Richard Petretti counsels clients on a broad range of financing transactions, with a particular emphasis in the media and entertainment industry. His extensive experience includes handling syndicated loans, leveraged acquisition financings, recapitalizations, DIP financings, exit financings and a broad array of other financial and capital markets products, such as letters of credit, repurchase agreements, forward purchase contracts and secured notes. He also has experience representing debtors, creditors, agents for lender syndicates, and investors in complex restructurings, workouts, bankruptcies and acquisitions of troubled companies.
Richard’s media and entertainment experience includes secured and unsecured film, television and music financings, production and acquisition facilities for slates and single-pictures, library-backed financings, music catalog financings and financings for companies providing services to the entertainment industry in lending, debt restructurings and corporate matters. Richard advises banks and other major financial institutions as well as major studios, mini-majors, independent film companies, joint ventures and special purpose entities.
His finance practice also extends beyond the entertainment world, with extensive experience representing clients across a broad range of other industries and asset classes, including financial services, healthcare, satellites, undersea fiber optic cables, hospitality, aviation, shipping, energy, chemicals and infrastructure. Transactions often involve complex Intercreditor or cross-border issues. Richard has always enjoyed new product development. Recently, he has advised on structures involving creation and financing of carbon credits.
Prior to practicing law, Richard did graduate work focusing on the Law of the Sea and the interplay between ocean policy and the law, as well as working briefly with a consulting environmental engineering firm.
Media and Entertainment
- Represented a major banking institution as the administrative agent and lender in revolving credit facilities for various music royalty funds
- Represented an investment banking company as the administrative agent in an US$825 million syndicated secured revolving credit and first-in/last-out term loan facility for a film and television production company
- Represented a major banking institution as the administrative agent and lead arranger for a syndicated secured credit facility to finance the acquisition of an international provider of services to the music industry
- Represented an investment banking company as the administrative agent and joint lead arranger for a US$1 billion credit facility for a mass media company
- Represented a major bank as the provider of a term loan and revolving credit facility to finance the acquisition of a German media company by private investors
- Represented a major banking institution as the administrative agent and lead arranger for a US$500 million syndicated secured revolving credit and term loan facility for a Canada-based content and media services company
- Represented a major independent television production company as the borrower on two credit facilities aggregating nearly US$100 million to finance production of two new network television series
- Represented an investment banking company as the administrative agent in a US$650 million amend and extend of a syndicated secured revolving credit facility for an entertainment company
- Represented an investment banking company as the agent in a five-year, US$800 million syndicated secured revolving credit facility for a major producer and distributor of entertainment content
- Represented an investment banking company as the agent in a syndicated secured add-on credit facility to finance a UK-based television broadcasting services company’s US$88 million acquisition of a Swedish media company. The financing required taking guaranties and security in Sweden, Denmark, Norway, Finland, England and the United States
Broadcasting and Telecommunications
- Represented a bank as the agent for senior secured lenders in the restructuring of approximately US$700 million of credit facilities and publicly traded notes of a publicly traded radio station owner and content syndicator
- Represented a retail banking company as the agent in a US$75 million project loan to an affiliate of a telecommunications corporation to finance the construction of a fiber optic telecommunications system linking Seattle, Washington; Juneau, Alaska; Anchorage, Alaska; and Fairbanks, Alaska
Chemicals and Energy
- Represented a privately held polymer producer as the borrower under a US$500 million syndicated secured term loan facility and a US$375 million syndicated secured revolving credit facility
- Represented a global leader in specialty chemicals for the textile, paper and emulsions sectors as the borrower under a senior secured syndicated credit agreement that provided credit facilities totaling approximately US$515 million, which were used to refinance the client’s existing debt and support the acquisition of a textile chemicals business. The credit facilities comprised a US$75 million multi-currency revolving credit facility, a US$220 million senior secured term loan and a €200 million senior secured term loan
- Represented a privately held polymer producer as the borrower in a US$550 million syndicated secured Term Loan B and related amendments to an ABL credit facility to fund a leveraged recapitalization
- Represented one of the lead investors in the workout and eventual bankruptcy of a stand-alone oil refinery
- Represented a financial services company and its affiliates as the borrowers under separate syndicated revolving credit agreements totaling US$1.4 billion
- Represented an investment banking company in its establishment of a US$350 million senior secured revolving credit facility with a banking company in the recently announced strategic alliance between them to collaborate on future corporate and investment banking business opportunities.
- Represented the lender on term and revolving credit facilities in connection with the merger of a US-based specialty in vitro diagnostics company with a leading molecular diagnostics company based in the Czech Republic
- Represented the lender on term and revolving credit facilities in the acquisition of a home health care management services company.
Real Estate and Hospitality
- Represented a hotel and resort chain in obtaining US$1.875 billion of financing from a German corporation, consisting of a securitized mortgage loan and two mezzanine loans
- Represented a money center bank as the agent in the workout of a troubled US$280 million syndicated construction loan for a Florida condominium project
- Represented a furniture store chain as the seller under a factoring arrangement with Hilco Receivables, LLC
- Represented a private equity company and one of its affiliates in the issuance of US$250 million of senior fixed rate notes, US$350 million of senior toggle notes, US$335 million of senior subordinated notes and a US$1.65 billion syndicated secured term loan and revolving credit facility in the acquisition of a retail company
- Represented a leading home goods retailer under Chapter 11 protection with regard to its DIP financing and vendor support program
- Represented a clothing retailer under Chapter 11 protection with regard to DIP financing
- Represented money center bank, as agent, in connection with bankruptcy planning and possible debtor-in-possession financing for a publicly traded auto parts supplier
- Represented a major financial institution as administrative agent on DIP financing and an exit credit facility for a major airline
- J.D., New York University School of Law
- S.M., Massachusetts Institute of Technology, Ocean Engineering
- Speaker, "Recent Developments in Media and Entertainment Financing," ABA Business Law Section, Spring Meeting 2019, Secured Transactions Subcommittee of the Uniform Commercial Code Committee, Vancouver, March 2019
- Speaker, "The Changing Landscape of Global Film Finance: Update 2015," Beverly Hills Bar Association Entertainment Law Section, December 2015
Memberships and Affiliations
- American Bar Association
- Member, Committees on Uniform Commercial Code, Legal Opinions and Business Bankruptcy
- Member, Beverly Hills Bar Association
- Member, New York City Bar Association