- United States: Finance > Capital markets: high-yield debt offerings
- United States: Mergers, acquisitions and buyouts > M&A: middle-market (sub-$500m)
- United States: Finance > Bank lending (including other sources of financing)
- United States: Finance > Capital markets: debt offerings
- United States: Finance > Capital markets: equity offerings
- United States: Industry focus > Insurance: advice to insurers
- United States: Litigation > Securities: shareholder litigation
- United States: Litigation > White-collar criminal defense
United States: Finance
Within Bank lending (including other sources of financing), Cahill Gordon & Reindel LLP is a second tier firm,
Cahill Gordon & Reindel LLP ‘has a phenomenal practice’ and has few rivals when it comes to representing lenders, particularly on LBOs. The team is also one of the largest in the market and has ‘a very deep bench and given its deal flow for blue chip deals, it is the largest repository for industry knowledge’. This industry expertise has made its lawyers particularly sought after, and when it comes to private equity deals they are often chosen by the sponsor to act as lender’s counsel. While this might seem counterintuitive, it is commonplace within the market, and banking clients are reportedly pleased to have the firm onside, since they already have well-established independent relationships with its lawyers: ‘It is a very smart and thoughtful team, and it makes the banker’s job easier. That is why it is the best’. The work itself goes beyond acquisition finance and LBOs, and the versatile practice is also strong in investment grade debt and has recently been involved in numerous refinancings. The firm has several highly rated partners, among whom James Clark is held in particularly high regard, and Noah Newitz ‘may be the best transaction lawyer on the street at present’. Others include Daniel Zubkoff and Susanna Suh, who represented UBS and other lead arrangers on a $1.2bn term loan facility to International Paper Company to partially finance its acquisition of Temple-Inland. Stuart Downing and Jennifer Ezring were among the lead attorneys advising the lenders such as Barclays Bank and JPMorgan Securities on the various facilities and bond offerings linked to The Carlyle Group’s $3.3bn acquisition of Getty Images.
Within Capital markets: debt offerings , Cahill Gordon & Reindel LLP is a third tier firm,
Cahill Gordon & Reindel LLP’s strength lies in advising manager clients, and the firm acts for an impressive roster of financial institutions, particularly on the high-yield side. Highlights for the capable team included Jonathan Schaffzin and William Miller advising Citigroup, Deutsche Bank Securities, RBS, Scotiabank and US Bancorp as joint bookrunning managers and co-managers of Ashland’s $500m Rule 144A/Reg. S senior notes offering, and advising the initial purchasers on a $4bn notes offering by DIRECTV Holdings and DIRECTV Financing, a matter led by Corey Wright and Daniel Zubkoff. Miller and William Hartnett acted for JPMorgan Securities as lead bookrunner and the initial purchasers in News America’s $1bn senior notes offering. Elsewhere, Susanna Suh advised Praxair on its $600m notes offering. James Clark, Noah Newitz and Brian Kelleher also acted as counsel to the underwriters regarding a $1.5bn notes offering by Ally Financial.
Within Capital markets: equity offerings , Cahill Gordon & Reindel LLP is a third tier firm,
Known for its investment grade debt and high-yield expertise, and particularly for its work with leveraged finance, Cahill Gordon & Reindel LLP continues to increase its market standing in equity transactions, working on the undewriter-side for clients such as Bank of America Merrill Lynch, Barclays, Citigroup, Credit Suisse, Deutsche Bank, UBS and Wells Fargo. A team led by William Hartnett and Douglas Horowitz recently advised JPMorgan and Morgan Stanley as joint book-running managers and the other co-managers in connection with the $1bn public offering of 34,500,000 shares of common stock of Nielsen Holdings. Hartnett, along with John Tripodoro and the highly respected William Miller represented Credit Suisse, Citigroup, Bank of America Merrill Lynch, Deutsche Bank Securities, KeyBanc Capital Markets, Lebenthal & Co and Ramirez & Co as underwriters in connection with the $18.7m IPO of luxury hotel and casino provider Caesars Entertainment. The highly experienced James Clark is also recommended.
Within Capital markets: high-yield debt offerings , Cahill Gordon & Reindel LLP is a first tier firm,
The ‘outstanding’ Cahill Gordon & Reindel LLP is ‘one of the best, if not the best underwriters’ counsel and retains its top position in the high-yield debt arena. The firm has an enviable depth of experience together with a very impressive client roster, and it consistently handles a vast number of high-yield transactions. Clients rate the ‘excellent service, from partners through to associates’, and the team offers ‘valuable insight’. It is also noted for its expertise in acquisition finance. Among recent mandates, Jonathan Schaffzin, William Miller and John Tripodoro advised Barclays, Deutsche Bank Securities and Bank of America Merrill Lynch as joint physical bookrunning managers of a $1.2bn Rule 144A/Reg. S offering of $700m of 5.875% senior notes due 2020 and $500m of 6.250% senior notes due 2022, by HDTFS Inc, now a wholly-owned subsidiary of The Hertz Corporation. Tripodoro, Brian Kelleher and James Clark represented the joint bookrunning managers and the co-managers in HD Supply’s $1.625bn Rule 144A/Reg. S offering, comprising $950m 8.125% senior secured first-priority notes due 2019, and $675m 11% senior secured second-priority notes due 2020. Also singled out from the team are Corey Wright, who has ‘excellent knowledge’, and Susanna Suh, Daniel Zubkoff and the ‘knowledgeable and professional’ Douglas Horowitz, who all ‘really understand the market’. A large team including Zubkoff, Horowitz, William Hartnett, Ann Makich, Timothy Howell and Michael Ohler acted for Citigroup, JPMorgan, Credit Suisse, Deutsche Bank Securities, BMO Capital Markets, RBC Capital Markets, UBS and Nomura in Everest Acquisition Finance’s $2.750bn Rule 144A/Reg. S high-yield debt offering. Due to the firm’s focus on solely advising underwriters, clients appreciate the lack of conflicts of interest when instructing the team.
United States: Industry focus
Within Insurance: advice to insurers, Cahill Gordon & Reindel LLP is a third tier firm,
Cahill Gordon & Reindel LLP’s stable, homegrown practice has ‘very good strength in depth’, ‘excellent response times’ and ‘gives reasonable value for money, given the quality of the work produced’. It covers ‘the business of insurers and insurance’, from regulatory and advisory work to litigation and arbitration. Clients engage the firm for high-end matters, in particular for their expertise in the Bermuda form. Thorn Rosenthal is a recognized Bermuda expert with ‘excellent instincts and experience’. Edward Krugman represented AIG and Chartis in two actions against the former managing general agent (MGA) of their assigned risk automobile insurance business as well as in the bankruptcy proceedings of the former MGA. He also acted as special appellate counsel for GLOBAL Re in a facultative reinsurance case and handles ongoing matters for various Chartis companies involving claims under high-limit pollution legal liability and similar policies. Other clients include XL Capital, ACE and OCIL.
United States: Litigation
Within Securities: shareholder litigation, Cahill Gordon & Reindel LLP is a third tier firm,
Cahill Gordon & Reindel LLP made a rare lateral hire, Herbert Washer, who joined from Shearman & Sterling LLP in June 2012. Well connected with financial institutions including Credit Suisse, and Deutsche Bank, the firm is well placed to take market share in a fee-pressured market which is pushing banks toward smaller, high-quality, firms. Its senior litigators include the highly esteemed Floyd Abrams who, with Charles Gilman and Adam Zurofsky, has been successfully representing McGraw-Hill and its Standard & Poors (S&P) subsidiary in extensive national litigation arising from S&P’s ratings of securities backed by subprime mortgages. Thomas Kavaler is heading the defense team for Household International and certain of its former officers in a significant securities fraud class action, and one of only a handful to be tried since the enactment of the PSLRA.
Within White-collar criminal defense , tier 6
At Cahill Gordon & Reindel LLP, ‘the quality is excellent’ and its leading stars David Kelley and Bart Friedman have a ‘terrific reputation’. Having taken on a series of high-profile cases of late, the group continues to quantify its stature as a prominent player in the market. Audit committees frequently instruct the firm; in the investigation of Wal-Mart Stores by the SEC and DOJ, the firm was tasked with overseeing the global internal investigation as well as carrying out compliance and program modifications. Other similar examples include the audit committee of QualComm, concerning the company’s FCPA compliance, and the audit committee of Diageo, for which it lead an internal investigation of FCPA violations in Korea, Thailand, India and elsewhere relating to an investigation by the SEC. A substantial amount of work comes from major financial institutions, and it is currently advising the special committee of the CBOE in an investigation and parallel litigation. It represented numerous individuals in the New York Attorney General’s so-called "pay to play" investigation, and LIBOR-related matters have also been a significant source of work. Herbert Washer, Adam Zurofsky, Anirudh Bansal and Penny Windle are also recommended. All named attorneys are based in New York, and there are additional resources located in Washington DC.
United States: Media, technology and telecoms
Within Telecoms and broadcast: regulatory, Cahill Gordon & Reindel LLP is a third tier firm,
Cahill Gordon & Reindel LLP’s ‘exceptional’ team wins praise for its ‘well researched, thorough oral and written advice’. In Washington DC, Chérie Kiser, who is recognized for her ‘unmatched expertise in communications law’, handling litigation, corporate work and counseling, successfully represented Cable One against attempts by the Arizona Department of Revenue and the Iowa Department of Revenue to reclassify Cable One as a telephone company or public utility company rather than a cable company for property tax purposes. Kiser successfully represented Intrado Communications against AT&T, a decision that was upheld on appeal. She represented Polycom in regulatory matters related to its $89m purchase of a business segment from Hewlett-Packard and on its regulatory obligations applicable to its Tele-Presence business in 27 countries. Other clients include GlobalTel*Link in numerous matters, notably relating to the company’s sale. Longstanding clients recommend corporate partner Jonathan Mark, who ‘understands the nuances of representing corporations that closely intersect with the federal government’, and Angela Collins ‘an excellent communication lawyer who understands the scope of the FCC’s authority over the universal service fund’.
Within Telecoms and broadcast: transactional, Cahill Gordon & Reindel LLP is a third tier firm,
At Cahill Gordon & Reindel LLP, Chérie Kiser in Washington DC and her six-lawyer team handled over 35 transactions in 2012, notably representing Polycom in a transition services agreement as part of the $89m purchase of a business segment from Hewlett-Packard, and negotiating with vendors in relation to the operation of Tele-Presence in 27 countries. The team represented Global Tel*Link in relation to its sale to American Securities, and Birch Communications in the purchase of DayStar Communications and Astro Tel. Cable One and Blackbird are key clients. The group represented numerous investment and commercial banks in relation to telecoms-related financing and capital markets work.
United States: Mergers, acquisitions and buyouts
Within M&A: middle-market (sub-$500m), Cahill Gordon & Reindel LLP is a first tier firm,
At ‘consistently impressive law firm’ Cahill Gordon & Reindel LLP, the M&A practice’s recent highlights include advising Ascend Health Corporation, a private psychiatric hospital provider that has nine - owned or leased - freestanding, psychiatric inpatient facilities, which are located in five states, in the completion of its $522m sale to Universal Health Services, one of the nation’s largest hospital companies operating, through its subsidiaries, behavioral healthcare facilities, acute care hospitals and ambulatory centers throughout the US, Puerto Rico and the US Virgin Islands. The team also acted for SP Newsprint, and related entities, in obtaining approval of the sale of substantially all of their assets, under section 363 of the Bankruptcy Code, to an entity, owned by SP Newsprint’s pre-petition lenders, and negotiating a settlement with such lenders and the official creditors’ committee; represented Broadridge Financial Solutions, in the sale of its wholly owned, broker-dealer subsidiary, Ridge Clearing & Outsourcing Solutions, to Apex Clearing Holdings, a new entity formed by Penson Financial Services, the US broker-dealer subsidiary of Penson Worldwide and PEAK6 Investments; and advised Lorillard in its $135m cash acquisition of all of the assets of blu ecigs, an electronic cigarette company. New York-based Helene Banks, James Clark, William Hartnett, Jonathan Mark, and Michael Sherman are recommended. John Schuster is a leading individual; ‘he is an asset to have acting on your behalf in relation to key M&A transactions, and a very competent negotiator’. Schuster has represented acquiring companies, acquired companies, lenders and financial advisors, in connection with the acquisitions and dispositions of public and private companies, and has defended public companies against tender offers and proxy contests.
Further information on Cahill Gordon & Reindel LLP
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Offices in London
- Finance : Bank lending (including other sources of financing)
- Finance : Capital markets: debt offerings
- Finance : Capital markets: equity offerings
- Finance : Capital markets: high-yield debt offerings
- Industry focus : Insurance: advice to insurers
- Litigation : Securities: shareholder litigation
- Litigation : White-collar criminal defense
- Media, technology and telecoms : Telecoms and broadcast: regulatory
- Media, technology and telecoms : Telecoms and broadcast: transactional
- Mergers, acquisitions and buyouts : M&A: middle-market (sub-$500m)