Jacob Ruby

Jacob Ruby is a Partner in the Firm’s Capital Structure Solutions Practice. He represents private equity sponsors and their portfolio companies, public companies, private credit funds, hedge funds, asset managers and other alternative capital providers on complex debt financing transactions. He advises on a range of leveraged finance matters, with a particular focus on liability management exercises, special situations, opportunistic credit, private credit, recapitalizations and restructurings.

Jacob has played a key role in designing and executing some of the market’s most innovative and market-defining liability management, special situation and private credit transactions in recent years. He also has experience representing clients in connection with in- and out-of-court restructurings, DIP and exit financing, and Section 363 sale transactions.

Notable experience prior to joining Simpson Thacher includes advising:

• At Home Group Inc., a leading home décor and furniture retailer in an unprecedented “double-dip” structure that raised $200 million of new money financing and concurrent uptier exchange of over $500 million of existing debt.
• RSA, a cybersecurity and fraud prevention technology company on an uptier and new money transaction that substantially de-levered RSA’s balance sheet and strengthened its liquidity position, capturing a record-breaking $456 million in aggregate debt discount—equal to approximately 33% of RSA’s total pre-transaction debt—in addition to raising $135 million in new money financing.
• Multi-Color Corporation in connection with potential drop-down financing transactions and prepackaged chapter 11 proceedings to address approximately $6 billion of funded debt obligations.
• Equinox Group, the owner of a high-growth collective of influential luxury lifestyle brands, including Equinox Fitness Clubs, SoulCycle, Equinox Hotels and Blink Fitness, in a $1.8 billion private credit financing.
• Zayo, a global communications infrastructure provider, in a comprehensive reprioritization transaction addressing approximately $9.5 billion of secured and unsecured debt, including the implementation of a new $3.8 billion first-out term loan, €527 million first-out term loan, $1.3 billion first-out secured notes, $880 million second-out secured notes, and $1.03 billion first-out revolving credit facility.
• Wheel Pros, Inc., a leading vertically integrated platform for aftermarket automotive enhancements, in the following transactions:
  • A comprehensive liability management transaction that included an innovative $235 million new money “enhanced FILO” and over $1.1 billion of exchange debt via a double-dip structure;
  • $110 million DIP term loan and $175 million DIP ABL facilities; and
  • $570 million exit term loan and $175 million exit ABL facilities.
• Quest Software, a global leader in data management, identity security, and platform modernization, in a drop-down and double-dip financing that included a $350 million new term loan, $380 million revolving credit facility, exchanges of approximately $3.5 billion of existing debt, and resulted in over $200 million of discount capture.
• Springs Window Fashions, a provider of custom window coverings, in a comprehensive liability management exercise that included a $200 million new money term loan, $150 million delayed draw term loan, $125 million revolver, $1.5 billion exchange term loan, and $158 million exchange secured notes, resulting in over $100 million of discount capture.
• Envision Healthcare Corporation, a leading provider of physician staffing services and operator of ambulatory surgical centers, in the following transactions:
  • First-of-its kind drop-down of the company’s AmSurg segment of ambulatory surgical centers in transactions that raised $1.3 billion of new term loans and a $300 million revolving credit facility, resulting in over $1.9 billion of deleveraging;
  • An uptier transaction at the Envision silo that raised $300 million of new liquidity, exchanged $3.3 billion of debt, and resulted in $450 million of discount capture; and
  • A $1.9 billion AmSurg exit term loan and $400 million Envision exit term loan.
• Consolidated Precision Products, a manufacturer of highly complex components for the commercial aerospace market, in an over $2 billion private credit financing, including $750 million of preferred equity and warrants, $1.14 billion term loan, and $125 million revolving credit facility.
• GoTo Group, Inc. (LogMeIn), an IT management, support, and business communications provider, in an uptier exchange that included $100 million of new money, over $3.1 billion of exchange debt, and resulted in over $500 million in discount capture.
• GrafTech (NYSE: EAF), a leading manufacturer of high-quality graphite electrode products, in connection with an uptier exchange of $950 million of existing debt, a new $275 million first lien term loan facility, and a new $225 million revolving credit facility.
• CURO Group Holdings Corp. (NYSE: CURO), a specialty consumer finance provider, in a liability management transaction that effectuated an uptier exchange of $680 million of its 7.5% second-lien notes into new 7.5% 1.5-lien notes and contemporaneous $150 million new money first-lien term loan financing provided by noteholders that participated in the exchange.
• WeWork Companies LLC, in a reprioritization transaction involving $500 million of new first lien notes and $2.85 billion exchanges of existing debt, reducing net debt by approximately $1.5 billion.
• Nielsen & Bainbridge, LLC (d/b/a NBG Home), a manufacturer of home décor products, in connection with a $60 million DIP facility in Chapter 11 cases filed in the U.S. Bankruptcy Court for the Southern District of Texas.
• A private equity backed portfolio company in connection with a $60 million structurally priming financing facility secured by certain non-collateral assets.
• A private equity backed portfolio company in connection with a $50 million structurally priming financing facility secured by the assets of certain non-U.S. subsidiaries.

Jacob received his J.D. from the University of Virginia School of Law, Order of the Coif, where he was a Karsh-Dillard Scholar, online editor for the Virginia Law Review and recipient of the American Bankruptcy Law Journal Student Prize. He received his B.A. in Economics from the University of Michigan with high honors and high distinction.

He is admitted to practice in Utah and Illinois. Not admitted in Texas.