- 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 an incredibly strong and deep bench of finance lawyers located in New York, who are almost entirely focused on bank-led work. The firm is praised for its commercial approach, particularly when it comes to advising the lenders on major leveraged buyouts, and while few could challenge its standing based on deal volume alone – it handled 232 in 2013 – the quality and big-ticket nature of these financings also makes the practice stand out. The firm’s advice to Bank of America Merrill Lynch as lead arranger on the multibillion-dollar financing of Silver Lake Partners and Michael Dell’s joint $24.9bn buyout of Dell, was an obvious high point, and the largest LBO since 2007. James Clark, who led the team on the Dell transaction, has a fantastic reputation within the market. Another highlight was representing J.P. Morgan, Wells Fargo, Barclays and Citigroup on $11.5bn worth of credit facilities for the $23bn LBO of Heinz by 3G Capital Partners and Berkshire Hathaway. The firm also acted for Bank of America Merrill Lynch as lead arranger on the $5.3bn debt financing of Grupo Modelo by Constellation Brands. Singling out partners from such a large team is difficult, but Daniel Zubkoff, William Hartnett, Jonathan Schaffzin and Susanna Suh have all been extremely active over the past year.
Within Capital markets: debt offerings, Cahill Gordon & Reindel LLP is a third tier firm,
Renowned for its underwriter practice, Cahill Gordon & Reindel LLP is regularly instructed by some of the world’s leading financial institutions and most prominent banks. Jonathan Schaffzin and Corey Wright represented Bank of America Merrill Lynch, Citigroup and J.P. Morgan as joint book-running managers on the $750m Rule 144A/Reg S offering of 3.125% senior notes due 2023 by pharmaceutical company Mylan. James Clark, alongside Ann Makich, advised Deutsche Bank and the other underwriters in the public offering by the NASDAQ OMX Group, owner and operator of the renowned stock exchange, of €600m aggregate principal amount of 3.875% senior notes due 2021; the proceeds were used in part to finance the acquisition of electronic trading platform eSpeed. On the issuer side, Susanna Suh, who was particularly active in 2013, represented Praxair in a series of three public offerings, including senior notes, due between 2016 and 2042 and totaling over $2bn.
Within Capital markets: equity offerings, Cahill Gordon & Reindel LLP is a third tier firm,
Cahill Gordon & Reindel LLP is renowned for its extensive and enviable list of banking clients, regularly handling high-profile offerings as underwriter’s counsel across all areas of securities law. James Clark represented the joint book-running managers and the other underwriters to the $260m IPO of retailer Burlington Stores, William Hartnett and Douglas Horowitz represented Citigroup Global Markets, Morgan Stanley, Credit Suisse and Deutsche Bank as joint book-running managers in PBF Energy’s $579m NASDAQ flotation, and Jonathan Schaffzin represented UBS and Barclays as lead managing underwriters on the $515m IPO of Norwegian Cruise Line Holdings. William Miller and Corey Wright are also singled out from the team, the core of which is based in New York.
Within Capital markets: high-yield debt offerings, Cahill Gordon & Reindel LLP is a first tier firm,
The New York-based group at Cahill Gordon & Reindel LLP retained its status as a ‘real leader in the space’ by acting on more high-yield offerings for underwriters than any other firm owing to its team of specialist lawyers. William Hartnett and Adam Dworkin acted in the high-profile $24.9bn leveraged buyout of Dell; their role in the deal was representing Barclays and Credit Suisse as lead joint book-running managers in connection with the Rule 144A/Reg S offering of $1.5bn aggregate principal amount of 5.625% senior first lien notes due 2020 by Denali Borrower, Denali Finance Corp, and Denali Acquiror Inc, to be merged with and into Dell; the firm also advised Bank of America Merrill Lynch as administrative agent on a series of loans and credit facilities taken out by Dell to partially fund the acquisition. Daniel Zubkoff, Douglas Horowitz (who ‘understands the high-yield market very well’), and Timothy Howell represented J.P. Morgan Securities and the other initial purchasers in Griffey Intermediate and Griffey Finance Sub’s $550m Rule 144A/Reg S offering of 7% senior notes due 2020. John Tripodoro and William Miller acted for Citigroup and the other joint book-running managers in connection with the $1bn aggregate principal amount of 8% first-priority senior secured notes due 2020, and $1.15bn aggregate principal amount of 11% second-priority senior secured notes due 2021 by Caesars Entertainment Resort Properties. Jonathan Schaffzin, James Clark, and Corey Wright are also recommended.
United States: Industry focus
Within Insurance: advice to insurers, Cahill Gordon & Reindel LLP is a third tier firm,
Cahill Gordon & Reindel LLP is appreciated for its ‘speedy, comprehensive and appropriate responses’, as well as its lawyers’ ‘enormous experience and knowledge of the field’. The practice covers regulatory, advisory work, litigation and arbitration, and has particular strengths in reinsurance, trade credit and political risk. New York-based Edward Krugman is representing AIG Trade & Political Risk and Atradius in a dispute with Dutch bank Rabobank over alleged fraudulent claims; and acting for National Union Fire Insurance in its reinsurance coverage dispute with Everest Re. The latter case is back before trial court following the successful reversal of a previous Supreme Court of the State of New York ruling in favor of Everest Re. In another matter, New York-based Thorn Rosenthal led the team in successfully obtaining dismissal of a series of antitrust class actions against XL Capital in litigation involving over 40 defendants; actions continue against several other defendants. Other clients include Global Reinsurance, Ironshore and various AIG affiliates.
United States: Litigation
Within Securities: shareholder litigation, Cahill Gordon & Reindel LLP is a second tier firm,
The service from Cahill Gordon & Reindel LLP is ‘exemplary’. Herbert Washer is ‘at the top of the profession in terms of skills, expertise, client communication and practical sense’; he is advising Credit Suisse on all matters arising from the alleged manipulation of LIBOR. Floyd Abrams, Charles Gilman, Tammy Roy and Adam Zurofsky, all of whom are ‘held in high regard’, played lead roles in a team that successfully dismissed 25 cases against McGraw Hill Financial and Standard & Poor’s Financial Services relating to mortgage-backed securities. Although the firm is smaller than some its peers, around half of its 350 lawyers are litigators, and many of those, including David Januszewski and Thomas Kavaler, are highly regarded for securities matters. The practice has an enviable client base of financial institutions such as Deutsche Bank, and is praised for its ‘great people and great client relationships’. All named attorneys are based in New York.
Within White-collar criminal defense, tier 5
Offering a ‘very high’ level of service, Cahill Gordon & Reindel LLP handles high-profile cases for household name clients, often with an international element. The firm remains a popular choice for audit committees in government and internal investigations into potential corruption; it continues to act for the audit committee of a multinational corporation in its global internal investigation as well as high-profile DOJ and SEC investigations into its operations in North America, South America and Asia. In a further example of the team’s expertise in this area, the well-regarded David Kelley represented the audit committee of a transnational drilling company in settlements with the DOJ and SEC for its business dealings with officials in Africa, South America and Asia. The team also acts for a mix of companies and individuals, and has particular expertise in the highly regulated financial services space, representing clients which are facing investigations for potential violations of OFAC sanctions, benchmark interest rates and anti-money laundering issues. Other key contacts in New York are Bart Friedman, Anirudh Bansal and David Januszewski.
United States: Media, technology and telecoms
Within Telecoms and broadcast: regulatory, Cahill Gordon & Reindel LLP is a third tier firm,
Highlights for Cahill Gordon & Reindel LLP included practice head Chérie Kiser successfully representing Cable ONE before the FCC, state and federal courts and state agencies in connection with its video, VoIP and internet access services. Kiser also advised Polycom on the regulatory obligations applicable to its telepresence business in 27 countries. Other highlights for the firm included advising Birch Communications on regulatory matters relating to its purchases of Covista Communications, Ernest Communications and Lightyear Network Solutions, as well as on obtaining eligible telecoms carrier status in various states and at federal level. The group also represents numerous investment and commercial banks as regulatory counsel in financings and other transactions. Angela Collins represents CLECs, VoIP service providers, ISPs, wireless providers, and cable companies.
Within Telecoms and broadcast: transactional, Cahill Gordon & Reindel LLP is a third tier firm,
Cahill Gordon & Reindel LLP’s Chérie Kiser in Washington DC led advice to Birch Communications for its acquisitions of Covista Communications, Ernest Communications and Lightyear Network Solutions; it also assisted it with obtaining the necessary regulatory approvals. The six-lawyer group also advised video distribution services provider Beers Enterprises on its acquisition of HTN Communications LLC. Additionally, it advised a number of investment and commercial banks on telecoms-related financing and capital markets work involving major industry players, notably Clear Channel, Comcast and DISH Network.
United States: Mergers, acquisitions and buyouts
Within M&A: middle-market (sub-$500m), Cahill Gordon & Reindel LLP is a first tier firm,
Cahill Gordon & Reindel LLP’s M&A group is supported by a strong leveraged finance practice. The team served as co-counsel to Eugene Grant and the Grant Group on the sale of the 50.1% controlling interest in the St John’s Center mega-complex to an investor group comprised of Fortress Investment Group, Atlas Capital Group and Westbrook Partners; advised ICON, a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries, on its acquisition of the clinical trial services division of Cross Country Healthcare, which includes ClinForce and its subsidiaries Assent Consulting and Metropolitan Research Associates; advised GF Capital Private Equity Fund on its sale of Trade Service Company, a provider of standardized product and price information to various industries, to Trimble Navigation; and acted for Springs Industries, the second-largest global manufacturer and distributor of window coverings, on its sale to private equity firm Golden Gate Capital. Other highlights included acting for IDP Holdings, a joint venture of Ironshore Holdings (US) and The Distinguished Programs Group, on its acquisition of the hospitality business of National Specialty Underwriters; assisted Integro, a full-service, independent insurance firm, on its acquisition of UK-based specialty broker Doodson Broking Group; and advised Colt Defense on its acquisition of New Colt Holding Corporation, the parent company of Colt’s Manufacturing Company, one of the world’s leading manufacturers of firearms for the civilian and sporting markets. Helene Banks, James Clark, William Hartnett, Jonathan Mark, John Schuster and Michael Sherman are key contacts.
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)