NBA’s $1.1 Billion Credit Facility

Cravath represented JPMorgan as arranger and administrative agent in connection with an expanded and significantly modified $1.1 billion League‑Wide Revolving Credit Facility made available to teams of the National Basketball Association. The Facility reflects the new national television contracts recently entered into by the NBA, and is secured by each participating team’s share of national media revenues and its other NBA‑related assets. In addition, Cravath represented JPMorgan as agent in connection with the simultaneous issuance of $725 million of privately placed high‑yield notes and amendment of $2.8 billion of previously issued high‑yield notes of various participating NBA teams that share in the League‑Wide collateral arrangements.

The Cravath team included partners B. Robbins Kiessling and Stephen M. Kessing and associates Benjamin S. Persina and Zachary A. Portnoy on banking matters and partner J. Leonard Teti II on tax matters. Andrew T. Davis also worked on tax matters.