Ari B. Blaut

Partner at Sullivan & Cromwell LLP

Ari B. Blaut

Ari B. Blaut

Partner at Sullivan & Cromwell LLP

Biography

Ari Blaut is a partner in S&C’s Finance & Restructuring Group and is co-head of the Firm’s U.S. Credit & Leveraged Finance practice. Mr. Blaut maintains a broad corporate practice advising clients on a wide range of financing transactions, including bank financings, high yield bond issuances, “PIPE” transactions, debt restructurings, liability management and creditor representations. Mr. Blaut has particular expertise in leveraged finance, acquisition finance, distressed financing and private credit transactions.

Mr. Blaut is widely regarded for his work on both the bank and bond sides of transactions. Chambers USA – Nationwide (2020/2019) notes that Ari is “an ‘outstanding lawyer’,” “very very business savvy,” and “the quality of his work is exceptional”.

Recognitions

Mr. Blaut is among a select group of lawyers to have been recognized for their work in both bank lending and debt capital markets. Recent recognitions include:

* The National Law Journal – Finance, Banking & Capital Markets Trailblazer
* Chambers USA – Recognized in Band 4, Banking & Finance in USA - Nationwide
* Legal 500 United States – Next Generation Lawyer for Global Offerings and High-Yield Debt; Highly Regarded for Commercial Lending
* Super Lawyers – Rising Star for Corporate Finance
* M&A Advisor – Emerging Leader Award

Recent Publications

Recent publications where Mr. Blaut was an author or co-author include:

* “Market Trends 2019/20: Investment Grade Debt Offerings” – Lexis Practice Advisor (2020)
* “Market Trends 2019/20: PIPEs” – Lexis Practice Advisor (2020)
* “Acquisition Finance: The ‘Inside Second Lien’ Covenant Structure” – Practical Law (2019)
* “Corporate Debt Securities in U.S. Capital Markets” – Lexis Practice Advisor (2019)
* “Preferred Equity as a Growing Part of Acquisition Finance for Financial Sponsors” – The M&A Lawyer (2018)
* “Federal Investigations and Implications Under Debt Agreements” – Corporate Counsel (2017)
* “Recent Trends in Private Equity Acquisition Financing: Growth of Private Credit” – M&A Lawyer (2017)
* “Recent Trends In Investment-Grade Debt Offerings” – Lexis Practice Advisor (2017)
* “Financing and Secured Lending in the United States” – Lexology (2016)
* “Structuring Considerations for Minority Investments” – Deal Lawyers (2016)
* “Borrower Favorable Trends in REIT Credit Facilities” – Law360 (2016)

SELECTED REPRESENTATIONS
Corporates
* AT&T in multiple transactions, including its $40 billion bank financing in connection with its acquisition of Time Warner
* Andeavor in $4.1 billion of debt financing (bank and bond) for its acquisition of Western Refining
* Arconic in its $700 million offering of first lien notes and $800 million asset-based credit facility
* Arrangers in providing $4.1 billion of debt financing in connection with Global Payments’ acquisition of Total System Services
* Harris Corporation in $3.4 billion of debt financing (bank and bond) for its acquisition of Exelis and debt financing matters related to its acquisition of L3
* Underwriters on $15 billion of bond issuances by Alibaba Group
* Eastman Kodak in its PIPE transaction with Southeastern Asset Management
* VRIO in connection with its $1 billion high yield bond offering and $400 million Brazilian CCB offering
* AMC Networks on multiple bank financing transactions
* Rent-a-Center in connection with the recapitalization of its debt structure

REITs, Hospitality and Gaming
* CyrusOne in its $3.0 billion multi-currency bank financing
* Forest City in $900 million of bank financing in connection with its conversion to a real estate investment trust
* CIM Commercial Trust in $1.2 billion of term loan and revolving bank financing
* Lenders in connection with VICI Properties $2.6 billion bank debt financing and $4.76 billion debt financing commitment with respect to the pending Eldorado Resorts transaction
* Cole Operating Partnership V in connection with its $350 million bank financing
* Quality Care Properties in $1.8 billion of bank and bond financing
* Highgate Hotels on its debt financing transactions
* American Casino on multiple bank and bond financing transactions

Biotechnology, Pharmaceuticals and Medical Sciences
* Seattle Genetics in connection with the bridge financing for its acquisition of Cascadian Therapeutics
* Baxter International in its €1.5 billion bond offering
* Integra LifeSciences in its $2.2 billion bank debt financing
* Oaktree Capital Management in connection with numerous debt and equity investments, including in Sorrento Therapeutics
* Impax Laboratories in multiple bank debt financings including its combination with Amneal Pharmaceuticals
* Deerfield Management in connection with its “PIPE” investment in Sientra
* Creditors in numerous in-court and out-of-court healthcare restructurings

Special Situations
* Canyon Capital in its $600 million “PIPE” transaction with New Residential Investment Corp.
* Certain large creditors in connection with the financial reorganization and recapitalization of Acosta, Inc.
* Key Energy in connection with its out-of-court restructuring
* Deerfield Management as secured lender and stalking horse bidder in the Chapter 11 cases of Melinta Therapeutics
* Lion Capital as stalking horse bidder and DIP provider in connection with the ongoing bankruptcy of John Varvatos Enterprises, Inc.
* Act III in connection with its “PIPE” in BJ’s
* Convertible bond holders in connection with the restructuring of Pernix Therapeutics
* Tinicum Incorporated in connection with the out-of-court restructuring of its portfolio company F+W Media
* Platinum Equity as creditor in certain restructurings
* Lion Capital in the restructuring of Bumble Bee Foods
* AT&T in arrangements with holders of NextWave Wireless notes (senior secured, subordinated and third lien) as part of its distressed acquisition of NextWave Wireless
* Eastman Kodak in its $950 million debtor-in-possession facility, $830 million junior debtor-in-possession facilities and its exit financing facilities
* Creditors in numerous large restructurings

Private Equity
* Ares Management in $680 million of first lien, second lien and revolving debt financing in connection with its $1.4 billion investment in DMG Practice Management Solutions
* Bumble Bee Foods, a portfolio company of Lion Capital, in connection with its $850 million debt refinancing
* Lion Capital in the stretch first lien acquisition financing of GFG
* Ontario Teachers’ Pension Plan Board (OTPPB) in $710 million of first lien, second lien and revolving facilities for its acquisition of PODS
* Rhône Capital in $535 million of first lien, second lien and revolving debt financing for its acquisition of Ranpak Holdings
* Castle Management, a joint venture of Highgate Hotels and Trilantic Capital Partners, in its debt recapitalization
* Ares Management in debt financing related to its acquisition of a large minority stake in ATD Corporation from TPG
* Tinicum Incorporated in the debt financing for the acquisition of certain outdoor advertising/billboard assets from Clear Channel Outdoor
* Versa Capital in the dividend recapitalization of its portfolio company Avenue Stores
* Rhône Capital in $1 billion of multi-jurisdictional asset-based revolving and term loan facilities for its acquisition of CSM NV’s bakery business
* Ares Management and OTPPB in $1 billion of debt financing (term loans, asset based revolver and bonds) for their acquisition of CPG International
* CIM Group LLC and its real estate funds on numerous financings

Private Credit
* Acted for numerous private credit providers on the full range of products (including among others, unitranche, second lien, mezzanine debt and preferred stock). Have recently acted for, including among others: CPPIB Credit, Crescent Capital, Delaware Life, Guggenheim Life, Oaktree Capital Management and Owl Rock Capital.

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Partner at Sullivan & Cromwell LLP

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Partner at Sullivan & Cromwell LLP

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Faculty Member & Author at Practising Law Institute

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Partner at Sullivan & Cromwell LLP

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Special Counsel at Sullivan & Cromwell LLP

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Partner at Sullivan & Cromwell LLP

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Partner at Sullivan & Cromwell LLP

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Partner at Sullivan & Cromwell LLP

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Partner at Sullivan & Cromwell LLP

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Partner at Sullivan & Cromwell LLP

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Ari B. Blaut
Partner at Sullivan & Cromwell LLP
Career History
Partner
Current

Sullivan & Cromwell provides legal advisory services to financial, healthcare, insurance, real estate, energy, other sectors.

Political Donations
$250
2012

Former President of United States

$250
2011

Treasurer at Government of Ohio

Transactions
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SAIC, Inc. purchases Unisys Corp. /US Federal Business from Unisys Corp.

Details Hidden

Harris Corporation purchases L3 Technologies, Inc. resulting in a new company L3Harris Technologies, Inc.

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Brookfield Asset Management, Inc. purchases Forest City Realty Trust, Inc.

Other Affiliations

Ari B. Blaut is affiliated with Sullivan & Cromwell LLP

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