counsel of Lee Enterprises, Incorporated (NYSE: LEE), a leading provider of local news and information, and a major platform for advertising, in its markets, with 46 daily newspapers and a joint interest in four others, together with digital products and nearly 300 specialty publications in 22 states.

Dana is an AV rated attorney, and has been recognized by his peers for more than 20 years by Best Lawyers in America, as well as Chambers & Partners and other independent peer rating organizations, for his expertise in corporate, securities and merger and acquisition areas of practice. In 2015, Dana was elected to the Quad-Cities Business Hall of Fame by Junior Achievement of the Heartland.

Dana is also very active in community service organizations, having served as board chair of the Quad Cities Chapter of the American Red Cross, the Putnam Museum and Science Center and the Quad Cities Chamber of Commerce (and predecessor organizations). He presently serves on the Quad Cities Chamber board of directors and its executive committee; as a business community representative of the Quad City Defense Alliance, a regional public-private consortium which supports and advocates for the Rock Island Arsenal and the commands (including the First Army, the Army Sustainment Command, the Joint Munitions Command, the Army Contracting Command and the U.S. Army Corps of Engineers) headquartered there; and as a board member of Genesis Health System, the University of Iowa Health Alliance, Augustana College (Rock Island IL), and the Iowa Law School Foundation, of which he is president and board chair.  He also serves on the board of directors of several privately-held companies, and as a co-trustee of The Hubbell-Waterman Foundation and a founding co-trustor of the Quad City Cultural Trust.

Dana graduated from Phillips Academy, Andover MA and Dartmouth College, Hanover NH with an A.B. in history, and from the University of Iowa College of Law. He resides with his wife, Faye, in Bettendorf IA.

Dartmouth CollegeAB The University of IowaJ.D.
Quad Cities Chamber of CommerceQuad City Defense AllianceGenesis Health SystemUniversity of Iowa Health AllianceAugustana College - Rock IslandIowa Law School FoundationThe Hubbell-Waterman FoundationQuad City Cultural Trust

Case History

Lee Enterprises $400 Million Refinancing

In 2014, Lane & Waterman LLP advised Lee Enterprises, Incorporated (NYSE: LEE), for which Mr. Waterman also serves as general counsel, in connection with the negotiation, documentation and closing of the refinancing of LEE’s of First and Second Lien Credit Facilities.  The refinancing consisted of the sale of $400 million aggregate principal amount of its 9.5% Senior Secured Notes due 2022 (the “Notes”) to J.P. Morgan Securities LLC and Deutsche Bank Securities Inc.,  the placement of a $250 million first lien term loan and $40 million revolving facility under a First Lien Credit Agreement, the placement of a $150 million second lien term loan under a Second Lien Loan Agreement, and the issuance of 6,000,000 warrants to purchase LEE common stock to the Second Lien Lenders. 

Sinclair Tractor Acquisition of Precision Equipment, LLC

In December 2013, Mr. Waterman advised Sinclair Tractor and its affiliate Iowa County Equipment, LLC, in the acquisition of all of the real and personal property of Precision Equipment, LLC.  As a result of this transaction, Sinclair Tractor is now one of the largest John Deere dealerships in the State of Iowa.

Lee Enterprises $94 Million Refinancing

In January 2013, Mr. Waterman advised the Lee Enterprises, Incorporated in connection with the negotiation, documentation and closing of the refinancing with BH Finance LLC, a subsidiary of Berkshire Hathaway, Inc. (NYSE: BRK.A, BRK.B) OF $94 million of long term debt known as the Pulitzer Notes.  The refinancing reduced the interest under the Pulitzer Notes to a fixed rate of 9.0% and extended the maturity from December 2015 to April 2017.  The then-current interest rate of 11.3% had been scheduled to increase to 12.05% in January 2014 and 12.8% in January 2015.

National Bancshares, Inc. Reverse Triangular Merger

Commencing in November 2012, Mr. Waterman advised the Board of Directors of National Bancshares, Inc. ("Bancshares"), parent company of THE National Bank, of Bettendorf, Iowa, in connection with the negotiation, documentation and closing of a reverse triangular merger wherein Triumph Bancorp, Inc., a Texas financial holding company ("Triumph") would acquire 100% of the outstanding common and Class A preferred stock of Bancshares.  Bancshares is a $945 million bank holding company.  Following the merger, Triumph and its subsidiaries have approximately $1.2 billion in total assets and pro forma capital of over $150 million.

Lee Enterprises Sale of California-based Publications

In 2012, Mr. Waterman advised Lee Enterprises, Incorporated in the sale of its Escondido, California-based publications, North County Times and The Californian, together with their associated assets and properties, to Manchester Freedom, LLC, a San Diego-based publisher.  

Office Location

220 North Main Street, Suite 600
Davenport, IA 52801
United States

Practice Areas

Corporate Law
Mergers and Acquisitions Law
Securities / Capital Markets Law

Other Information

Gender: Male