Margaret E. Tahyar
Davis Polk Partner Margaret E. Tahyar was part of the team led by partner Jason Kyrwood that advised the lenders on the recent $8 billion five-year senior unsecured term loan facility provided to Synchrony Financial. The proceeds of the facility will be used to refinance Synchrony’s existing indebtedness and for working capital and general corporate purposes, according to the firm.
JPMorgan Chase Bank, N.A., served as administrative agent, and Barclays Bank PLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc. and Morgan Stanley Senior Funding, Inc., were joint lead arrangers and joint bookrunners, and BNP Paribas Securities Corp., The Bank of Tokyo-Mitsubishi UFJ, Ltd., HSBC Bank USA, National Association, Mizuho Bank, Ltd., RBC Capital Markets, RBS Securities Inc., Santander Bank, N.A., Societe Generale, Sumitomo Mitsui Banking Corporation, Credit Agricole Corporate and Investment Bank, Fifth Third Bank, Banco Bilbao Vizcaya Argentaria, S.A., ING Bank NV, Intesa San Paolo and Commerzbank AG, New York and Grand Cayman Branches, were co-lead arrangers.
Synchrony is the largest provider of private label credit cards in the United States, based on purchase volume and receivables. The company provides a range of credit products through programs it has established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and health care service providers.
Along with Tahyar, counsel Reena Agrawal Sahni and associates Daniel E. Newman and Andrew S. Fei provided financial institutions advice. Kyrwood and associates Novika Ishar and Vanessa L. Jackson served on the credit team.
Based in New York, Tahyar is a member of Davis Polk’s Financial Institutions Group. Her practice focuses on providing strategic bank regulatory and financial regulatory reform advice and advising on troubled bank M&A and recapitalizations and capital markets transactions where the target or issuer is a financial institution. She also advises on corporate governance and securities settlement systems and payment systems.