Stephen J. Mandel
Counsel
Suite 3200
Pittsburgh, PA 15222
27th Floor
New York, NY 10017
Stephen delivers the greatest value at the intersection of complex debt structuring and practical, solution oriented guidance. With more than two decades of experience representing both lenders and borrowers, he brings a balanced, market informed perspective to every transaction. Clients rely on Stephen for his ability to distill sophisticated financing structures into clear, actionable recommendations...
Stephen delivers the greatest value at the intersection of complex debt structuring and practical, solution oriented guidance. With more than two decades of experience representing both lenders and borrowers, he brings a balanced, market informed perspective to every transaction. Clients rely on Stephen for his ability to distill sophisticated financing structures into clear, actionable recommendations and to anticipate issues before they arise—particularly in fast moving, syndicated credit and sponsor driven environments.
He most enjoys working on transactions that require creativity, collaboration, and an understanding of how multiple capital providers approach risk. Whether structuring leveraged and asset based credit facilities, navigating direct lending and private credit solutions, or advising on mezzanine, subordinated, or NAV based financings, Stephen focuses on delivering efficient, thoughtful results that support his clients’ strategic and commercial objectives.
These strengths align directly with the needs of banks, private lenders, specialty finance firms, insurance companies, private equity sponsors, and portfolio companies facing a rapidly evolving credit landscape. Clients turn to Stephen for guidance on leveraged buyouts, acquisitions, recapitalizations, and other complex financings because he offers steady judgment, deep market insight, and a practical, business focused approach. His ability to balance creativity with disciplined execution enables clients to move quickly, negotiate effectively, and close transactions with confidence.
and to anticipate issues before they arise—particularly in fast moving, syndicated credit and sponsor driven environments.
He most enjoys working on transactions that require creativity, collaboration, and an understanding of how multiple capital providers approach risk. Whether structuring leveraged and asset based credit facilities, navigating direct lending and private credit solutions, or advising on mezzanine, subordinated, or NAV based financings, Stephen focuses on delivering efficient, thoughtful results that support his clients’ strategic and commercial objectives.
These strengths align directly with the needs of banks, private lenders, specialty finance firms, insurance companies, private equity sponsors, and portfolio companies facing a rapidly evolving credit landscape. Clients turn to Stephen for guidance on leveraged buyouts, acquisitions, recapitalizations, and other complex financings because he offers steady judgment, deep market insight, and a practical, business focused approach. His ability to balance creativity with disciplined execution enables clients to move quickly, negotiate effectively, and close transactions with confidence.
Experience
Previous Professional Experience
- Counsel, Multinational Am Law 100 firm (2022–2026) (Pittsburgh, PA)
- Partner, Multinational Am Law 200 firm (2013-2022); Associate (2008 – 2013) (Pittsburgh, PA)
- Associate, Am Law 100 Firm (2004-2008) (New York, NY)
Representative Matters
- Represented the administrative agent in a syndicated senior secured credit facility to finance a leveraged buyout of a manufacturing company.
- Represented a corporate borrower in negotiating a multicurrency revolving and term loan facility with a global bank syndicate.
- Represented the lead arranger in an asset based lending (ABL) facility secured by inventory, receivables, and related collateral.
- Represented a private equity sponsor in the financing of its acquisition and subsequent add on acquisitions of a kitchenware and home goods platform.
- Represented the collateral agent in a first and second lien financing structure supporting a cross border acquisition.
- Represented a specialty finance lender in a mezzanine and subordinated debt investment in a technology company.
- Represented a family office in a private credit investment involving senior secured notes issued by a consumer products company.
- Represented a bank syndicate in a cash flow based credit facility for a national logistics provider.
- Represented a borrower in the refinancing and recapitalization of its existing senior secured debt facilities.
- Represented the administrative agent in a multicurrency ABL facility for a multinational distribution company.
- Represented an insurance company in connection with its NAV‑lending program, which provides asset‑based financing solutions to private equity and hedge funds through loans secured by diversified portfolios of underlying fund assets.
- Represented a portfolio company in connection with an incremental term loan and related amendments to its existing credit agreement.
- Represented a direct lender in a senior credit facility provided to support the acquisition of a food services company.
- Represented the borrower in negotiating an amended and restated credit facility to fund a dividend recapitalization.
- Represented a commercial bank in a secured revolving and term loan facility for a national staffing company.
- Represented the administrative agent in restructuring and extending a distressed borrower’s ABL and term loan facilities.
- Represented a sponsor backed borrower in obtaining senior secured financing to support organic growth initiatives.
- Represented a multinational corporate borrower in establishing a revolving credit facility with both U.S. and foreign borrower entities.
- Represented the lead arranger in an acquisition financing consisting of a senior secured term loan and an asset based revolver.
Education
- Fordham University, JD (2004)
- The Pennsylvania State University, BS (2001)
Admissions
- Pennsylvania
- New York
Practice Areas
Industries
Previous Professional Experience
- Counsel, Multinational Am Law 100 firm (2022–2026) (Pittsburgh, PA)
- Partner, Multinational Am Law 200 firm (2013-2022); Associate (2008 – 2013) (Pittsburgh, PA)
- Associate, Am Law 100 Firm (2004-2008) (New York, NY)
Representative Matters
- Represented the administrative agent in a syndicated senior secured credit facility to finance a leveraged buyout of a manufacturing company.
- Represented a corporate borrower in negotiating a multicurrency revolving and term loan facility with a global bank syndicate.
- Represented the lead arranger in an asset based lending (ABL) facility secured by inventory, receivables, and related collateral.
- Represented a private equity sponsor in the financing of its acquisition and subsequent add on acquisitions of a kitchenware and home goods platform.
- Represented the collateral agent in a first and second lien financing structure supporting a cross border acquisition.
- Represented a specialty finance lender in a mezzanine and subordinated debt investment in a technology company.
- Represented a family office in a private credit investment involving senior secured notes issued by a consumer products company.
- Represented a bank syndicate in a cash flow based credit facility for a national logistics provider.
- Represented a borrower in the refinancing and recapitalization of its existing senior secured debt facilities.
- Represented the administrative agent in a multicurrency ABL facility for a multinational distribution company.
- Represented an insurance company in connection with its NAV‑lending program, which provides asset‑based financing solutions to private equity and hedge funds through loans secured by diversified portfolios of underlying fund assets.
- Represented a portfolio company in connection with an incremental term loan and related amendments to its existing credit agreement.
- Represented a direct lender in a senior credit facility provided to support the acquisition of a food services company.
- Represented the borrower in negotiating an amended and restated credit facility to fund a dividend recapitalization.
- Represented a commercial bank in a secured revolving and term loan facility for a national staffing company.
- Represented the administrative agent in restructuring and extending a distressed borrower’s ABL and term loan facilities.
- Represented a sponsor backed borrower in obtaining senior secured financing to support organic growth initiatives.
- Represented a multinational corporate borrower in establishing a revolving credit facility with both U.S. and foreign borrower entities.
- Represented the lead arranger in an acquisition financing consisting of a senior secured term loan and an asset based revolver.
Recognitions
- Recognized in Chambers USA for Banking & Finance (Pittsburgh)
- Listed in The Best Lawyers in America® for Banking and Finance Law
Stephen delivers the greatest value at the intersection of complex debt structuring and practical, solution oriented guidance. With more than two decades of experience representing both lenders and borrowers, he brings a balanced, market informed perspective to every transaction. Clients rely on Stephen for his ability to distill sophisticated financing structures into clear, actionable recommendations... and to anticipate issues before they arise—particularly in fast moving, syndicated credit and sponsor driven environments.
He most enjoys working on transactions that require creativity, collaboration, and an understanding of how multiple capital providers approach risk. Whether structuring leveraged and asset based credit facilities, navigating direct lending and private credit solutions, or advising on mezzanine, subordinated, or NAV based financings, Stephen focuses on delivering efficient, thoughtful results that support his clients’ strategic and commercial objectives.
These strengths align directly with the needs of banks, private lenders, specialty finance firms, insurance companies, private equity sponsors, and portfolio companies facing a rapidly evolving credit landscape. Clients turn to Stephen for guidance on leveraged buyouts, acquisitions, recapitalizations, and other complex financings because he offers steady judgment, deep market insight, and a practical, business focused approach. His ability to balance creativity with disciplined execution enables clients to move quickly, negotiate effectively, and close transactions with confidence.
Experience
The following is a selected sampling of matters and is provided for informational purposes only. Past success does not indicate the likelihood of success in any future matter.Previous Professional Experience
- Counsel, Multinational Am Law 100 firm (2022–2026) (Pittsburgh, PA)
- Partner, Multinational Am Law 200 firm (2013-2022); Associate (2008 – 2013) (Pittsburgh, PA)
- Associate, Am Law 100 Firm (2004-2008) (New York, NY)
Representative Matters
- Represented the administrative agent in a syndicated senior secured credit facility to finance a leveraged buyout of a manufacturing company.
- Represented a corporate borrower in negotiating a multicurrency revolving and term loan facility with a global bank syndicate.
- Represented the lead arranger in an asset based lending (ABL) facility secured by inventory, receivables, and related collateral.
- Represented a private equity sponsor in the financing of its acquisition and subsequent add on acquisitions of a kitchenware and home goods platform.
- Represented the collateral agent in a first and second lien financing structure supporting a cross border acquisition.
- Represented a specialty finance lender in a mezzanine and subordinated debt investment in a technology company.
- Represented a family office in a private credit investment involving senior secured notes issued by a consumer products company.
- Represented a bank syndicate in a cash flow based credit facility for a national logistics provider.
- Represented a borrower in the refinancing and recapitalization of its existing senior secured debt facilities.
- Represented the administrative agent in a multicurrency ABL facility for a multinational distribution company.
- Represented an insurance company in connection with its NAV‑lending program, which provides asset‑based financing solutions to private equity and hedge funds through loans secured by diversified portfolios of underlying fund assets.
- Represented a portfolio company in connection with an incremental term loan and related amendments to its existing credit agreement.
- Represented a direct lender in a senior credit facility provided to support the acquisition of a food services company.
- Represented the borrower in negotiating an amended and restated credit facility to fund a dividend recapitalization.
- Represented a commercial bank in a secured revolving and term loan facility for a national staffing company.
- Represented the administrative agent in restructuring and extending a distressed borrower’s ABL and term loan facilities.
- Represented a sponsor backed borrower in obtaining senior secured financing to support organic growth initiatives.
- Represented a multinational corporate borrower in establishing a revolving credit facility with both U.S. and foreign borrower entities.
- Represented the lead arranger in an acquisition financing consisting of a senior secured term loan and an asset based revolver.
Education
- Fordham University, JD (2004)
- The Pennsylvania State University, BS (2001)
Admissions
- Pennsylvania
- New York
Practice Areas
- Corporate Leveraged Finance
- Private Equity
- Corporate & Securities
- Real Estate Capital Markets
- Alternative Lending & Other Non-Bank Financial Services
Industries
- Recognized in Chambers USA for Banking & Finance (Pittsburgh)
- Listed in The Best Lawyers in America® for Banking and Finance Law
Highlights from the Firm’s Insights
