Tricia A. McNeill

Tricia's practice includes secured and unsecured credit facilities, leveraged financings, asset-based loans, mezzanine and second lien lending arrangements, unitranche and split-lien structures, refinancings and restructurings, private equity acquisition financings, and other complex financing transactions. She regularly advises clients on the full life cycle of a credit relationship, from term sheet negotiation and commitment papers through closing, post-closing amendments, waivers, and workouts.

Additionally, Tricia represents SBICs and other lower middle market investors in subordinated, mezzanine, unitranche, and other debt investments, including transactions with warrants or other equity features and co-investments alongside private equity sponsors and institutional lenders. She helps SBIC clients structure and document these investments with attention to applicable U.S. Small Business Administration requirements, and she negotiates the intercreditor and subordination terms that protect their positions alongside senior lenders.

Tricia frequently negotiates intercreditor, subordination, and agreements among lenders arrangements for senior, second lien, and mezzanine lenders, as well as for borrowers working through multi-tranche capital structures. Her experience on both the lender and borrower sides of the table gives her practical insight into market terms and helps clients reach efficient, commercially sensible results.

Tricia works with clients across a diverse range of industry sectors, including manufacturing, pharmaceuticals, health care, financial services, and technology. She works closely with the Firm's private equity, mergers and acquisitions, tax, and restructuring colleagues to provide coordinated advice on financing matters that arise in acquisitions, recapitalizations, dividend recapitalizations, growth investments, and distressed situations.

Clients value Tricia's responsiveness, her practical approach to complex documentation, and her focus on helping them close transactions on time while protecting their key business and credit objectives.

• Borrower and Private Equity Sponsor Representations

• Represented a public pharmaceutical company focused on developing and commercializing new medicines for pain management in connection with a credit facility, which consisted of a $650 million term loan.

• Represented a Princeton, New Jersey-based public biotechnology company focused on novel medicines for rare diseases in connection with a $430 million financing.

• Represented a building materials company in connection with the financing of the acquisition of a leading producer of aggregates and cement, which included a $3.95 billion term loan facility and a $1.50 billion revolving loan facility, as well as a Rule 144A offering of $3.95 billion aggregate principal amount of senior secured notes and $1.40 billion aggregate senior notes.

• Represented a public company in connection with amendments to its revolving credit and term loan facilities and notes, related restructuring matters, and the collateralizing of such debt in various cross-border jurisdictions and the United States. The company had (i) two syndicated revolving facilities (total aggregate commitments of $2.15 billion) and a syndicated term loan (aggregate commitments of $500 million), (ii) two note purchase agreements with an aggregate of $1 billion in notes issued thereunder in favor of a variety of institutional investors, and (iii) approximately $1.7 billion in letter of credit debt outstanding under bilateral letter of credit agreements with a variety of financial institutions.

• Represented a leading private equity investment firm in the energy industry in connection with its financing to fund a leveraged acquisition of a natural gas and dual-fuel electric generating power plant. The financing consisted of a $200 million term loan facility and a $40 million revolving credit facility.

• Represented a Greenwich, Connecticut-based private equity investment firm in connection with financing used to fund several leveraged acquisitions, including the acquisition of a commercial janitorial company. The financing consisted of a $420 million senior secured term loan, a $150 million senior secured delayed draw term loan, and a $50 million senior secured first-out revolving credit facility.

• Represented a Charlotte, North Carolina-based middle-market private equity firm in connection with financing used to fund several leveraged acquisitions, including the leveraged acquisition and recapitalization of a special logistics solutions provider and medical supply distributor, which consisted of a $105 million senior secured credit facility and a $30 million unsecured term loan.

• Represented a subprime consumer lender in connection with a $450 million special purchase structured warehouse facility and a $50 million over-advance facility.

• Represented a major vertically integrated wound-care provider in securing a multi-facility credit arrangement consisting of a $165 million term loan, a $25 million revolver, and a $35 million delayed-draw term loan, with proceeds used for recapitalization, refinancing, and an acquisition.

• Represented a foreign utility technology company in its $6 million acquisition of a North Carolina management solutions company.

• Lender Representations

• Represented a leading national bank as agent in connection with a $70 million senior secured credit facility used to finance a private equity firm's leveraged acquisition.

• Represented a direct lender in connection with an extension of $130 million in senior secured term loans to a portfolio company of a private equity firm and a leading management services organization serving ambulatory surgery centers.

• Represented a junior capital provider in connection with a $25 million secured second lien term loan facility. Proceeds were used to finance the leveraged acquisition by a middle-market private equity firm of a provider of comprehensive home health and hospice care services.

• Represented a reinsurance company in connection with its purchase, alongside other purchasers, of $51.5 million senior subordinated notes from a portfolio company of a private equity firm that provides consulting, engineering, medical, and environmental services in support of national defense and homeland security matters. The proceeds were used to fund a dividend.

• Represented a middle-market private investment firm regulated by the U.S. Small Business Administration and a reinsurance company in their purchase of $26 million in senior subordinated notes used to finance a private equity firm's leveraged acquisition of a leading designer and manufacturer of precision parts.

• Represented a middle-market private investment firm regulated by the U.S. Small Business Administration in connection with its purchase of $11.5 million in senior secured notes.

• Represented a national bank in negotiating and closing a $35 million senior secured credit facility backed by a health care private equity firm and supported by multiple affiliate guarantors.

• Represented a regional bank as counsel in the negotiation of a senior secured credit facility in which the lender provided a $10 million term loan, an $8.5 million incremental term loan, and a $21.5 million delayed draw term loan (DDTL) to a permanent capital acquisition company investing in software businesses.

• Listed in The Best Lawyers in America® for Banking and Finance Law and Commercial Finance Law (2027)
• Included in Best Lawyers: Ones to Watch in America^® for Banking and Finance Law, Corporate Law, Leveraged Buyouts, and Private Equity Law (2023 – 2026)
• Named to the Triangle Business Journal's Women in Business Awards (2026)
• Listed in Rising Stars by North Carolina Super Lawyers (2026)
• Recipient – "Top Lawyers Under 40 Award," Hispanic National Bar Association (2022)
• Member – Hispanic National Bar Association
  • President – Region VI (2020 – 2022)
  • Deputy President – Region VI (2016 – 2018)
  • Member – Young Lawyers Division, Region VI (2015 – 2016)
• Judicial Intern – Justice Cheri Beasley, North Carolina Supreme Court (2014)

• "Unitranche Debt Structures: Practical Insights for Borrowers and Lenders," republished December 5, 2025, by Reuters (October 2025)
• "Grandparents Act As 'National Guard' of Their Families – Always Eager and Ready to Respond When in Need: A Call for Expansion of Grandparent Visitation Rights in North Carolina," 37 North Carolina Central Law Review 68 (January 2014)

• Moderator – "Annual M&A South Debt Market Update," ACG Atlanta M&A South (February 2025)
• Moderator – "Navigating the Future, Opportunities and Challenges of Private Credit," 100 Women in Finance (November 2024)
• Moderator – "Trends in Deal Making," ACG Southeast Region Women's Forum (October 2024)
• Speaker – "Standing on Business: Defending Your Exit in a Leveraged Sale Transaction," Collective 54 (May 2024)

• Baker Donelson Attorneys Recognized in The Best Lawyers in America® 2027 Listing (August 20, 2026)
• 10 Baker Donelson Attorneys Named to 2026 North Carolina Super Lawyers List (February 18, 2026)
• Baker Donelson Attorneys Recognized in The Best Lawyers in America® 2026 Listing (August 21, 2025)
• Baker Donelson Grows Financial Services Team in Raleigh with Addition of Tricia McNeill (August 5, 2025)

• Tricia McNeill Featured Among Triangle Business Journal's 2026 Women in Business Honorees (March 27, 2026)