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Shearman & Sterling LLP

Work +1 212 848 4000
Fax +1 212 848 7179

Jonathan DeSantis

Work +1 212 848 5085
Shearman & Sterling LLP




United States: Finance

Capital markets: debt offerings

Within: Capital markets: debt offerings

Praised for being ‘highly knowledgeable and business-minded’, Shearman & Sterling LLP has a focus on financial services, healthcare, telecoms and mining-related work. Largely based in New York, under the leadership of David Beveridge, the group is also represented in Washington DC, Palo Alto, San Francisco, São Paulo and Toronto. Among its recent issuer highlights, Beveridge advised Electronic Arts on a $1bn offering of senior notes, while Stephen Giove acted for Viacom during its $1.3bn offering of senior notes. However, advice to managers remains the team’s sweet spot and ‘strong performerRobert Evans recently acted as underwriters’ counsel in Lowe’s Companies’ $3.3bn offering of investment grade notes, while Lisa Jacobs advised the underwriters on Ford Motor Credit’s $2.2m offering. Jonathan DeSantis and Merritt Johnson are also recommended. In 2016, Michael Benjamin left for Latham & Watkins LLP.

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Capital markets: equity offerings

Within: Capital markets: equity offerings

Shearman & Sterling LLP’s New York-headquartered practice, which is evenly balanced between manager and issuer work, has a wide industry focus encompassing financial services, healthcare, media, mining and telecoms, with a strong showing in cross-border deals. In a key highlight, Ilir Mujalovic and Jonathan DeSantis advised Bank of America Merrill Lynch as underwriters on the $759m IPO of Valvoline. ‘Rising star’ Merritt Johnson had an impressive year; he acted for Barclays, Credit Suisse and Morgan Stanley as underwriters in AdvancePierre Food’s $390m IPO, and also advised the underwriters on Catalent’s $447m secondary offering. A major headline on the issuer side, Richard Alsop and DeSantis assisted Advanced Disposal Services with its $398.5m IPO. Robert Evans is also recommended. David Beveridge heads an international Americas capital markets group that also has platforms in Washington DC, Palo Alto, San Francisco, São Paulo and Toronto.

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Capital markets: high-yield debt offerings

Within: Capital markets: high-yield debt offerings

David Beveridge heads a New York-based department at Shearman & Sterling LLP that routinely advises underwriters and corporate issuers on high-yield debt deals, with a particular focus on the financial services, healthcare, media, telecoms and mining industries. Among recent highlights, Richard Alsop and Jonathan DeSantis assisted Advance Disposal Services with its $2.2bn debt refinancing, which included a Rule 144A/Regulation S offering of $425m of senior notes, and Jason Lehner acted for JP Morgan, Goldman Sachs and Bank of America Merrill Lynch, as underwriters’ counsel, in Teck Resources’ $1.2bn offering of high-yield senior notes. Kyungwon Lee relocated to New York from the Hong Kong office in 2016 and acted with Merritt Johnson to advise the joint book-running managers on a $425m offering of senior notes by Cincinnati Bell. Michael Benjamin left to join Latham & Watkins LLP.

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Commercial lending

Within: Commercial lending

A longstanding and well-respected player in the market, Shearman & Sterling LLP is best known for its lender work, although it also handles an enviable pipeline of borrower-side mandates for corporates and private equity sponsors. Borrower highlights included advising Dow Corning Corporation (DCC) on a $4.5bn loan to finance the acquisition of Corning’s interest in DCC by the Dow Chemical Company and advising Intercontinental Exchange on the complex financing arrangements required for its $5.2bn acquisition of Interactive Data. On the lender side the firm acted for Citigroup Global Markets and UBS Securities on the $16.2bn financing for Aetna’s $37bn takeover of healthcare company Humana and acted for Morgan Stanley and HSBC on a $2.4bn loan to finance Samsonite’s acquisition of Tumi Holdings. Practice head Joshua Thompson has ‘incredibly impressive breadth of knowledge and attentiveness to the client and the client’s needs’; he leads a team of extremely well-regarded partners including Maura O’Sullivan, Gus Atiyah and Jonathan DeSantis.

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