Steven M. Miller

Tel 215.864.8310
Fax 215.864.8999

Steven M. Miller is the Practice Leader of Ballard Spahr's Commercial Finance Group. He focuses on counseling clients within financial services, with a particular emphasis on secured and asset-based lending, structured finance, health care lending, as well as syndicated credit facilities. His experience includes representing banks, commercial finance companies, second-lien lenders, and hedge funds. Steve also has significant experience in representing corporate clients in sophisticated commercial financing transactions.

Representative Matters

Lender transactions

  • Represented administrative agent in a $65 million secured asset-based lending (ABL)facility as part of a $355 million total financing package. The ABL facility was to enable a private equity company's $420 million acquisition of a national provider of engineering, design, and maintenance services to leading cable providers, along with 2 tuck-in acquisitions.
  • Represented administrative agent in syndicated senior secured revolving credit facility to a national service provider. The transaction was valued at $160 million.
  • Represented administrative agent in $65 million asset based revolving credit facility to private equity portfolio company providing maintenance, repair and operations (MRO) services with $13 million in secured subordinated debt to syndicate of private funds
  • Represented lender in $30 million senior secured credit facility to sponsor of first lien and second lien veterinary practice loans. The transaction value was $30 million.
  • Represented administrative agentin the restructuring of a $43 million syndicated loan to private equity owned assisted living facility.
  • Represented lender in a $28 million financing for a borrower in materials handling markets. The credit facility included a $20 million asset-based revolving credit and an $8 million term loan, and the negotiation of intercreditor arrangements with major US and international equipment distributors.
  • Represented lender in provision of $110 million taxable construction facility to major regional health care provider backed by USDA regional authority guarantee.
  • Represented lender in connection with a $17.5 million senior secured acquisition facility for purchase of veterinary practices.
  • Represented lender in the extension of senior secured credit facilities in connection with the acquisition of medical supply business.

Borrower transactions

  • Represented a private equity firm in a $33 million syndicated master credit facility for its portfolio companies.
  • Represented publicly traded company in $7.5 million senior secured revolving credit facility.
  • Represented borrower and international subsidiaries in $450 million syndicated credit facility led by money center bank. Facility has $250 million accordion.
  • Represented non-profit continuing care retirement community (CCRC) operator in over $150 million in tax-exempt obligations to finance acquisition construction and capital projects.

Professional Activities

Pennsylvania Bar Association

Association of Commercial Finance Attorneys

Turnaround Management Association

Recognition & Accomplishments

Chambers USA, banking and finance law, (Pennsylvania) 2011-2020

Named "Highly Regarded—Pennsylvania" by IFLR 1000 for Banking, 2019, 2020

Speaking Engagements

Frequent lecturer at Commerce University

Regular course planner and moderator, Pennsylvania Bar Institute's commercial lending programs, including the 2011 Commercial Loan Documentation Program

Community Activities

Kaiserman Branch of the Jewish Community Center of Greater Philadelphia, past President

Temple University James E. Beasley School of Law (J.D. 1987)

Pennsylvania State University (B.A. 1978)

New Jersey