The Legal 500

Well known for its dominance in the high-yield debt arena, Cahill Gordon & Reindel’s heavyweight practice has an ‘enormous deal flow’ and particular expertise in advising manager-side clients. As one of the major advisors of both US market and Euromarket high-yield bond underwriters, the team has an outstanding level of experience. The firm advised Citibank, Citigroup Global Markets, Banc of America Securities, Barclays Capital and RBC Capital Markets as joint lead arrangers and bookrunnners in part of the debt financing through secured and revolving credit facilities of the $5bn acquisition of Tomkins. It also assisted in a second debt financing in this deal, advising a further group of banks in a $1.15bn Rule 144A/Reg. S 9% senior secured second lien notes offering by Pinafore. Both elements of this transaction formed the largest leveraged buyout of 2010. Other highlights included advising the financing sources to fund the $1.42bn buyout of Associated Material by Hellman & Friedman, a transaction which included advising Deutsche Bank Securities, UBS Investment Bank and Barclays Capital as joint bookrunning managers in the $730m Rule 144A/Reg. S 9.125% senior secured notes offering of Associated Materials and Carey New Finance. The ‘excellent’ William Hartnett, John Tripodoro and Douglas Horowitz also represented Citigroup Global Markets and Deutsche Bank Securities as joint bookrunning managers in the $250m Rule 144A/Reg. S 8.25% senior notes offering by Graham Packaging and GPC Capital. Horowitz and others also advised the initial purchasers on the $1bn Rule 144A 12.5% senior notes offering related to the acquisition of IMS Health. Daniel Zubkoff and Corey Wright represented JPMorgan Securities, Banc of America Securities, Credit Suisse Securities (USA) and Lazard Capital Markets as initial purchasers in a $875m Rule 144A 11.5% senior secured notes offering by The McClatchy Company. The ‘superb’ James Clark led a team in advising Citigroup Global Markets, Credit Suisse Securities and JPMorgan Securities in the €1.1bn Rule 144A/Reg. S high-yield notes issuance by Ardagh Packaging Finance in order to acquire Impress Coöperatieve. All recommended partners are based in New York.

The high-yield debt practice at Cravath, Swaine & Moore LLP has recently been active in leveraged buyouts and refinancing deals, and the team continues to be best known for its strength as underwriter counsel. ‘Wonderful securities lawyer’ Stephen Burns advised Deutsche Bank Securities, Barclays Capital and Morgan Stanley on the $900m registered high-yield senior debt offering of The Goodyear Tire & Rubber Company. LizabethAnn Eisen represented Credit Suisse as initial purchaser in the $1bn Rule 144A/Reg. S registered high-yield senior debt offering of Reynolds Group Issuer, and, following this, advised the initial purchasers, led by Credit Suisse and HSBC, in Reynolds Group Issuer’s $3bn Rule 144A/Reg. S high-yield senior subordinated debt offering. The team has advised a plethora of well-known investment banks, including JPMorgan, Bank of America Merrill Lynch and Goldman Sachs, in high-yield offerings. Key highlights on the issuer side include advising United Air Lines on $500m and $200m Rule 144A/Reg. S high-yield senior secure debt offerings, transactions led by the highly regarded William Fogg. Other issuer clients include Valeant Pharmaceuticals and data and voice communications provider Cincinnati Bell. William Whelan, Erik Tavzel and Andrew Pitts are singled out for their experience.

Latham & Watkins LLP has an excellent track record in debt and high yield, with its high-yield debt capabilities noted as ‘exceptionally strong’ on both the issuer and manager side. Kirk Davenport in New York is a ‘key individual’, and together with Ian Schuman advised Barclays Capital and the other initial purchasers in Hertz Corporation’s $700m high-yield bond and tack-on offerings. Marc Jaffe also advised the underwriters, including Bank of America Merrill Lynch, in the $250m high-yield bond offering of Express Inc, and also, together with Senet Bischoff, represented Goldman Sachs as initial purchaser on the $1.2bn Rule 144A/Reg. S high-yield bond offering by Calpine Corporation. Other investment bank clients include Jefferies & Company and Credit Suisse. The addition of Michael Chambers from Akin Gump Strauss Hauer & Feld LLP to the firm’s newly established Houston office brings added experience to the team’s strong national reach. Chambers advised the initial purchasers, including Barclays Capital, in the $2.5bn dual high-yield bond offerings of Linn Energy. The Houston team also advised Energy Transfer Equity on a $1.8bn registered high-yield bond offering. New York-based James Beubien provided counsel to Live Nation Entertainment on a $250m high-yield bond offering, and the Washington DC-based group advised Pinafore LLC and Pinafore Inc as co-issuers of its $1.15bn high-yield bond offering.

Shearman & Sterling LLP’s high-yield practice continues to go from strength to strength. The team handles a substantial amount of work for underwriters, and has a depth of expertise in the Latin American high-yield debt market. Among its highlights of 2010, Robert Evans and Michael Benjamin represented the bookrunning and representative managers JPMorgan Securities, Banc of America Securities, Barclays Capital, Citigroup Global Markets, Credit Suisse Securities, Goldman Sachs, RBS Securities and UBS Securities in the $1.25bn SEC-registered public offering of high-yield senior notes by Cablevision Systems. Andrew Schleider, together with Lona Nallengara, also advised lead managers and solicitation agents Citigroup Global Markets and Goldman Sachs regarding the exchange offering of $2.18bn high-yield senior secured notes by Energy Future Holdings Corporation. Working from the firm’s New York and Toronto offices, Jason Lehner advised Banc of America Securities and Wells Fargo Securities as joint bookrunners and representatives of the initial purchasers in relation to the $400m Rule 144A/Reg. S offering of high-yield senior subordinated notes of American Seafoods Group. Acting as issuer counsel, Benjamin and Lisa Jacobs advised American Axle & Manufacturing on a $425m Rule 144A/Reg. S high-yield senior secure notes offering.

Simpson Thacher & Bartlett LLP fields a team ‘both strong and deep’, and in 2010 represented clients in high-yield debt deals worth $50bn. A ‘great issuer firm’, it is particularly rated for its private equity work, and excels in providing issuer and manager advice. It advised CHC Helicopter, a Luxembourg portfolio company of First Reserve Corporation, in a $1.1bn Rule 144A/Reg. S offering of 9.250% senior secured first lien notes; assisted Seagate Technology in a $600m offering of senior notes; and represented HCA in a $1.4bn offering of senior secured notes. The team also represented JPMorgan Securities, Banc of America Securities, Credit Suisse Securities, Goldman Sachs and Moelis & Company as initial purchasers of $525m floating rate senior secured notes issued in relation to the restructuring of Reader’s Digest as a post-emergence high-yield debt offering. The firm also advised JPMorgan and the other initial purchasers in a $1.225bn Rule 144A/Reg. S offering of senior notes to refinance debt of Mirant Corporation and RRI Energy. Marisa Stavenas made partner in 2010, and practice head Vince Pagano is singled out for his experience.

As a ‘perennial capital markets powerhouse’, Skadden, Arps, Slate, Meagher & Flom LLP has a substantial volume of issuer-side instructions in the high-yield debt market. Co-head of the corporate finance practice Stacy Kanter advised drugstore chain Rite Aid in its refinancing, a transaction which included a $650m Rule 144A/Reg. S high-yield debt offering of 8% senior secured notes, a $1.175bn revolving credit facility, and a $270m Rule 144A/Reg. S high-yield debt offering of 10.25% senior secured notes. Kanter also represented Revlon in its $330m Rule 144A/Reg. S high-yield debt offering of 9.75% senior unsecured notes. Richard Aftanas represented DigitalGlobe in its $355m 10.5% notes offering, and advised restaurant chain El Pollo Loco in its $133m offering of 11.75% senior secured notes. RailAmerica, Windstream and HealthSouth are also high-yield issuer clients. Jennifer Bensch advised a private equity consortium, led by The Blackstone Group and including The Carlyle Group, Permira Funds and Texas Pacific Group, in the $5.9bn high-yield debt offering to part finance the acquisition of Freescale Semiconductor for $17.6bn. Bensch also advised Freescale Semiconductor in its $570m Rule 144A/Reg. S high-yield debt offering and in a concurrent debt refinancing. On the manager side, Aftanas advised Morgan Stanley as the sole underwriter in the $1.2bn 7.75% high-yield senior notes offerings by CC Holdings and Crown Castle, and Morgan Stanley and Banc of America Securities in the $900m 9% senior notes offering by Crown Castle. Los Angeles-based Gregg Noel advised Bank of America Merrill Lynch, JPMorgan, Goldman Sachs and Wells Fargo Securities as initial purchasers in the $1.1bn Rule 144A/Reg. S offering of high-yield senior notes by Fidelity National Information Services. Also in Los Angeles, the ‘creative and responsive’ Casey Fleck counts Barclays Capital, Citigroup Global Markets, American Media Operations and aircraft leasing company AirCastle on his client roster. New York-based Phyllis Korff is recommended.

Described as ‘a very good debt shop’, Cleary Gottlieb Steen & Hamilton LLP has extensive high-yield experience, advising both issuer and manager clients in complex transactions. Providing underwriter counsel, the team advised Citigroup Global Markets, Banc of America Securities, Barclays Capital and others in Patriot Coal’s $250m SEC-registered high-yield notes offering. Leslie Silverman also represented Morgan Stanley and Citigroup in a $200m Rule 144A/Reg. S high-yield debt offering by two subsidiary companies of Elan Corporation; and led in advising Broadpoint Gleacher, Goldman Sachs and Fifth Third Securities as the initial purchasers in a $305m Rule 144A/Reg. S high-yield senior notes offering by Appleton Papers. Carmen Corrales provided advice to HSBC, Bradesco and Banco Espírito Santo regarding Bradesco’s $750m Rule 144A/Reg. S offering, while Jorge Juantorena advised Credit Suisse as underwriter of Desarrolladora Homex’s $250m Rule 144A/Reg. S high-yield offering. Also active in issuer deals, Juantorena recently advised Corporación GEO in a $250m Rule 144A/Reg. S high-yield senior notes offering, and also Financiera Independencia in a $200m Rule 144A/Reg. S high-yield notes offering. Other key issuer clients include Nationstar Mortgage, Essar Steel Algoma and Intcomex.

Commanding a ‘great team’, Davis Polk & Wardwell LLP has outstanding capabilities in the high-yield debt arena, and has ‘very good’ strength in advising issuer and manager clients. The firm maintains an excellent reputation, and consistently provides top-quality advice on major offerings in foreign markets. Co-chairs of the global practice Richard Truesdell and Richard Sandler advised Ally Financial in connection with a $1.75bn Rule 144A/Reg. S high-yield senior notes offering and on a further $1bn Rule 144A/Reg. S high-yield senior notes offering. Michael Kaplan also represented Warner Chilcott on a $750m Rule 144A offering of high-yield senior notes and in a subsequent offering of $500m high-yield senior notes. Elsewhere, Kaplan represented Credit Suisse Securities (USA) and Citigroup Global Markets as initial purchasers in connection with a $525m Rule 144A/Reg. S first-priority senior secured notes offering by Severstal Columbus in February 2010. Providing underwriter advice, Joseph Hall represented Banc of America Securities, RBS Securities and JPMorgan Securities as joint bookrunning managers and representatives of the initial purchasers in two Rule 144A/Reg. S senior notes offerings by Continental Resources of $200m and $400m. Deanna Kirkpatrick advised Jefferies & Company, RBS Securities and UBS Securities as joint bookrunning managers and representatives of the initial purchasers in DriveTime Automotive Group’s $163m offering of 12.625% senior secured notes. Truesdell advised JPMorgan Securities, Deutsche Bank Securities and Deutsche Bank (London branch) as initial purchasers in Bombardier’s $1.5bn Rule 144A/Reg. S notes and floating rates offering, and subsequent $780m Rule 144A/Reg S senior notes offering.

Offering ‘quality representation and service’, Fried, Frank, Harris, Shriver & Jacobson LLP has a strong high-yield practice, particularly on the manager side. Clients praise the team’s ‘very high level of overall service’, and for the ‘excellent quality and timeliness of work product’. The firm advised Bank of America Merrill Lynch regarding American Tire Distributors’ $250m 9.750% senior secured notes offering, and JPMorgan Securities as representative of the initial purchasers in Sinclair Television Group’s $250m private placement of 8.375% senior notes. It also assisted Bank of America Merrill Lynch as representative of the initial purchasers in Asbury Automotive Group’s issuance and sale of $200m 8.375% senior subordinated notes. On the issuer side, the firm represented Virgin Media in its £1.5bn Rule 144A/Reg. S senior secured notes offering, and also advised CVR Energy in its private offering of $275m aggregate principal amount of first-lien senior secured notes, and $225m of second-lien senior secured notes. ProQuest, McJunkin Red Man Corporation and Michael Foods are all clients on the issuer side. Rated for his ‘commercial approach’, Paul Tropp is ‘very client friendly’ and is ‘able to dispense with issues efficiently as they arise’. Valerie Ford Jacob and Stuart Gelfond are also very active in the arena.

Providing ‘very good overall levels of service’, Kirkland & Ellis LLP places a strong emphasis on high-yield debt offerings both in the domestic and European markets. It is noted for its strength as issuer counsel, which stems from the firm’s excellent private equity practice. With experience in secured bonds and in refinancing term loans, the practice advises a host of major sponsors. Joshua Korff in New York advised Burger King in a $800m offering of 9.875% senior notes, and also assisted Avis Budget Car Rental and Avis Budget Finance in a $450m 9.625% senior notes offering, and in a further $400m 8.25% senior notes offering. Korff also advised Clearwire Communications in Clearwire Escrow’s $920m 12% senior secured notes offering, and Bankrate in a $300m offering of 11.75% senior notes. Christian Nagler advised Charter Communications in CCO Holdings’ $1.6bn senior notes offering and in a further $1.1bn senior notes offering, in April and September 2010 respectively. In Chicago, Dennis Myers is noted for his ‘business acumen and technical knowledge’, and assisted Sorenson Communications in a $750m 10.5% senior secured notes offering. Gerald Nowak advised NRG Energy in a $1.1bn offering of 8.25% senior notes, and also represented Midwest Gaming in a $175m offering of 11.625% senior secured notes. The firm’s specific focus on advising high-profile issuer clients contributes to its excellent reputation in the wider market.

Led by Matthew Bloch and Rod Miller, the securities group at Weil, Gotshal & Manges LLP has notable high-yield experience, and a solid reputation for providing advice to manager clients. Sector strengths include technology, healthcare, entertainment and telecommunications. Miller and Corey Chivers represented JPMorgan Securities, Credit Suisse Securities (USA), Banc of America Securities, Barclays Capital, Citigroup Global Markets, Deutsche Bank Securities, Morgan Stanley and RBS Securities as counsel to the initial purchasers in New Communications Holdings’ $3.2bn offering of senior notes, made up of $500m 7.875% senior notes, $1.1bn 8.25% senior notes, $1.1bn 8.50% senior notes and $500m 8.75% senior notes. Miller also advised Goldman Sachs and Citi as representatives of the initial purchases in JohnsonDiversey’s $400m 8.25% senior notes offering, and Goldman Sachs, Citi and Morgan Stanley in a further $250m 10.50% senior notes offering. In the healthcare arena, Miller represented Banc of America Securities in a $500m high-yield senior notes offering by Capella Healthcare. David Lefkowitz is also active in the area.

Baker Botts L.L.P. is among the ‘best in the business’ for energy sector expertise in the high-yield debt market. The team of ‘expert lawyers’ features corporate department deputy chair Doug Rayburn, who is based in the Dallas office and recently advised Crosstex Energy in a $725m Rule 144A senior notes offering, together with Luke Weedon. Weedon and William Howell provided advice to MetroPCS Wireless in its public offerings of senior notes, of aggregate amount $2bn. In the firm’s Houston office, head of the corporate group Kelly Rose is recommended for her experience. On the underwriter side, corporate practice chair David Kirkland and Felix Phillips, both in Houston, advised the managers of Newfield Exploration Company’s $700m notes offering. Josh Davidson, Rayburn and Weedon also represented the purchasers in Inergy’s $600m Rule 144A senior notes offering and $403m public offering, in order to part finance the $725m acquisition of a natural gas storage facility.

Providing an ‘excellent level of service’, Clifford Chance advises on key mandates in the high-yield debt area, handling over $5bn worth of transactions in 2010. Calling on the strengths of its leveraged finance team, the firm advises both issuers and managers. Praised for his ‘knowledge, responsiveness and commitment’, Gary Brooks advised Provident Funding Associates regarding a $400m 10.25% senior secured notes offering, and also advised International Lease Finance Corporation regarding its $3.9bn high-yield senior secured notes offering. In a particularly innovative financing-related offering, Alex Camacho, together with Tony Lopez and Per Chilstrom, advised RDS Ultra-Deepwater in a $270m Rule 144A second-lien high-yield notes offering as part of its financing for the production of a sixth-generation deepwater drilling rig. Chilstrom is singled out for his ‘exceptional technical and research skills’. Representing the underwriters, the team advised Credit Suisse and Morgan Stanley in connection with the issue of $300m 8.875% senior guaranteed notes by Grupo Papelero Scribe in March 2010. Camacho also advised Deutsche Bank on Mexican homebuilder Urbi Desarrollos Urbanos’ $150m 8.50% senior guaranteed notes offering and $300m senior guaranteed notes offering. Jonathan Zonis has ‘strong knowledge of the business environment’, and Jay Bernstein is highly recommended.

Debevoise & Plimpton’s high-yield capabilities lie principally in advising issuer clients and the team has a widespread reputation for its ‘outstanding quality’, calling on the combined strength of both the securities and leveraged finance groups. Recent issuer highlights include Steven Slutzky and Pierre Maugüé advising Reynolds Group Holdings in a $1bn offering of 8.5% senior notes, and again in a further $1.5bn offering of 7.125% senior secured notes, in May and October 2010 respectively. Paul Brusiloff, William Beekman and securities group co-chair Peter Loughran also advised Kelso & Company as sponsor of the $355m 10.75% senior secured notes offering of Logan Roadhouse. Slutzky, Beekman and David Brittenham assisted The Hertz Corporation in a $400m offering of 7.50% senior notes, and another $300m offering of 7.50% senior notes. Matthew Kaplan is praised for his ‘professionalism and response times’, and Paul Rodel ‘actually listens to clients’.

Dechert LLP has excellent high-yield debt experience, and provides issuer counsel to both domestic and international companies. New York-based Howard Kleinman LLP is at the helm of the practice, and recently represented Bumble Bee Goods, Connors Bros., Clover Leaf Seafoods Company and Bumble Bee Capital Corporation in an issuance of aggregate amount $220m of 7.75% senior secured notes. Kleinman also advised WPE International Coöperatief in its $275m Rule 144A/Reg. S offering of 10.375% senior notes. On the underwriter side, Kleinman assisted Larrain Vial Investment as the sole bookrunning manager in connection with Corp Group Interhold’s aggregate amount $130m 8.0% senior secured notes issuance and sale; and represented JPMorgan Securities as sole bookrunning manager regarding the issuance and sale of a $178m high-yield notes offering by CorpBanca. Christopher Karras is based between Philadelphia and London, and Thomas Friedmann provides support to the group in Washington DC. Bonnie Barsamian left to join Fried, Frank, Harris, Shriver & Jacobson LLP in January 2011.

Dewey & LeBoeuf LLP is gaining increasing visibility in the high-yield debt arena. John Cobb, who joined the firm from Milbank, Tweed, Hadley & McCloy LLP in March 2009, is experienced in providing underwriter-side counsel. The ‘very knowledgeable’ Chris Peterson is ‘flexible and creative’ and helps clients ‘reach a mutually agreeable solution within the boundaries of relevant regulation’. The team advises a host of investment banks, and in 2010 acted for Barclays Capital on numerous instructions. Cobb, Michelle Rutta and the newly promoted partner Jacqueline Rose represented Barclays Capital and Goldman Sachs in a $825m Rule 144A/Reg. S 9.5% senior notes offering and a $950m credit facility, as part of a $1.6bn refinancing by DineEquity. The group also represented Barclays Capital, TD Securities (USA) and Wells Fargo in the $400m 8.25% senior secured notes offering by NAI Entertainment Holdings. It also assisted TD and Wells Fargo in a further $50m senior secured revolving credit facility and a $10m letter of credit subfacility. The firm also acted for Barclays Capital and Banc of America Securities in two registered securities offerings of aggregate amount $1bn to finance Phillips-Van Heusen Corporation’s acquisition of Tommy Hilfiger. Peterson, together with key issuer counsel and co-chair of the practice Frank Adams, also advised Central European Distribution Corporation in its registered public offering of common stock, a $380m Rule 144A/Reg. S 9.125% senior secured notes offering and a $380m 8.875% senior secured notes offering.

The high-yield practice at Gibson Dunn has strength in advising issuer clients, and continues to build on its impressive client roster across a wide range of industries, including telecoms, retail and technology. The national reach of the firm allows for clients to access high-quality advice in a range of different US locations. From the Denver office, Richard Russo advised Qwest Communications International on a $800m Rule 144A high-yield notes offering, while Jonathan Layne in Los Angeles continues to advise Ameristar Casinos in high-yield debt work and Rule 144A offerings. The firm’s Orange County team recently assisted Standard Pacific Corporation in a $300m senior notes offering, and also advised Salem Communications Corporation in a $300m Rule 144A offering of senior secured second-lien notes. Alan Bannister in New York represented Zayo Group in a $250m Rule 144A high-yield offering of senior secured first-priority notes, and also assisted Alliant Techsystems in a $350m Rule 144A senior subordinated notes offering. Michael Greaney, also in New York, advised Stratus Technologies in a $215m senior secured notes offering. From Los Angeles, Linda Curtis represented Del Monte Foods Company in a $450m Rule 144A senior subordinated notes offering, and Andrew Fabens in Washington DC represented Celanese Corporation in a $600m Rule 144A high-yield debt offering of senior notes. Co-chair of the global finance group Joerg Esdorn is based in New York, and has significant expertise in high-yield notes offerings and bridge loans.

Jones Day acts for a range of high-yield issuer clients in New York, Cleveland, Chicago and Houston, and the firm maintains its focus in specific sectors, including software and technology. Global practice chair Christopher Kelly, together with John Hyland, both based in New York, advised new client FTI Consulting in its issuance of $400m Rule 144A/Reg. S senior notes. Michael Solecki in Cleveland also advised Ferro Corporation in a $250m public offering of 7.875% senior notes, and assisted Developers Diversified Realty Corporation in a public offering of $300m of 7.875% notes. Timothy Melton in Chicago is recommended, and represented USG Corporation in a $350m private placement of 8.375% senior notes. Kelly, with Vanessa Spiro and Chicago-based Edward Winslow, advised Jefferies & Company regarding an offering of $1bn Rule 144A/Reg. S 11.5% senior secured first-lien notes by Offshore Group Investment Limited, a subsidiary of Vantage Drilling. The team also assisted the bank as underwriter of a $50m ordinary shares public offering by Vantage Drilling. Robert Clarkson is also singled out.

O’Melveny & Myers LLP’s high-yield strength lies predominantly in advising issuer clients, and the team has a steady flow of instructions in the arena. Recent highlights include advising Conexant Systems in a $175m Rule 144A high-yield offering of 11.25% senior secured notes, as part of a balance sheet restructuring project, with David Johnson and John-Paul Motley in Los Angeles leading the transaction. The group also advised International Lease Finance Corporation in a Rule 144A/Reg. S offering of $2.75bn of unsecured notes, comprising $1.25bn 8.625% senior notes, and $1.5bn 8.75% senior notes. Co-chair of the corporate finance and capital markets practice Gregory Ezring represented portfolio company Quality Distribution in a $225m 9.875% second-priority senior notes offering. Ezring is based in the firm’s New York office, and provides key support to the California-based firm.

Described as a ‘terrific firm’ in terms of its securities practice, Paul, Weiss, Rifkind, Wharton & Garrison LLP has a rapidly increasing profile in the high-yield debt space. The ‘skilled’ group is praised for its ability to ‘maintain professionalism when dealing with adversaries’. Acting predominantly for issuer clients, the team advised AbitibiBowater in a $850m Rule 144A offering of 10.25% senior secured notes, and also assisted Cleaver Brooks in a $185m Rule 144A offering of 12% senior secured second-lien notes: deals led by Lawrence Wee and Raphael Russo respectively. Russo also advised the Harbinger Group in a $350m senior secured notes offering. John Kennedy represented Interline Brands in a $150m Rule 144A offering of 7% senior subordinated notes, and, drawing on the firm’s private equity expertise, also advised Ply Gem Industries in a $150m Rule 144A offering of 13 1/8% senior subordinated notes. Andrew Foley and Tracey Zaccone are also recommended.

Proskauer Rose LLP’s high-yield debt group advises issuers and managers, and has a strong reputation for work on the manager side. Frank Lopez and Julie Allen lead the practice, which is noted for its ‘unique combination of expertise and responsiveness’ and its ‘focus on problem solving’. In January 2010 Allen assisted Icahn Enterprises and Icahn Enterprises Finance in a $2bn high-yield bond offering, while in April 2010, Lopez represented the Overseas Shipholding Group in a $300m high-yield public bond offering. On the manager side, Jefferies & Company is a major client for the firm, and the team regularly assists the bank in Rule 144A offerings, totalling $1.5bn in 2010. Stuart Bressman has ‘deep experience’, and Monica Shilling is highly rated for her ‘ability to get deals done’. Justin Breen, a former associate at Cahill Gordon & Reindel joined the team as a partner in December 2010, bringing substantial high-yield experience.

Sullivan & Cromwell LLP has an active high-yield debt practice, and whilst it is already highly regarded for its issuer-side experience, it is making increasing efforts to extend its capabilities on the manager side. The return of John Estes to New York from the firm’s Melbourne office brings additional high-yield debt expertise. Transactional highlights included advising Cablevision Systems in a $1.25bn SEC-registered offering of high-yield senior notes, and in a further $900m Rule144A/Reg. S unregistered 8.625% senior notes offering, a deal led by the recommended Robert Downes and John Mead. In another notable deal, Neal McKnight and Andrew Soussloff advised issuer client United Rentals in its $750m offering of 8.375% senior subordinated notes, sold under a shelf registration agreement made between the client and the SEC.

White & Case LLP’s high-yield capabilities incline towards manager clients, with the highly recommended Ron Brody and Gary Kashar leading a team experienced in complex transactions. Brody led in advising two investment banks regarding a senior notes offering by FMG Resources, a subsidiary of Fortescue Metals Group. Brody also represented Jefferies & Company, KeyBanc Capital Markets and BMO Capital Markets Corporation as the initial purchasers in the $210m offering of 9.5% senior secured notes due 2017 by Thermon Industries. Kashar has had a recent focus on the issuer side, and assisted key client Calpine Corporation regarding the sale of a $400m senior notes offering and a further $1.1bn senior notes offering, used to repay part of the term loan borrowings under the client’s existing credit facility.