Peter P. Ackourey focuses his practice on structuring, negotiating and documenting commercial loan transactions and other credit accommodations. He has more than 30 years of commercial lending experience, with extensive experience representing financial institutions in single bank commercial transactions, syndicated transactions, real estate financings and asset based lending.
Pete is a shareholder and member of the firm's Financial Services and Real Estate Sections.
Pete has represented both lenders and borrowers in secured and unsecured loan transactions, real estate financings, asset-based financings, syndicated and participated credits, letter of credit and bankers acceptance financings and foreign exchange lines, as well as refinancings and commercial workouts of each of the foregoing. He also provides regulatory and real estate advice to his banking clients. Pete has significant experience representing lenders in media and communication lending, health care finance, security alarm, asset-based financings and real estate lending.
Prior to re-entering private practice, Pete served as associate counsel in the legal department of Mellon Bank Corporation, where he managed a group of lawyers that served the bank's small business and middle market commercial lenders. He provided legal services in connection with the development of the bank's commercial lending procedures and forms. He also represented the bank in connection with the purchase, sale and leasing of real property used in connection with its banking facilities. In that capacity, Pete represented the bank in the relocation of its Philadelphia corporate offices and in the sale of two major commercial properties in Philadelphia.
Some of Pete's recent representations include:
- The agent in a $1.4 billion syndicated senior secured credit facility to a health care company.
- The agent in a $585 million syndicated senior secured acquisition facility to an aerospace manufacturer.
- The agent in a $400 million syndicated senior unsecured facility to a retailer.
- The agent in a $200 million revolving credit and term loan facility to a manufacturer of women's apparel.
- The agent in a $127 million term loan and revolving credit facility to a radio broadcasting company.
- The agent in a $125 million club senior loan facility to a security alarm company.
- The agent in a $100 million revolving credit and term loan facility to a company developing programming for cable television.
- The agent in a $90 million secured financing of a regional cable company.
- The agent in a $75 million secured credit facility for a multinational manufacturing company.
- The agent and letter of credit issuer issuing letters of credit to support $44 million of tax-exempt bonds issued for the benefit of the owner/operator of assisted living facilities.
- The letter of credit bank in connection with three direct-pay letters of credit issued on behalf of three separate hospital systems to support debt service payments on a composite tax-exempt bond issue aggregating $35 million.
- The lender in a $30 million secured financing for a company in the specialty printing business.
- The agent in connection with a $25 million secured revolving credit and term loan to a company providing alarm monitoring services.
- The lender in connection with a $20 million secured revolving credit facility to a private equity investment fund.
Pete also has experience in representing businesses in financing transactions and in drafting and negotiating commercial contracts with vendors and customers.
Peter was named to the New Jersey Super Lawyers® list in 2005, 2006, 2009, 2010 and 2011.