Mandel  stephen

Stephen J. Mandel

Member
Office

Pittsburgh

One Oxford Centre
301 Grant St, 14th Floor
Pittsburgh, PA 15219
Vcard icon Email icon Pdf icon
Fax: 412.394.2555
Education
J.D., Fordham University School of Law, Manhattan, New York City, New York, 2004
B.S., Pennsylvania State University, State College, Pennsylvania, 2001
State Bar Licenses
Pennsylvania
New York

Stephen J. Mandel

Member

Stephen J. Mandel is a corporate and transactional attorney with a focus on a wide range of commercial finance matters.  In his counsel to lenders and borrowers, including banks and other capital providers, public and private companies and private equity groups and similar enterprises, Stephen often serves as deal steward, quarterbacking the deal process from the term sheet or commitment stage through to loan documentation and closing.  Stephen uses a practical approach to each matter, augmenting his knowledge of the legal issues with an appreciation for the differing goals of each client in order to achieve an efficient and timely outcome desired by all parties.

Stephen’s experience includes:

  • Drafting and negotiating term sheets, commitment letters, credit agreements, security agreements, intercreditor agreements and other loan documentation on behalf of single-bank lenders and agent lenders in syndicated facilities
  • Cash-flow secured and unsecured credit facilities, asset-based loan transactions, mezzanine and subordinated structures, real estate financings and other credit arrangements
  • Representing lenders and borrowers in connection with leveraged buyouts and other acquisition financings
  • Cross-border transactions involving businesses with operations in Canada, Mexico and Europe, and collaboration with local counsel in such jurisdictions on behalf of both lenders and borrowers
  • Preparation and negotiation of required legal opinions, including serving as local counsel to a number of public and private companies with multi-state operations
  • Drafting of corporate organizational documentation and resolutions and attention to general corporate matters in the context of financing and other transactions

Stephen began his legal career with an AmLaw 100 firm in New York, representing hedge funds, private equity funds and other finance companies in domestic and cross-border finance transactions, before relocating to the Pittsburgh area and joining Clark Hill in 2008.

Experiences
Counsel to the administrative agent and lead arranger with respect to a $400,000,000 senior secured credit facility provided by a syndicate of 14 financial institutions to a vertically-integrated, global vision company and 35 of its domestic subsidiaries. The proceeds of the credit facility were used to, among other things, refinance certain existing indebtedness of the loan parties and provide working capital to the loan parties. The credit facility was guarantied by the borrower's non-profit insurance company parent and, therefore, the documentation and negotiation of the same involved numerous and varied issues related to the regulation of insurance companies.
Counsel to the administrative agent and lead arranger in a $335 Million asset-based credit facility (including swing loan, letter of credit and term loan accordion and revolving credit accordion features) for a national petroleum company. The credit facilities provide capital for the loan parties' operations and acquisitions. In addition, our representation of the administrative agent included the negotiation of the intercreditor agreement with the loan parties' equipment lender.
Counsel to the administrative agent and lead arranger with respect to a $400,000,000 unsecured credit facility (including a swing line facility, letter of credit subfacility and accordion feature) provided to an investment grade, public company borrower to be used for working capital and acquisitions. The credit facility is guarantied by the borrowers' parent company and all of the borrowers' subsidiary companies. The credit facility includes a springing fixed charge covenant.
Counsel to the administrative agent and a joint lead arranger and bookrunner with respect to a $500,000,000 unsecured revolving credit facility with a $150,000,000 letter of credit subfacility and a $30,000,000 swing loan subfacility for a large retail chain.
Counsel to the administrative agent and lead arranger with respect to a $200,000,000 senior secured credit facility with a letter of credit subfacility, swing line and accordion feature provided by a syndicate of six national financial institutions to a reciprocal insurance exchange acting through an attorney-in-fact. The proceeds of the credit facility were used, among other purposes, to refinance certain existing indebtedness of the borrower and provide working capital to the borrower. The credit facility was secured by a securities account maintained by the borrower, consisting of a portfolio of government bonds and notes, municipal bonds, federal agency bonds and corporate bonds. The documentation and negotiation of the credit facility involved numerous issues related to the borrower’s organizational and management structure and the regulation of reciprocal insurance exchanges.
Counsel to the administrative agent and lead arranger with respect to approximately $160,000,000 in senior secured credit facilities consisting of first lien, second lien and fully subordinated tranches as well as letter of credit and working cash sub-facilities for a specialized manufacturing company with U.S. and Canadian operations. The credit facilities provided for the recapitalization of and working capital for the loan parties and are secured by liens on substantially all of such parties' real and personal U.S. and Canadian assets.
Practice Areas
Banking & Financial Services
Areas of Emphasis
Commercial & Real Estate Finance
Industries
Banking