Phillip M. Callesen

Partner

Cleveland
T +1.216.861.7884
F +1.216.696.0740

"'He [Philip M. Callesen] has a strong background in banking and credit facilities, so it is helpful to get his industry perspective.' 'He's organized, calm, responsive, knowledgeable and experienced.'"

— Chambers USA 2021

Overview

Phil Callesen has focused on debt financing transactions for more than 30 years. He is the co-leader of BakerHostetler’s national Debt Finance team and Business Restructuring Response team. His practice focuses on private equity portfolio company loans and project finance transactions, primarily for investment funds and large corporate borrowers. He represents many of the firm’s largest clients in connection with their sophisticated financing needs, including working capital lines, term loans and privately placed notes.

Phil is ranked by Chambers USA for Banking & Finance in Ohio, and has been named in The Best Lawyers in America© since 2011 in the area of Project Finance Law and since 2014 in the area of Banking and Finance Law.

Select Experience

  • Represented a sponsor group in connection with a $1.3 billion ground-up steel mill project in Arkansas. Assisted in securing loans and grant support for project funding and developing long-term financing strategies based on the project’s projected success. The transaction was named IJ Global’s 2014 North American Metals & Mining Deal of the Year. In 2017, Phil led a Baker team to refinance the project debt with a combination of public notes and Term Loan B debt, and in 2019 additional tax-exempt debt to fund an expansion.
  • Represents an acquisitive financial services company in senior credit relationships allowing for a growth-by-acquisition strategy.
  • Represents a private equity fund in financing the acquisitions of multiple consumer products companies. Representation includes structuring the credit relationship to allow for growth, interim returns to sponsors and exit strategies. A recent success includes a dividend refinancing on behalf of the company, allowing for substantial returns to the fund and other investors.
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Experience

  • Represented a sponsor group in connection with a $1.3 billion ground-up steel mill project in Arkansas. Assisted in securing loans and grant support for project funding and developing long-term financing strategies based on the project’s projected success. The transaction was named IJ Global’s 2014 North American Metals & Mining Deal of the Year. In 2017, Phil led a Baker team to refinance the project debt with a combination of public notes and Term Loan B debt, and in 2019 additional tax-exempt debt to fund an expansion.
  • Represents an acquisitive financial services company in senior credit relationships allowing for a growth-by-acquisition strategy.
  • Represents a private equity fund in financing the acquisitions of multiple consumer products companies. Representation includes structuring the credit relationship to allow for growth, interim returns to sponsors and exit strategies. A recent success includes a dividend refinancing on behalf of the company, allowing for substantial returns to the fund and other investors.
  • Represents a public technology company in connection with its senior financing, including a working capital facility and the first-time private placement of domestic and foreign senior notes.
  • Represents a prominent outdoor power equipment manufacturer in connection with its senior financing, including a working capital facility and domestic and foreign long-term notes.
  • Assists large corporate borrowers in senior financing arrangements, including a successful home improvement supply company requiring committed financing to implement a growth-by-acquisition strategy; a restaurant chain financed with a combination of secured term loans and unsecured subordinated debt; and a retail and e-commerce lifestyle brand financed with US and foreign debt facilities.

Recognitions and Memberships

Recognitions

  • Chambers USA: Recognized Practitioner: Banking & Finance in Ohio (2016 to 2022)
    • Band 3 (2020 to 2022), Recognized Practitioner (2016 to 2019)
  • The Best Lawyers in America® (2011 to Present)
    • Ohio: Banking and Finance Law
    • Ohio: Project Finance Law
  • IJ Global Americas "North American Metals & Mining Deal of the Year" (2014)
  • Project Finance Magazine “Deal of the Year” (2005)
  • Martindale-Hubbell: AV Preeminent

Community

  • Lake Erie Nature & Science Center: Board of Directors (2014 to present)
    • President (2018 to 2020)
    • Vice President (2017 to 2018)

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Services

Admissions

  • Ohio

Education

  • J.D., Case Western Reserve University School of Law, 1987, magna cum laude, Order of the Coif
  • B.A., Bowling Green State University, 1984, magna cum laude, Phi Beta Kappa