Paul Coyle

Partner

  • Paul Coyle
  • Phone: +1 312 499 0109

    Import to Address Book

  • Duane Morris LLP
    190 South LaSalle Street, Suite 3700
    Chicago, IL 60603-3433
    USA

Paul Coyle is co-chair of the firm’s Healthcare Financing Group and a member of the firm's governing Partners Board. Mr. Coyle's practice encompasses a broad range of general corporate counseling for healthcare provider clients as well as negotiating and documenting asset-based, cash-flow, unitranche and real estate financing transactions on behalf of both institutional lenders and borrowers with an emphasis in the healthcare industry. Mr. Coyle also has substantial experience in negotiating intercreditor relationships (including agreements among lenders).  In the workout and restructuring area, Mr. Coyle has represented institutional lenders in relation to pre-bankruptcy workouts and debtor-in-possession and Chapter 11 exit financings. Mr. Coyle advises healthcare providers (including owners and operators of hospitals) on operational issues affecting their businesses, and a variety of healthcare transactional and regulatory matters ensuring such advice is carefully coordinated with such clients’ business objectives.

Mr. Coyle regularly advises corporations, limited liability companies and partnerships in connection with issues involving entity formation, capital raising and corporate governance.

Areas of Practice

  • Banking and Financial Institutions
  • Healthcare Finance
  • Corporate Law and Healthcare Law (Mergers and Acquisitions)

Representative Matters

  • Represented Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL in connection with a $60 million debt financing to a medical technology company, consisting of a $45 million term loan facility and a $15 million asset-based revolving line of credit.

  • Represented HTLF Bank, which offers community banking at scale across the West, Midwest and Southwest, as agent and co-lender with respect to (i) refinancing of a $50 million secured term loan facility, with an additional $5 million structured as a delayed draw term loan, and (ii) extension of a $2 million secured revolving credit facility, extended to the owners and operators of eight assisted living facilities in Wisconsin.

  • Pipeline Health System, LLC — Special Counsel to Pipeline Health System, LLC and its affiliates in their Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas in connection with selling Pipeline’s “safety net” hospitals, health clinics and medical office buildings in Chicago, Illinois, including Weiss Memorial Hospital and West Suburban Medical Center. Pipeline’s hospitals (including four in California and one in Texas) operate in historically underserved communities, and a significant percentage of the hospitals’ patients rely on Medicare, Medicaid and other governmental reimbursement programs. Pipeline came into the Chapter 11 proceedings with a plan of reorganization seeking to restructure over $600 million of financing obligations.

  • Represented Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL, in connection with $300 million in debt financing to Outset Medical, a medical technology company; the financing included a $250 million term loan facility and up to $50 million in asset-based revolving credit.

  • Represented Metropolitan Commercial Bank as agent and lender in $48 million term loan acquisition financing for five skilled nursing facilities in Florida, which also included a $3 million revolving loan from Metropolitan Commercial Bank in its capacity as working capital lender, and a mezzanine loan from a financial institution.

  • Represented Metropolitan Commercial Bank as a lender in a $90 million syndicated term loan acquisition financing for nine skilled nursing home facilities located in Florida, and also represented Metropolitan Commercial Bank in its capacity as mezzanine lender and working capital lender in connection with a $10 million mezzanine loan used to finance the acquisition and a $14 million revolving loan used to finance the working capital needs of the operators for the nine skilled nursing homes.

  • Represented an investment fund client in the closing of a $50 million credit facility, enabling the client to significantly grow its business nationwide.

  • Represented Metropolitan Commercial Bank as agent and lender in $33.5 million term loan acquisition financing for medical labs in Florida.

Admissions

  • Illinois

Education

  • The John Marshall Law School, J.D., 1994
  • DePaul University, B.S., 1991

Professional Activities

  • Certified Public Accountant, Illinois

Honors and Awards

  • Listed in The Best Lawyers in America, 2022-2024
  • Listed in Leading Lawyers in 2016, 2017, 2018, 2019, 2020, 2021, and 2023 as a Leading Lawyer in the State of Illinois in both Banking & Financial Institutions Law and Secured Transactions Law

Board Memberships

  • Immigration Equality
    - Board Member, Audit and Finance Committee, 2012-2018

Selected Publications

  • Co-author, "Documenting Health Care Finance Transactions and Perfecting Security Interests in Commercial and Governmental Receivables," The Journal, ACG Chicago, December 20, 2016
  • Co-editor, "Imperfect Perfection: The Art of Perfecting Security Interests in Health Care Accounts Receivable," The Association for Corporate Growth's The Journal, Issue 8, May 29, 2015
  • Co-editor, "Healthcare Receivables Financing," Chapter 12 of The American Bankruptcy Institute's Healthcare Bankruptcy Manual, March 2012
  • Co-author, "The State of Play: Intercreditor Terms for Second Lien Loans," Special Report of The Practical Lender, Spring/Summer 2011
  • Author, 2001 Edition of Partnership Practice, Illinois Institute for Continuing Legal Education
  • Author, 1997 Edition of Partnership Practice, Illinois Institute for Continuing Legal Education
  • Author, 1994 Edition of Partnership Practice, Illinois Institute for Continuing Legal Education

Selected Speaking Engagements

  • Presenter, "Accounts Receivable as Collateral for Healthcare Financing," RMA Health Care Lending Forum, Chicago, June 13, 2019
  • Presenter, "Unitranche Facilities/Agreements Among Lenders," ACG Chicago, April 6, 2017
  • "Real Estate and Other Issues for Health Care Loans," RMA Health Care Lending Forum, Chicago, June 26, 2014