
Overview
Morgan Bale is the Global Head of the Investment Grade Finance practice of Paul Hastings and is based in the firm’s New York office. Mr. Bale has wide experience in all areas of domestic and cross-border bank financing.
Mr. Bale regularly represents investment banks, other financial institutions, and corporate borrowers in acquisition finance and other event-driven lending transactions, encompassing investment grade, leveraged cash-flow, and asset-based syndicated credit facilities (including first and second lien-secured loans), as well as loan restructurings, debtor-in-possession financings, and exit financings. Consistently ranked by Chambers Global, Chambers USA, Legal 500 US, and IFLR1000, Mr. Bale is known for his deep market knowledge, and, in particular, as a trusted advisor for high-profile investment-grade financings.
Mr. Bale’s clients include Barclays, Bank of America, CIBC, Citi, Goldman Sachs, JPMorgan, Morgan Stanley, Royal Bank of Canada, Wells Fargo, and other major investment banks.
Education
- University of Virginia, LL.M., 2002
- College of Law, York, LSF, 1993
- College of Law, York, CPE, 1992
- York University, B.A., 1989
Representations
- Represented Morgan Stanley and the other lenders in providing $10 billion of committed bridge financing to Verizon in connection with its $20 billion acquisition of Frontier Communications.
- Represented J.P. Morgan and Goldman Sachs on financing for ONEOK’s $5.9 billion acquisitions of Medallion Midstream and Enlink Midstream.
- Represented Barclays in providing $3.15 billion in committed financing for Sixth Street Partners’ $5.1 billion acquisition of Enstar Group Limited.
- Represented the lenders on the financing for Helmerich & Payne's $1.9725 billion acquisition of KCA Deutag.
- Represented Moody’s Corporation in connection with its $1.25 billion revolving credit agreement.
- Represented Bank of America on committed financing to Occidental Petroleum for its $12 billion acquisition of CrownRock Minerals.
- Represented Morgan Stanley on $2 billion of committed bridge financing to AGCO Corporation for its acquisition of 85% of Trimble’s portfolio of Ag assets and technologies via joint venture between the companies, for cash consideration from AGCO of $2 billion and the contribution of JCA Technologies.
- Represented Barclays on committed financing for Chesapeake Utilities Corporation’s acquisition of Florida City Gas from NextEra Energy, Inc.
- Represented Morgan Stanley on $1.55 billion of committed bridge financing for RenaissanceRe’s $2.985 billion acquisition of Validus Re.
- Represented Goldman Sachs on $5.25 billion of committed bridge financing for ONEOK’s $18.8 billion acquisition of Magellan Midstream Partners.
- Represented Citi and Key Bank on £6.5 billion senior unsecured bridge and term-loan facilities for Parker Hannifin’s acquisition of Meggitt plc.
- Represented Goldman Sachs, Citi and Morgan Stanley on $3 billion senior secured term loan and revolving facilities for Bausch + Lomb Corporation to finance its spin-off from Bausch Health Companies and for working capital requirements.
- Represented Bank of America in $1.2 billion senior secured bridge, term loan and revolving facilities for Tetra Tech Inc.’s recommended offer to acquire RPS Group plc, a bid which successfully topped the previous recommended offer from WSP Global Inc.
- Represented Goldman Sachs, TD Bank, Wells Fargo and another financial institution in a $1.25 billion sustainability-linked senior unsecured revolving credit facility for Trimble, Inc. (f/k/a Trimble Navigation Limited).
- Represented CIBC and another financial institution, as joint lead arrangers, in £1.8 billion bridge and term facilities for Intact Financial Corporation (Intact) to finance in part the £7.2 billion acquisition of RSA Insurance Group plc by Intact and Tryg A/S.
- Represented Morgan Stanley and Credit Suisse in $7.5 billion committed bridge financing to support the merger of International Flavors & Fragrances Inc. with the Nutrition & Biosciences (N&B) Business of DuPont in a deal that values the combined company at $45 billion on an enterprise value basis.
- Represented Citi, as administrative agent and arranger, in a $2.75 billion amended and extended senior unsecured revolving facility for Becton, Dickinson and Company to increase the existing facility and extend its maturity.
- Represented Citi, as administrative agent, joint lead arranger and joint bookrunner, in an amended and extended $2 billion senior unsecured revolving facility for International Flavors & Fragrances Inc. to refinance existing indebtedness.
- Represented Bank of America in committed senior unsecured bridge financing to support the $4 billion acquisition by Hasbro, Inc. of Entertainment One Ltd.
- Represented Citi, as administrative agent, and Citi and another financial institution, as joint lead arrangers and joint bookrunners, in $21.8 billion bridge and term loan facilities and a $5 billion revolving working capital facility to support the $55 billion acquisition by Occidental Petroleum Corporation (OXY) of Anadarko Petroleum Corporation.
- Represented a major financial institution in committed bridge and term loan facilities and a $5 billion revolving working capital facility to support the $3.7 billion acquisition by Parker Hannifin Corporation of LORD Corporation.
- Represented Goldman Sachs, as agent, in a £5.2 billion bridge financing commitment to support the $6.4 billion acquisition by Marsh & McLennan Companies, Inc. of Jardine Lloyd Thompson Group plc.
- Represented Goldman Sachs, as agent, in $9 billion bridge and term loan facilities to support the $10.9 billion acquisition by Conagra Brands, Inc. of Pinnacle Foods Inc.
- Represented Goldman Sachs and Morgan Stanley, as joint lead arrangers, joint bookrunners, and agents, in a $5 billion bridge financing commitment to support the $6 billion merger of CenterPoint Energy, Inc. and Vectren Corporation.
- Represented J.P. Morgan Chase, Goldman Sachs and another major financial institution, as joint lead arrangers and joint bookrunners, in a senior unsecured bridge facility to support the $23.1 billion merger of Keurig Green Mountain, Inc. (a portfolio company of JAB Holding Company) and Dr Pepper Snapple Group, Inc.
- Represented Goldman Sachs in $9 billion bridge facility to support the spin-off by Twenty-First Century Fox, Inc. to its shareholders of a new “Fox,” an entity comprising highly-rated news, sports and broadcast businesses, as part of a series of transactions that also included the combination of the rest of the Twenty-First Century Fox businesses with The Walt Disney Company.
- Represented Goldman Sachs and other major financial institutions, as joint lead arrangers, in $49 billion bridge and term loan facilities to finance in part CVS Health Corporation’s $78 billion acquisition of Aetna Inc.
- Represented Goldman Sachs and another major financial institution, as joint lead arrangers and joint bookrunners, in a $13.7 billion bridge facility to finance Amazon’s $13.7 billion acquisition of Whole Foods Market.
- Represented Citi, as sole lead arranger and sole lead bookrunner in $15.7 billion bridge and term loan facilities, and as lead arranger and bookrunner in $4.5 billion term and revolving working capital facilities for Becton, Dickinson and Company (BD) to support BD's $24 billion acquisition of C. R. Bard Inc.
- Represented Morgan Stanley, as sole lead arranger and sole lead bookrunner, in $4.5 billion committed bridge and $1.8 billion term acquisition-related facilities and a $1.5 billion revolving facility for Tyson Foods, Inc. to finance, respectively, its $4.2 billion merger with AdvancePierre Foods Holdings, Inc. and its general corporate purposes.
- Represented Goldman Sachs, Deutsche Bank and J.P. Morgan Chase, as joint lead arrangers and joint bookrunners, in £12.2 billion bridge financing to support Twenty-First Century Fox, Inc., in its approximately £11.7 billion acquisition of all the share capital it does not already own of Sky plc.
- Represented Morgan Stanley, as sole lead arranger and sole bookrunner, in $3.1 billion bridge financing to support the $4.3 billion acquisition by Parker Hannifin Corporation of CLARCOR Inc.
- Represented Goldman Sachs, as administrative agent, sole lead arranger and bookrunner, in an $8 billion committed bridge facility to finance the approximately $15 billion cash and stock acquisition by Great Plains Energy Incorporated of Westar Energy Inc.
- Represented RBC Capital Markets and Mizuho Bank, Ltd., as joint lead arrangers, joint bookrunners and agents, in bridge and term facilities for Dominion Resources, Inc. to finance its approximately $5.9 billion acquisition of Questar Corporation.
- Represented Goldman Sachs, as administrative agent, sole lead arranger and bookrunner, in a $4.2 billion committed bridge facility to finance the cash and stock acquisition by Lam Research Corporation of KLA-Tencor Corporation.
- Represented a financial institution in a $3.7 billion committed bridge facility to finance in part the cash acquisition by St. Jude Medical, Inc. of Thoratec Corporation.
- Represented Morgan Stanley and another financial institution, as lead arrangers and providers, in a $2.9 billion committed bridge facility for Verisk Analytics, Inc. to finance its £1.85 billion (approximately $2.8 billion) acquisition of Wood Mackenzie.
- Represented Morgan Stanley Senior Funding in a $3.4 billion committed bridge facility and a $1.3 billion term facility for Harris Corporation to finance its $4.75 billion acquisition of Exelis, Inc.
- Represented Morgan Stanley and Goldman Sachs, as financial advisors and providers of £1.6 billion bridge facilities to XL Group plc to finance in part its £2.79 billion acquisition of Catlin Group Limited.
- Represented Goldman Sachs, as administrative agent and arranger, in the fully committed $9.1 billion bridge facility for Becton, Dickinson and Company to finance its $12.2 billion acquisition of CareFusion Corporation.
- Represented Morgan Stanley in its $2.5 billion bridge commitment to Alcoa, Inc. to finance its $2.85 billion acquisition of Firth Rixson Limited.
- Represented Morgan Stanley and J.P. Morgan in the fully-committed bridge facility for Tyson Foods, Inc. to finance its $8.55 billion unilaterally-binding offer to acquire The Hillshire Brands Company.
- Represented Goldman Sachs and another major financial institution in their $7.2 billion bridge commitment to Exelon Corporation to finance its acquisition of Pepco Holdings Inc.
- Represented Goldman Sachs in $4.75 billion bridge commitments to finance a portion of the $8.2 billion acquisition by Sysco Corporation of US Foods, Inc.
- Represented AK Steel Corporation in its $1.1 billion revolving-credit facility.
- Represented Morgan Stanley in a 364-day investment-grade committed bridge facility to support the $2.65 billion acquisition by Weyerhaeuser of Longview Timber.
- Represented Goldman Sachs, as joint lead arranger, joint bookrunner and administrative agent, in a $3.5 billion senior unsecured bridge facility in connection with the $6.7 billion strategic investment by Walgreen Co. in Alliance Boots GmbH.
- Represented Morgan Stanley and Deutsche Bank, as arrangers and administrative agents, in a $1.9 billion senior unsecured bridge facility for Molson Coors Company to finance, in part, its $3.5 billion acquisition of StarBev.
- Represented a major financial institution, as sole lead arranger and sole bookrunner, in a $1 billion senior unsecured bridge facility for Kellogg Company to finance its $2.7 billion acquisition of Procter & Gamble’s Pringles snack business.
- Represented Morgan Stanley and J.P. Morgan, as joint bookrunners and lead arrangers, in a $1 billion bridge term loan, a $500 million revolving facility and a $250 million revolving facility for DENTSPLY International Inc. to finance its $1.8 billion acquisition of Astra Tech.
- Represented Morgan Stanley and J.P. Morgan, as joint lead arrangers, in a $2 billion investment- grade revolving facility for Marathon Petroleum Corporation to finance its spin-off from Marathon Oil Corporation.
- Represented Morgan Stanley, as administrative agent and joint lead arranger, in a $3 billion revolving facility for Danaher Corporation to finance in part Danaher's $5.9 billion acquisition of Beckman Coulter.
*Matters may have been completed before joining Paul Hastings.
Involvement
- Chambers Global, Banking & Finance
- Chambers USA, Banking & Finance
- The Legal 500 US, Commercial Lending
- IFLR1000, Banking
- The National Law Journal, Finance, Banking and Capital Markets “Trailblazer” (2019)
- Law360, Banking “MVP” (2014)