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Abbey Mansfield Ruby


Principal
Abbey Mansfield Ruby

Abbey Mansfield Ruby is a principal in the firm’s Washington, D.C. office, where she focuses her practice in finance transactions. Abbey regularly represents global, national and regional banks and other financial institutions, specialty lenders, agents, private equity companies and corporate borrowers in various commercial finance transactions across all industries, with particular emphasis on healthcare (including skilled nursing), manufacturing and distribution, and government contracting.

Her transactions routinely include:

  • Acquisition financings
  • Asset-based lending
  • Secured and unsecured financings
  • Syndicated, club and bilateral credit facilities
  • First and second lien facilities
  • Mezzanine loans
  • Restructurings, workouts and reorganizations
  • Real estate and construction finance, including tax credit investments
  • Cross-border and multi-currency facilities

In 2018, Abbey was recognized by M&A Advisor as an Emerging Leader for her work in M&A financing and turnaround transactions. Before joining Miles & Stockbridge, Abbey was an associate in the New York office of an international law firm where she gained experience in complex leveraged finance transactions. Abbey also co-chairs the Women’s Network at Miles & Stockbridge.

Representative Transactions:

Asset-Based Lending Transactions:

  • Represented the lender in a $50 million asset-based revolving credit facility to a government contractor that designs, fabricates, installs and operates surveillance aerostat systems services.
  • Represented the arranger and lead lender in a $50 million asset-based revolving credit facility for a provider of keg management services.
  • Represented the agent and lead lender in a $30 million asset-based revolving credit facility to a government contractor specializing in counter-narcotics, criminal and civil investigations, public safety and national security services.
  • Represented the lead lender in a $15 million asset-based revolving credit facility to a management consulting services company.
  • Represented the sole lender in a $10 million asset-based line of credit and $3.6 million of term loans to a government contractor providing interior furnishing services.
  • Represented an international manufacturing company in a $250 million asset-based multi-currency revolving credit facility.
  • Represented the sole lender in an asset-based line of credit and letter of credit facility to a government contractor providing advisory and leadership development services.
  • Represented a regional bank in a $10 million asset-based revolving credit facility to a professional and technical services company.

Healthcare Finance Transactions:

  • Represented affiliated lenders in a $2.5 million asset-based revolving line of credit to the tenant-operator of a skilled nursing facility and a $4.8 million bridge-to-HUD term loan to the landlord-owner of the facility to finance the acquisition of the facility secured by, among other things, real property as well as a pledge by the operator of governmental and private-pay accounts receivable.
  • Represented the lender in a $19 million bridge-to-HUD term loan to the owner of a skilled nursing facility secured by the real estate as well as a pledge of accounts receivable of the tenant-operator of the facility.
  • Represented a medical treatment center in a complete restructuring of various tranches of indebtedness (including senior bank loans, senior and junior notes, purchase money financing and revenue share arrangements) with the issuance of $277 million of tax free municipal bonds.
  • Represented a specialty lender in the complete restructuring of a $14 million senior secured term loan facility made to seven operators and one owner-operator of skilled nursing facilities, including an Article 9 sale foreclosure, transfer of operations and foreclosure on real property, as well as a new $12.5 million senior secured term loan facility and $8.5 million asset-based revolving credit facility to the new operators.
  • Represented a senior living company in a $6.5 million term loan to finance the acquisition of a skilled nursing facility.
  • Represented a regional bank in a forbearance agreement relating to a $4.1 million term loan made to the owner of two skilled nursing facilities in connection with an operations transfer.
  • Represented the agent and lenders in a $50 million senior secured revolving credit facility for a manufacturer of generic pharmaceuticals.
  • Represented a hospital in a $20 million loan restructuring guaranteed by physician-owners of the hospital in connection with a disputed buy-out of former controlling owners.
  • Represented a healthcare company and its private equity sponsor in a $25 million asset-based revolving credit facility and related acquisitions of outpatient dialysis clinics.
  • Represented the lead arrangers in a $500 million senior secured revolving credit facility and subsequent restructuring for a healthcare provider specializing in rehabilitation.
  • Represented the lead arrangers in a $350 million unsecured revolving credit facility for a healthcare enterprise focused on Medicaid managed care and specialty services.
M&A and Private Equity Transactions:

  • Represented a private equity fund in financing its acquisition of a manufacturing company, including a $83.7 million senior secured term loan, $10 million senior secured line of credit and $22.3 million subordinated term loan.
  • Represented a private equity sponsor in financing its leveraged acquisition of a provider of wireless technology and communication systems used in sports television broadcasting, including an $18 million term loan and $7 million revolving line of credit.
  • Represented a private equity fund and its portfolio funeral home conglomerate company in $80 million of senior secured credit facilities including term loans, a revolving line of credit and a letter of credit facility, and $22 million of subordinated secured PIK notes, including first and second lien mortgages on properties across the U.S.
  • Represented a private equity sponsor and its portfolio company in a complete restructuring of existing indebtedness to include a $35 million senior asset-based loan from a commercial lender, a $20 million term loan from a private debt fund and $20 million of mezzanine notes and warrants.
  • Represented a private equity fund in financing its acquisition of a real estate service provider, including senior financing from a traditional lender and mezzanine financing from another private equity fund.
  • Represented the lender in a senior secured revolving co-investment facility made available to senior partners and managers of a private equity fund.
  • Represented the lender in a $35 million senior secured term loan facility to finance the acquisition of a pharmaceutical manufacturer.
  • Represented a private equity company and its manufacturer portfolio company in a dividend recapitalization transaction that included a $120 million senior secured term loan facility and $75 million asset-based line of credit.
  • Represented an entertainment company in a $75 million senior secured credit facility to finance multiple acquisitions in advance of an initial public offering.
  • Represented a regional bank in $6 million of asset-based revolving credit and term loan facilities to finance the acquisition of a government contractor providing organizational management and strategic consulting services.

Other Transactions:

  • Represented a real estate developer in a $48 million construction financing for a residential apartment building including bank loans, state and federal historic tax credits, and a subordinated loan from a state housing finance authority.
  • Represented the administrative and collateral agent in a $92.5 million secured term loan facility to an energy company as well as eventual forbearance agreement and Chapter 11 bankruptcy proceedings.
  • Represented an international bank in $35 million of senior secured revolving and term loan facilities  to a U.S. manufacturing company guaranteed by its Indian parent company.
  • Represented an international manufacturing company in a $250 million cross-border secured financing transaction involving assets in nine countries.
  • Represented a public government contractor in its asset-based credit facility, as well as financing various leveraged acquisitions under a $25 million delayed-draw term loan facility,
  • Represented the Collateral Agent for debtor-in-possession and exit financings in one of the largest Chapter 11 proceedings in U.S. history, including an unusual “roll-to-exit” financing feature.
  • Represented a private bank in a $250 million senior secured capital call bridge loan facility for a global growth equity investment firm.
  • Represented a regional bank in a $13.85 million construction loan and a $2.5 million bridge loan for a non-profit religious institution.
  • Represented a private equity fund in a $30 million senior secured capital call bridge loan facility.
  • Represented an investor in a $3 million mezzanine loan to partially finance the construction of a mixed use real estate project.
  • Represented the lead arrangers in a $500 million 364-day unsecured credit facility for a multi-national financial services corporation.
  • Represented the lender in a limited-recourse loan made to an administrative agent under an existing credit facility to finance expenses in connection with litigation relating to the bankruptcy of the underlying borrower and enforcement of remedies under the underlying credit agreement.

Affiliations & Recognition

Professional Involvement

  • Miles & Stockbridge Women's Network: Co-Chairwoman

  • Vanderbilt Journal of Entertainment and Technology Law: Executive Editor

Recognition

  • Leadership Council on Legal Diversity Fellow (2018)

  • M&A Advisor: Emerging Leader Award (2018)

Focus

Practices:

Press Coverage

Publications

"A Close Look At Capital Call Facilities," Law360 (November 12, 2013).