Liz Orelup represents lenders, borrowers, buyers, sellers and other parties in commercial lending and leasing transactions, other commercial transactions, and in distressed credit matters and bankruptcy. Ms. Orelup has comprehensive experience in representing borrowers and lenders in acquisition financing transactions and in a variety of other commercial loan transactions. Following private equity acquisition transactions, Liz works closely with the portfolio companies in all aspects of their financing and credit needs.
Ms. Orelup works with manufacturing companies and their financing affiliates in providing financing to customers, suppliers, and distributors; in developing loan documentation and procedures for national financing programs; and in advising lenders and borrowers with respect to covenant compliance matters. Liz also provides strategic advice and negotiates and documents early termination of financing leases and amendments, consents, default waivers and other covenant compliance matters. Liz advises a broad array of businesses on UCC secured transactions (Article 9) issues that impact their interests. Ms. Orelup began her legal career as a bankruptcy lawyer in the economic recession and financial industry crisis of the early 1980’s and continues to advise creditors and distressed borrowers in connection with workouts, restructurings and bankruptcy matters.
Ms. Orelup is vice chair of Quarles & Brady’s Corporate Services Group, chair of the Opinions Committee, and former leader of the Commercial Financial Services Practice Team.
Recent experience includes:
- Representing private equity sponsors and their portfolio companies in numerous acquisition financing transactions, including:
- A manufacturer of thermoformed packaging with respect to its $40 million asset-based secured revolving credit, term loan and equipment financing.
- A distributor of branded and private label personal care products with respect to its $37 million secured revolving credit and term loan facility, including a bankers acceptance and letter of credit facility to support its global product sourcing, and its $11 million mezzanine financing.
- A food processor in its $55 million secured senior revolving credit and term loan facility and its $22 million mezzanine loan.
- A paper products manufacturer and its Canadian subsidiary with respect to a $100 million secured senior revolving credit and term loan facility and a $25 million subordinated term loan with a bank mezzanine lender.
- A consumer debt collection company with respect to its $33 million secured senior revolving credit and term loan facility and its $17 million senior subordinated notes, along with a subsequent dividend recapitalization of the company.
- A specialized flexible packaging company with respect to its $91 million senior secured revolving credit and term loan facility and $32 million mezzanine financing.
- Representing a senior lender in its $25 million secured revolving credit, term loan and equipment financing for a for-profit provider of educational services, in connection with the acquisition of the company by a private equity investor.
- Representing a global public company manufacturer of thermal management systems and components in the successful syndication of its $145 million secured revolving credit facility and $50 million accordion facility, and a $125 million private placement of senior notes with an institutional investor.
- Representing a financing subsidiary of Fortune 100 company in the management of its portfolio of leveraged and direct finance lease investments and other tax-oriented and third party financings. Recent transactions with the company include the negotiation, documentation and closing of sales, lease assignments, ground lease terminations and other dispositions of equity interest in nearly 20 retail stores following the bankruptcy of two lessees and the early buyout (EBO) of 50+ commercial properties in 16 states.
- Representing an international manufacturer and marketer of identification products in its successful private placement of €75 million of senior notes to institutional accredited investors to refinance existing debt, to finance acquisitions and for general corporate purposes.
- Representing a Fortune 500 manufacturing company in the drafting and implementation of standard loan and collateral documents for use with its dealers and other customers, as well as advising the credit management team with respect to compliance and default issues.
- Representing a public company manufacturer of consumer products in the bankruptcy of a single-source supplier, successfully negotiating an exit from the contract without disruption of production.
- Representing, with others on the Quarles & Brady Bankruptcy, Restructuring and Creditors’ Rights Team, a provider of home health services to elderly and disabled patients in the negotiation of a $5,500,000 debtor in possession financing facility.
- Local counsel to numerous lenders, corporations and borrowers with respect to Wisconsin transactions.