Firms To Watch: Capital markets: debt offerings

McGuireWoods LLP is an emerging name in debt offerings, driven in part by its strong relationship with Bank of America, bringing it a wealth of engagements including green bonds and sustainability-linked bonds. Charlotte partners Elizabeth Wren and Richard Viola are key figures.
Pillsbury Winthrop Shaw Pittman, LLP has a fully-rounded practice, covering both issuer and underwriter engagements. It is particularly noted for utilities offerings, along with issuances by healthcare and financial services businesses. New York's Jeffrey Delaney and David Baxter are key names, along with Stephen Ashley.
Proskauer Rose LLP is rated for debt offerings by business development companies (BDCs).

Capital markets: debt offerings in United States

Akin Gump Strauss Hauer & Feld LLP

Akin Gump Strauss Hauer & Feld LLP remains best known for its work in the energy sector with strong capital markets specialists in Houston and Dallas, though with the further growth of the New York office it is developing its spread of engagements across a number of industries, most notably through New York partner Rosa A. Testani. The capital markets group has a particularly strong record in high-yield debt and in transactions linked to refinancings, liability management and corporate restructuring exercises. Houston partner John Goodgame is co-head of the securities practice and an experienced figure in energy sector capital markets offerings, including those by master limited partnerships (MLPs). Dallas partners Garrett DeVries and Seth Molay are also key names, along with Christine B LaFollette in Houston.

Practice head(s):

John Goodgame; Zach Wittenberg

Other key lawyers:

Rosa Testani; Garrett DeVries; Seth Molay; Christine B LaFollette

Key clients

Diamondback Energy, Inc.

Genesis Energy L.P.

Cinemark USA, Inc.

CEC Entertainment, Inc.

Cinemark Holdings Inc.

Goldman Sachs & Co. LLC

7-Eleven, Inc.

Laredo Petroleum, Inc.

El Paso Electric Company

Fossil Group, Inc.

Fortress Transportation and Infrastructure Investors

Work highlights

  • Represented Diamondback Energy, an independent oil and natural gas company, in several senior notes offerings totalling $4.6bn.
  • Represented 7-Eleven, Inc., in a series of transactions, including its $10.95bn senior notes.
  • Represented CEC Entertainment, Inc. in connection with its $650m offering of 6.750% senior secured notes due 2026.

Arnold & Porter

Arnold & Porter is principally known for its background in sovereign offerings, particularly those for Latin American states. The firm also has a burgeoning corporate issuer client base, providing it with a steady pipeline of capital markets offering engagements; this includes clients in the financial services and life sciences sectors, along with SPACs. New York partner Christopher Peterson is noted for sovereign finance and high-yield debt transactions, along with extensive experience in liability management. San Francisco’s Teresa Johnson is another key figure along with the vastly experienced Latin America sovereign issuance expert Whitney Debevoise in Washington DC.

Practice head(s):

Teresa Johnson; Christopher Peterson

Other key lawyers:

Whitney Debevoise; Robert Azarow

Key clients

CuriosityStream

Corporación Andina de Fomento

CASI Pharmaceuticals, Inc.

The Charles Schwab Corporation

Republic of Colombia

Virtuoso Acquisition Corp

Wheels Up

The Depository Trust & Clearing Corporation

Enphase Energy

National Securities Clearing Corporation

Republic of Panama

Taseko Mines

Republic of Turkey

Hungary

Work highlights

  • Advised the Corporación Andina de Fomento (CAF) on its $1bn issuance of 1.25% notes due 2024.
  • Advised Taseko Mines Limited on its $400m offering of 7% senior secured notes due 2026.
  • Advised The Depository Trust & Clearing Corporation (DTCC) on its $500m offering of Series D fixed rate reset non-cumulative perpetual preferred stock.

Baker Botts L.L.P.

Baker Botts L.L.P., the Houston based firm, continues to be recognised for its track record in energy sector debt offerings, though with its highly-respected New York office it has achieved a greater spread of sector experience and a higher degree of prominence with underwriters. The firm is at the forefront of debt offerings by MLPs, in large part thanks to the presence of senior Houston partner Joshua Davidson. Washington DC partner Catherine Gallagher is another prominent figure in the shipping, offshore oil and gas, MLPs and REITs segments.

Practice head(s):

Mike Bengtson; Joshua Davidson

Other key lawyers:

Catherine Gallagher; Justin Hoffman; Travis Wofford; Natasha Khan; Garrett Hughey

Testimonials

‘Baker Botts understands our business and the solar industry better than anybody else. Their industry expertise allows them to come up with creative legal solutions to meet complicated business goals. Baker Botts worked with us on our inaugural high-yield bond issuance, adopting our green bond framework and multiple securitisations this past year. They previously did our IPO in 2019, follow on equity offerings, multiple convertible notes offerings and multiple securitisations. They are very thoughtful and commercial, and really understood how to tailor the deal to our specific business goals as opposed to taking a cookie cutter approach. Baker Botts handles our project and project finance work. They have a soup-to-nuts renewables practice with incredible bench strength.’ 

‘Team is a good intersection of seasoned but still hungry and hustling.’

‘Josh Davidson is a very capable lawyer. Excellent reputation is well deserved. He is responsive and commercially minded. Wants to get a deal done and won’t let silly things get in the way.’

‘Seamless delivery of work product; deep experience in debt offerings; willingness to provide fee reductions based on volume of work.’

‘Justin Hoffman (in depth experience in debt offerings and covenant packages). Travis Wofford (great knowledge of our company as well as the capital markets). Garrett Hughey (main associate; hard worker).’

‘On the capital markets side, we work primarily with Travis Wofford and Natasha Khan. Travis is a big picture thinker and considers the legal issue in front of us as a whole, not just in terms of one specialty. The types of issues we face require a command of the industry, the market, and of course the legal and accounting issues. Thinking about those matters across practice areas and the various disciplines plays to his core strength. He is a high energy, insatiably curious, and thoughtful partner to us. Natasha is thoughtful, creative in her approach, and hard charging. She is both book smart and street savvy and has become a great contributor.’ 

Key clients

Barclays Capital Inc.

BofA Securities, Inc.

Cactus, Inc.

CenterPoint Energy, Inc.

Citigroup Global Markets, Inc.

Clarkson Platou Securities, Inc.

Clearway Energy Operating LLC

Credit Suisse Securities (USA) LLC

EnLink Midstream, LLC

Golar LNG Partners L.P.

Halliburton Company

Helix Energy Solutions Group, Inc.

Hoegh LNG Partners LP

Kimbell Royalty Partners LP

Liberty Broadband Corporation

Liberty Latin America Ltd.

Liberty TripAdvisor Holdings, Inc.

Morgan Stanley & Co. LLC

NRG Energy, Inc.

Quanta Services, Inc.

QVC, Inc.

RBC Capital Markets, LLC

Stifel, Nicolaus & Company, Inc.

Summit Midstream Partners, LP

Sunnova Energy Corporation

Tallgrass Energy, LLP

Valero Energy Corporation

Wells Fargo Securities, LLC

Westlake Chemical Corporation

Work highlights

  • Represented the underwriters in Enbridge Inc.’s $1bn sustainability-linked senior notes offering and $500m senior notes offering.
  • Advised Summit Midstream Partners on a private offering by its subsidiaries of $700m aggregate principal amount of 8.50% senior secured second lien notes.
  • Advised Sunnova Energy International on a $500m offering of 0.25% convertible senior notes due 2026; this was the company’s first offering of convertible notes since becoming publicly listed.

Bracewell LLP

Bracewell LLP is primarily known for representing energy businesses and financial institutions in capital markets offerings. It has a niche in advising community banking organisations and is a growing force in representing underwriters. The firm is noted for capital markets offerings by electric and gas utilities, along with MLPs. Houston partners William Anderson and Charles Still are experienced names in energy sector capital markets transactions, with New York partners Todd Eckland and Catherine Hood providing additional senior-level experience in investment grade and high-yield debt deals in a variety of sectors; both are also close to key underwriters. Troy Harder is another key partner in Houston.

Practice head(s):

William Anderson; Charles Still

Other key lawyers:

Troy Harder; Catherine Hood; Todd Eckland

Key clients

Apache Corporation

DT Midstream

Underwriters for DTE Energy Company and DTE Electric Company

Investors in DTE Gas Company’s private placement of bonds

Gray Oak Pipeline, LLC

Kinder Morgan, Inc.

Phillips 66

PPL Electric Utilities Corporation

Underwriters for Spire Inc.

Veritex Holdings, Inc.

Woodforest Financial Group, Inc.

Work highlights

  • Represented Kinder Morgan in several transactions, including the company’s public offering of $1.25bn of senior notes.
  • Represented Phillips 66 in its public offering of $1.75bn of senior notes..
  • Represented Gray Oak Pipeline, LLC in its debut offering of $1.4bn of senior notes.

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP‘s dominant position in high-yield debt has provided it with a platform to develop a rounded debt offering practice supported by exceptional bank lending expertise; many of the partners cover the convergence between bank and bond debt. The capital markets team frequently works with longstanding high-yield debt clients that have been upgraded to investment grade status. It also has a particularly strong record in the TMT sector. In 2021, the firm represented underwriters in investment grade financings totalling $6.8bn for Charter Communications. William Miller, Corey Wright and Marc Lashbrook are now the firm’s primary partners operating in the debt offering field. Douglas Horowitz has left the firm.

Other key lawyers:

William Miller; Corey Wright; Marc Lashbrook; James Clark; Jonathan Schaffzin

Key clients

Citigroup Global Markets Inc. / Citigroup Global Markets Limited

Credit Suisse Securities (USA) LLC

Deutsche Bank Securities Inc. / Deutsche Bank AG, London Branch

Morgan Stanley & Co. LLC

Mizuho Securities USA LLC

J.P. Morgan Securities LLC / J.P. Morgan Securities plc

Wells Fargo Securities, LLC

BNP Paribas Securities Corp.

SMBC Nikko Securities America, Inc.

Work highlights

  • Represented the underwriters in a series of senior secured note offerings by Charter Communications Operating, LLC and Charter Communications Operating Capital Corp, wholly owned subsidiaries of Charter Communications, Inc.
  • Represented the underwriters in a number of senior note offerings by VMware, Inc.
  • Represented the initial purchasers in connection with a Rule 144A and Regulation S offering of $500m aggregate principal amount of 0.750% senior notes due 2024 and $350m aggregate principal amount of 1.250% senior notes due 2026 by Mondelez International Holdings Netherlands B.V.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has gained further recognition for its work in the green and sustainability-linked bond market. This includes affordable housing bonds and green bonds issued by utility companies. It also advised Verizon on its $1bn SEC-registered green bond, the company’s first green bond. It represents a wide range of domestic blue chip companies, along with an impressive array of foreign issuers, especially Latin American businesses. The firm is closely associated with sovereign issuers in Latin America and beyond. Jeffrey Karpf is a leading name in capital markets and has a history of representing blue-chip issuers and sponsors. David Lopez is an experienced figure in debt issuances and liability management transactions. Francesca Odell is rated for debt offerings by Latin American issuers and has recently advised Petrobras, the Brazilian oil and gas giant, on a series of high-value debt offerings.

Other key lawyers:

Jeffrey Karpf; David Lopez; Francesca Odell; Craig Brod; Nicolas Grabar

Testimonials

‘The Cleary team we work with is unique, they are experts in the field, they render service with an excellence and timely fashion and they create a great bonding with clients to make all steps of the deal smooth.’

‘All of them outstanding. Nicolas Grabar is principal partner at Cleary and he is involved in every detail of the transaction and that is something different from competitors. Same case with Francesca Odell.’

‘Exceptional legal knowledge, experience and responsiveness on the part of Jeff Karpf and David Lopez.’

Key clients

Alphabet/Google

Verizon

Liberty Mutual

American Express

American Tower

Honeywell

Ontario Teachers’ Finance Trust

Lowe’s

Petrobras

Starbucks

AIG (designated UW’s counsel)

SoCal Edison (designated UW’s counsel)

Asian Development Bank (designated UW’s counsel)

General Electric (designated UW’s counsel)

Goldman Sachs

Citigroup

JP Morgan

Morgan Stanley

Nexa Resources

HCA Healthcare

Work highlights

  • Represented Alphabet/Google in its inaugural sustainability bond for $5.75bn as part of an aggregate $10bn SEC-registered notes offering.
  • Represented Verizon in multiple offerings including a $1bn SEC-registered green bond, its first green bond.
  • Represented Lowe’s in its $4bn SEC-registered debt offering and concurrent $4bn cash tender offers as well as a two separate $2bn SEC-registered notes offerings.

Clifford Chance

Clifford Chance operates a broad-based practice covering investment grade, high-yield, covered bonds, project bonds and other capital markets transactions. The firm is particularly known for offerings by REITs and Latin American entities, including sovereign and sub-sovereign issuers. Closed end fund offerings and debt restructuring exercises are also fortes for the team. Andrew Epstein is an experienced figure in debt offerings by REITs, along with co-head of the department Kathleen Werner. Fellow co-head Jonathan Zonis and Hugo Triaca are key names in Latin America transactions, including sovereign bond offerings. Larry Medvinsky and Per Chilstrom have both left the firm.

Practice head(s):

Jonathan Zonis; Kathleen Werner

Other key lawyers:

Andrew Epstein; Hugo Triaca

Key clients

Global Self Storage

Ready Capital Corporation

National Storage Affiliates

Watermark Lodging Trust

Goldman Sachs International

iStar, Inc.

Safety, Income & Growth

Cantor Fitzgerald

Wells Fargo Securities

HSBC Securities (USA) Inc.

Work highlights

  • Advised BofA Securities Inc. as initial purchaser, global coordinator and sole book-running manager, in connection with a new two-tranche notes offering by the Republic of Guatemala.
  • Advised The Ad Hoc Bondholder Group with respect to the debt restructuring of 6.75% Notes due 2021 by YPF Sociedad Anónima (YPF), Argentina’s state-run energy company.
  • Advised CMI Energía, the renewable energy business unit of agro-industrial conglomerate Corporación Multi Inversiones (CMI), on the refinancing of $1bn in existing project finance debt owed by its subsidiaries in Guatemala, Honduras, Nicaragua, Costa Rica, El Salvador and the Dominican Republic.

Cooley LLP

Cooley LLP‘s outstanding record in equity offerings has provided it with a solid platform for debt transactions, particularly investment grade and convertible debt offerings. The firm’s impressive client base of tech and life sciences businesses, brings it a steady flow of big-ticket engagements; it advised NVIDIA on its $5bn registered debt offering of aggregate principal amount of investment grade senior unsecured notes. Palo Alto’s Eric Jensen and San Francisco’s David Peinsipp are big names in the capital markets arena, along with debt finance specialists Michael Tollini in Washington DC, and Gian-Michele Marca and Jason Savich in San Francisco. The firm also gained Los Angeles-based debt and equity capital markets expert John-Paul Motley from O’Melveny & Myers in March 2022.

Practice head(s):

Gian-Michele Marca; Michael Tollini

Key clients

Accolade, Inc.

Alarm.com

Etsy, Inc.

Everbridge, Inc.

Fastly, Inc.

Ionis Pharmaceuticals, Inc.

NVIDIA

Rapid7, Inc.

Snap Inc.

Twilio Inc.

Uber Technologies, Inc.

Kadmon Holdings

Gamida Cell

MannKind Corporation

Cidara Therapeutics

Dynavax Technologies Corporation

J.P. Morgan Securities LLC

Goldman Sachs & Co. LLC

Evercore Group LLC

Morgan Stanley & Co LLC

Work highlights

  • Advised NVIDIA on its $5bn registered debt offering of aggregate principal amount of investment grade senior unsecured notes.
  • Advised Snap on its $1.15bn private offering of aggregate principal amount of 0% convertible senior notes due 2027.
  • Advised Uber on its $1.15bn offering of convertible senior notes due 2025.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP has maintained its illustrious reputation in the DCM space, advising on a range of registered and Rule 144A/Regulation S debt offerings for prestigious issuers and underwriters. This includes a variety of investment grade, high-yield, convertible and exchangeable debt securities. The core team has worked on a series of headline and high-value debt offerings, including representing the underwriters in the $13bn registered floating rate notes and fixed to floating rate notes offerings by JPMorgan, the largest ever bond sale by any bank. Craig Arcella and Andrew Pitts are leaders in the field, including in investment grade and high-yield debt transactions. William Fogg and Stephen Burns are also senior finance practitioners with an extensive record in the capital markets field, segment Scott Bennett is now an established senior name, and Nicholas Dorsey is amongst the next generation of top practitioners. Johnny Skumpija left the firm in March 2021.

Practice head(s):

Stephen Burns; William Fogg; Craig Arcella; Andrew Pitts

Other key lawyers:

Nicholas Dorsey; Scott Bennett

Key clients

AerCap

Ashland

Booking

Brunswick

Burlington Northern Santa Fe

Cable One

Crown Castle

GasLog

Martin Marietta

Nestlé

Prosus

Robinhood

Work highlights

  • Represented Robinhood in its $3.6bn private placement of convertible notes and warrants.
  • Represented the underwriters in the $13bn registered floating rate notes and fixed to floating rate notes offerings by JPMorgan, the largest ever bond sale by any bank.
  • Represented Nestlé Holdings in its $5bn 144A/Reg. S notes offering.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP has retained its exalted status as one of the global leaders in capital markets issuances, including investment grade and high-yield debt. It has continued to impress in investment-grade debt, including global bonds, global pandemic bonds and US corporate debt. It is also at the forefront of high-yield debt, particularly where representing the underwriter or manager. The firm is further recognised for high-yield debt-driven acquisition and leveraged financings. Amongst a series of headline engagements, it advised the underwriters on Bank of America’s $5.5bn SEC-registered offering of fixed-to-floating-rate senior notes. The team features outstanding practitioners Michael Kaplan and Richard Truesdell, along with further leading names in Bruce Dallas and John Meade. Byron Rooney is another prominent DCM specialist.

Other key lawyers:

Michael Kaplan; Richard Truesdell; Bruce Dallas; John Meade; Byron Rooney

Work highlights

    Debevoise & Plimpton LLP

    Debevoise & Plimpton LLP has a strong connection to financial institutions and insurance issuers, along with private equity houses and their portfolio companies. It is building its record in other industries such as construction and is building its name with key underwriters and initial purchasers. It continues to impress in SEC registered and Reg S/144A deals. Co head of the capital markets group Matthew Kaplan is an established name in the market, with fellow co-head Steven Slutzky and Peter Loughran also providing high-levels of experience in the DCM field.

    Practice head(s):

    Matthew Kaplan; Steven Slutzky

    Other key lawyers:

    Peter Loughran; Paul Rodel; Eric Juergens

    Testimonials

    ‘The capital markets team at Debevoise offers a rare combination of strong subject matter expertise and a deep bench. The team can provide strategic advice with regard to structuring and also capacity to support a significant workload.’

    ‘The team provides practical advice that enables transactions to be completed in a timely and efficient manner. The strong subject matter expertise of the leaders of the team helps them offer creative solutions, rather than just a ‘check the box’ approach.’

    Key clients

    Alaska Air Group, Inc.

    Ambac

    Antares

    Bank of America

    Brighthouse Financial, Inc.

    Booz Allen Hamilton

    The Carlyle Group

    Clayton Dubilier & Rice, LLC

    Core & Main LP

    Goldman Sachs & Co

    Gogo Inc.

    HarbourVest Partners

    JetBlue Airways

    Morgan Stanley & Co, LLC

    Pacific Life

    Principal Financial Group

    Spirit Airlines

    Teachers Insurance and Annuity Association of America (TIAA)

    Westpac Banking Corp

    Warner Music Group Corp.

    Work highlights

    • Advised Westpac Banking Corporation in multiple registered offerings, including its offer and sale of $1.75bn of 1.552% Covered Bonds Series 2021-C3 due September 30, 2026.
    • Advised CD&R and LABL on the offer and sale of $500m of senior secured notes due 2028 and $460m of senior notes due 2029, to fund the acquisition of LABL Holding Corporation and Fortress TopCo, Inc.
    • Advised Guardian Life Insurance on a $500m offering of 0.875% fixed rate notes due 2025, and a $500m offering of 1.250% fixed rate notes due 2027, both under its $5bn global funding agreement-backed debt issuance program.

    Dechert LLP

    Dechert LLP is especially active in the permanent capital and business development company sphere, and has maintained a strong presence in the life sciences field. The firm is most active in the investment grade segment. Boston partner Thomas Friedmann is co-head of corporate finance and capital markets, and co-head of permanent capital with Washington DC’s Harry S. Pangas also active in the permanent capital space, along with Jay Alicandri in New York.

    Practice head(s):

    Thomas Friedmann; David Rosenthal

    Other key lawyers:

    Ian Hartman; Matthew Carter; Eric Siegel; Harry S. Pangas; Jay Alicandri

    Key clients

    B&G Foods

    Bain Capital Specialty Finance

    Blackstone

    Business Development Company of America

    Diffusion Therapeutics

    EaglePoint Credit Company

    FS Investment Corporation

    Golub Capital BDC, Inc.

    Griffon Corporation

    Hercules Capital

    Horizon Technology Finance

    Main Street Capital Corporation

    PennantPark Investment Corporation/PennantPark Floating Rate Capital

    Piper Sandler

    Raymond James

    Stifel

    TriplePoint Capital

    WhiteHorse Finance

    Work highlights

    • Advised Blackstone Private Credit Fund on its inaugural euro-dominated offering of €500m of 1.750% notes due 2026.
    • Advised FS KKR Capital Corp on its registered offering of $400m aggregate principal amount of 2.625% notes due 2027.
    • Advised the underwriters, led by RBC Capital Markets on the offering by Oaktree Specialty Lending Corporation of $350m aggregate principal amount of 2.70% notes due 2027.

    Faegre Drinker Biddle & Reath LLP

    Faegre Drinker Biddle & Reath LLP‘s core capital markets team is principally located in Minneapolis and Indianapolis, where it handles a steady flow of capital engagements, including for anchor client Wells Fargo; during the period under review for this edition, the firm advised on over $5.5bn in total value of public offerings for the client including a $1.1bn inaugural sustainability bond. Minneapolis partner Dawn Holicky Pruitt leads the relationship with Wells Fargo and fellow Minneapolis partner Brandon Mason has an extensive record in DCM transactions, including high-yield debt.

    Practice head(s):

    Dawn Holicky Pruitt

    Other key lawyers:

    Brandon Mason

    Key clients

    Wells Fargo & Company, Wells Fargo Bank, N.A. and Wells Fargo Finance LLC

    Archer-Daniels-Midland Company

    Black Hills Corporation

    Southwestern Public Service Company, a subsidiary of Xcel

    Energy, Inc.

    Hormel Foods Corporation

    LCI Industries

    Infineon Technologies AG

    Landsvirkjun

    Mersen

    Glanbia plc

    ECOM Agroindustrial Corp. Limited

    Easterly Government Properties, Inc.

    Penske Truck Leasing

    iMedia Brands

    Stericycle, Inc.

    Puratos Group NV

    Zimmer Biomet Holdings, Inc.

    Work highlights

      Freshfields Bruckhaus Deringer LLP

      Freshfields Bruckhaus Deringer LLP has made rapid progress in the market, having developed a largely female-led team over the last few years. With strength on both East and West coasts, the firm’s tech and healthcare client base has delivered a string of convertible debt engagements. The team is also active in investment grade debt offerings, while Michael Levitt provides further expertise in high-yield debt; he also led the team that advised AstraZeneca on its $7bn debt financing as part of its $39bn acquisition of Alexion Pharmaceuticals. Thanks to the efforts of Pamela Marcogliese, the team has landed a number of ESG-related deals, including green bonds. Valerie Ford Jacob has virtually unrivalled capital markets experience and continues to represent issuers and underwriters in high-value debt offerings. Silicon Valley’s Sarah Solum has an outstanding record in representing big-name tech and healthcare businesses, and underwriters, in headline debt issuances; she recently advised Oracle on a series of high-value SEC-registered debt offerings. Named individuals are based in New York unless stated otherwise.

      Practice head(s):

      Valerie Ford Jacob; Sarah Solum

      Other key lawyers:

      Michael Levitt; Pamela Marcogliese

      Key clients

      AstraZeneca

      Oracle

      Team Inc.

      Penske Automotive Group

      TriNet

      3D Systems Corp

      Bank of America

      Morgan Stanley

      Work highlights

      • Advised AstraZeneca on its $7bn debt financing in connection with its $39bn acquisition of Alexion Pharmaceuticals.
      • Advised Oracle Corporation on its SEC-registered debt offering of $15bn aggregate principal amount of senior debt securities.
      • Advised the underwriters of Ares Capital on various debt offerings of $3.5bn aggregate principal amount notes.

      Fried, Frank, Harris, Shriver & Jacobson LLP

      Fried, Frank, Harris, Shriver & Jacobson LLP has a major presence in the capital markets field, noted for its record in big-ticket investment grade debt transactions, but with a more than credible reputation in high-yield debt. The firm is frequently engaged on high-value offerings by both issuers and underwriters. It has continued to expand its client base with appointments as designated underwriters’ counsel for a number of issuers such as Authentic Brands Group, Blue Owl and Brighthouse Financial. Aside from its close links to corporate issuers and underwriters, the firm also sources engagements from its well-developed private equity client base. Daniel Bursky has an outstanding reputation, often leading headline deals for the likes of Merck, T-Mobile and bulge-bracket underwriters. Andrew Barkan and Mark Hayek are also pivotal team members.

      Practice head(s):

      Daniel Bursky

      Other key lawyers:

      Andrew Barkan; Mark Hayek; Joshua Wechsler; Joshua Coleman; Stuart Barr

      Testimonials

      ‘Responsive, capable, collaborative, knowledgeable about current trends and best practices, business-sensitive.’

      Key clients

      Aerie Pharmaceuticals

      At Home

      Broadstone Net Lease

      Catalent

      Emerald

      Evoqua Water Technologies

      Extended Stay

      Goldman Sachs BDC

      Harsco

      Humana

      KITS Eyecare

      Lithia Motors

      LivePerson

      Merck

      The Navios Group (and related entities)

      Perrigo

      RedBall Acquisition Corp.

      Spanish Broadcasting System

      Sterling Check Co.

      Tapestry (f/k/a Coach)

      T-Mobile

      Tradeweb Markets

      Under Armour

      Work highlights

      • Counsel to T-Mobile in multiple matters, including a $2bn private offering of 3.400% senior secured notes due 2052 and 3.600% senior secured notes due 2060.
      • Counsel to the underwriters for The Procter & Gamble Company in multiple matters, including its ¥100bn offering of two tranches of notes.
      • Acted as counsel to the underwriters in multiple matters for Otis Worldwide, including its offering of €500m 0.000% notes due 2023, €600m 0.318% notes due 2026, and €500m 0.934% notes due 2031.

      Gibson, Dunn & Crutcher LLP

      Gibson, Dunn & Crutcher LLP is amongst the market leaders in debt offerings, particularly on the issuer side, though with excellent connections to a range of investment banks. The well-established team benefits from the firm’s strong credentials in securities regulation and corporate governance. It covers a multitude of industry sectors from life sciences and pharmaceuticals, to construction and infrastructure, technology and energy. New York-based co-chair of the capital markets team Andrew Fabens is an established name in investment grade, high-yield and convertible debt offerings, and has advised on a series of bulge-bracket deals, including a series of SEC-registered notes offerings for Amazon, featuring its inaugural offering of sustainable notes to fund green initiatives. Houston partner and co-chair of the group Hillary Holmes is another prominent figure, particularly in the energy sector. San Francisco’s Stewart McDowell is rated for technology and software transactions, and Los Angeles partner Peter Wardle is another key team member. Senior name Douglas Horowitz joined the team in 2022.

      Practice head(s):

      Andrew Fabens; Hillary Holmes; Stewart McDowell; Peter Wardle

      Other key lawyers:

      Douglas Horowitz

      Key clients

      Amazon.com

      Berkshire Hathaway Energy

      Mondelēz International, Inc.

      Atmos Energy Corporation

      F45 Training Holdings

      Arthur J. Gallagher & Co.

      HP

      The Williams Companies / Transcontinental Gas Pipe Line Company, LLC (Transco)

      Welltower, Inc.

      Petco Health and Wellness Company, Inc.

      The Williams Companies, Inc.

      WPX Energy, Inc.

      VeriSign, Inc.

      Vail Resorts, Inc.

      D.R. Horton, Inc.

      Jabil, Inc.

      Forestar Group, Inc.

      Heska Corporation

      Zevia PBC

      ViewRay, Inc.

      Work highlights

        Goodwin

        Goodwin is at the forefront of convertible debt offerings in the life sciences and tech sectors; this includes for US clients and non-US clients that are listed on Nasdaq. This flourishing side of the practice is complemented by an impressive flow of broader investment grade and high-yield debt engagements. REITs and financial services are also important sectors for the team. Boston partners James Barri and Ettore Santucci co-head the debt capital markets practice, with the former noted for life sciences and tech deals, and the latter recognised for his experience in REIT transactions. New York’s John Servidio provides additional support with his background in derivatives and structured products, and his experience in the digital currency and blockchain field.

        Practice head(s):

        James Barri; Ettore Santucci

        Other key lawyers:

        John Servidio

        Key clients

        Atlassian

        Boston Properties

        Boyne USA, Inc.

        BridgeBio, Inc.

        Gaming & Leisure Properties

        Medical Properties Trust

        Okta, Inc.

        Slack Technologies, Inc.

        Wayfair

        Zendesk

        Work highlights

        • Counsel to Medical Properties Trust on its public high-yield offering of $1.3bn of its 3.500% Senior Notes due 2031.
        • Advised Boston Properties on the completion of an underwritten public offering of $850m of 2.550% senior unsecured notes due 2032, which qualified as green bonds.
        • Advised Esperion Therapeutics on its successful offering of 4.00% Convertible Senior Subordinated Notes due 2025.

        Hogan Lovells US LLP

        Hogan Lovells US LLP has a burgeoning presence in the DCM field thanks to its standing in life sciences and healthcare, REITs, tech and consumer goods, amongst other sectors. The team is historically known for its record in regulated sectors, in part due to its large presence in Washington DC, but it has steadily built-out its New York group in recent years. Its Denver and Silicon Valley offices have also played an important role in the wider team’s success. Washington DC partner Eve Howard is global head of the capital markets department and has advised on a steady flow of high-value DCM and liability management transactions over the research period, including investment grade, high-yield and convertible debt. New York’s Stuart Morrissy continues to develop the firm’s reputation amongst major underwriters, is gaining the firm some market share in high-yield debt and is an experienced figure in liability management transactions. Fellow New York partner Richard Aftanas provided additional high-yield debt expertise.

        Practice head(s):

        Eve Howard

        Other key lawyers:

        Stuart Morrissy; Richard Aftanas; Ben Garcia; Evan Koster; David Bonser; Tifarah Allen; Richard Parrino; Kevin Greenslade; Sina Hekmat

        Testimonials

        ‘Eve Howard is excellent (and does an amazing job in executing deals smoothly) in the debt capital markets space and John Beckman is an expert (and does a great job in providing necessary points) in the governance space.’

        Key clients

        Acadia Healthcare

        Bristol Myers Squibb

        Choice Hotels International, Inc.

        Colgate-Palmolive Company

        Enstar Group Limited

        Equifax Inc.

        Ingredion Incorporated

        McCormick & Company, Inc.

        UnitedHealth Group Incorporated

        VICI Properties

        Hunton Andrews Kurth LLP

        Hunton Andrews Kurth LLP is intensely focused on the energy (including oil and gas, renewables and energy transition), utilities, retail and consumer, and REITs sectors. The Houston office has experienced a notable uptick in debt offering engagements from energy clients and is also making an impact in green bonds and sustainability-linked bonds thanks to the efforts of Courtney Cochran Butler and others. Susan Failla is driving forward the retail and consumer side of the practice, and Peter O’Brien, Steven Friend and Michael Fitzpatrick are leaders in power and utilities transactions. Richmond’s David Wright is a key name in real estate and REIT deals.

        Practice head(s):

        Courtney Cochran Butler; Susan Failla; Peter O’Brien; David Wright

        Other key lawyers:

        Michael Fitzpatrick; Mayme Beth Donohue

        Work highlights

        • Advised the agents and/or underwriters on National Rural Utilities Cooperative Finance Corporation’s $4.9bn renewal medium-term notes program and InterNotes® program.
        • Represented Altria Group in its $4.62bn tender offer of senior notes.
        • Advised Duke Energy on its $550m aggregate principal amount of first and refunding mortgage bonds, 2.55% series due 2031.  

        Jones Day

        Jones Day‘s widespread presence across the US provides it with extensive connections to corporate issuers. The team operates across the investment grade, high-yield and convertible debt segments. It is particularly noted for debt exchange offers and is active in debt offerings connected to acquisition financings. Cleveland’s Michael Solecki, Chicago partner Edward Winslow and Rory Hood in New York, are key names.

        Practice head(s):

        Brett Barragate; Jayant Tambe

        Other key lawyers:

        Michael Solecki; Edward Winslow; Rory Hood

        Key clients

        Wabtec Corporation

        Work highlights

        • Represented Bunge Limited in a public offering of $1bn aggregate principal amount of 2.750% senior notes due 2031.
        • Advised STERIS Plc on a $1.35bn registered offering of senior notes by an affiliate.
        • Represented Citigroup Global Markets and the other underwriters in a $2.5bn notes offering by eBay.

        King & Spalding LLP

        King & Spalding LLP has a rounded practice of capital markets fund raisings and liability management transactions. The firm is particularly known for issuer-side engagements, though has a credible record on the underwriter side. Keith Townsend has an impressive record in DCM offerings founded on an extensive list of corporate issuer clients such as ConocoPhillips and United Parcel Service. Atlanta partner Zachary Cochran returned to the firm in 2022 after a short spell as a senior corporate counsel at an artificial intelligence business.

        Practice head(s):

        Keith Townsend

        Other key lawyers:

        Cal Smith; Zachary Cochran

        Testimonials

        ‘This team is highly experienced and very responsive. Importantly, they temper advice with pragmatism and practicality.’

        Key clients

        General Motors

        United Parcel Service, Inc.

        Xerox Holdings Corporation

        Piedmont Office Realty Trust

        Genuine Parts Company

        Bluelinx Holdings

        Carters, Inc.

        ConocoPhillips

        Global Switch

        J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC

        The RealReal

        Kraton Corporation

        Acuity Brands

        Evolent Health, Inc.

        Highbridge Capital Management, LLC

        Americold Realty Trust

        CURO Group Holdings Corp.

        PROG Holdings

        Work highlights

        • Advised Global Switch on its renewed €3bn Euro Medium Term Note (EMTN) programme and on the issuance of its inaugural €700m green bond.
        • Advised Highbridge Capital Management as it entered into subscriptions agreements for the purchase of 7.00% exchangeable senior notes and common equity to finance in part the business combination between Roman DBDR Tech Acquisition Corp, a Delaware SPAC, and CompoSecure Holdings.
        • Advised Americold on an acquisition that will expand its platform in existing markets like the US and Brazil and initiate Americold’s entrance into European markets.

        Kirkland & Ellis LLP

        Kirkland & Ellis LLP has an impressive array of corporate issuer clients and has a steady flow of key engagements stemming from its illustrious private client base. Capital markets offerings connected to its world-leading restructuring practice are also a feature of the firm’s practice. It has also worked on a series of fund raisings driven by the Covid-19 pandemic for clients such as Norwegian Cruise Line Holdings. New York partners Sophia Hudson and Joshua Korff are prolific advisers on big-ticket DCM engagements for corporate issuers, private equity clients and their portfolio companies; Korff is also noted for offerings by tech businesses. Chicago partner Robert Hayward also has a wealth of issuer relationships, such as Boeing.

        Other key lawyers:

        Sophia Hudson; Joshua Korff; Christian Nagler; Robert Hayward

        Key clients

        Agiliti, Inc.

        Ares Capital Corporation

        Array Technologies, Inc.

        Blue Owl Capital, Inc.

        The Boeing Company

        Carvana Co.

        Datto Holding Corp.

        Integral Ad Science

        Jamf Holding Corp.

        KORE Wireless Group, Inc.

        loanDepot, Inc.

        Norwegian Cruise Line Holdings Ltd.

        Option Care Health

        Rocket Software Inc.

        Shoals Technologies Group, Inc.

        Starwood Capital Group

        TPG Capital and Goldman Sachs & Co.

        Vine Energy Inc.

        Latham & Watkins LLP

        Latham & Watkins LLP has an outstanding reputation in DCM, founded on an exceptional record in high-yield debt and a fast growing investment grade debt workload; in the 12-month research period the team advised on more than 75 investment grade deals valued at over $102bn. Although the firm has a bigger market share on the issuer side, it is a recognised force as underwriters’ counsel. Although the core of the team is located in New York, it benefits from the firm’s geographic spread across the US, including Silicon Valley, Los Angeles, Century City, Chicago, Washington DC, Houston and Boston offices. The firm’s impressive client base features a sizeable number of big-name tech businesses. Marc Jaffe is managing partner of the New York office and a recognised authority in debt offerings. Global chair of the capital markets department Ian Schuman has an impressive mix of debt and equity engagements from issuers and underwriters. Gregory Rodgers has a rounded and extensive capital markets practice with a particularly strong record in the convertible debt field.

        Practice head(s):

        Ian Schuman; Jenna Cooper; Keith Halverstam; Jeffrey Lawlis

        Other key lawyers:

        Gregory Rodgers; Marc Jaffe; Benjamin Cohen; Jason Licht

        Mayer Brown

        Mayer Brown has continued to build out its senior bench with the promotion of Chicago’s John Ablan to the partnership in January 2022 and Jonathan Pacheco joining the Washington DC office as a partner from Simpson Thacher & Bartlett LLP in November 2021. The growth of the team has followed a significant uptick in workflow across the debt product range; the team is still primarily known for its strength in investment grade debt, but is credible across the piste. It has a particularly strong record in automotive finance, energy, financial services, specialty finance and fintech, along with life sciences, consumer products, REITs and tech. Energy is a particular growth area and the firm has achieved further prominence in green and sustainability-linked bonds. It continues to be known for its engagements as designated underwriters’ counsel to a number of major issuers. Chicago partner Edward Best is an established name in the market, particularly in the financial services sector. New York’s Phyllis Korff has extensive domestic and international offering experience, and is designated underwriters’ counsel to a number of big-name private equity houses. New York partner Anna Pinedo is also rated for domestic and global offerings, and Jerry Marlatt is noted for covered bond programs for Canadian banks.

        Practice head(s):

        Edward Best; Anna Pinedo

        Other key lawyers:

        Phyllis Korff; David Bakst; Jerry Marlatt; Ryan Castillo; John Ablan; Jonathan Pacheco

        Testimonials

        ‘I work with capital markets lawyers at Mayer Brown and they have a very solid, reliable practice, particularly the more experienced partners.’

        ‘Eddie Best and Anna Pinedo are very strong, highly experienced capital markets lawyers who have a good manner with people. Mayer Brown also has a very strong securitization practice which is highly respected.’

        ‘Fantastic, diverse team!’

        ‘Willingness to listen to new ideas and find ways to make them happen.’

        ‘Availability, willingness to find answers, positive attitude.’

        Key clients

        The Bank of Nova Scotia

        Blackstone Group L.P.

        Canada Pension Plan Investment Board (CPPIB)

        Canadian Imperial Bank of Commerce (CIBC)

        Capital One Financial Corporation

        The Carlyle Group

        Chubb Limited

        GATX Corporation

        HSBC and affiliates

        Hyundai Capital America, Inc.

        Islandsbanki hf.

        National Bank of Canada

        Nationwide Mutual Insurance Company

        Northern Trust Corporation

        Ontario Municipal Employees Retirement System (OMERS)

        Prologis (and affiliates)

        Raymond James Financial (and affiliates)

        TransCanada Pipelines

        Toronto Dominion Bank

        US Bancorp

        Milbank

        Milbank is particularly known for high-yield debt, though its wider commitment to capital markets brings a wealth of top engagements across the spectrum. It has excellent connections to underwriters, issuers and private equity sponsors. Much of its work centres on the energy, infrastructure and project sectors along with the gaming and aerospace industries. Moreover, the firm is especially active in offerings linked to acquisition financings and has made a further impression in green bonds and sustainability-linked bonds; it advised the underwriters on the $1bn green bond offering by Verizon. It also has an excellent record in US offerings by Latin America issuers. Marcelo Mottesi is chair of the global capital markets group and Rod Miller is the practice group leader in New York. Paul DenaroBrett Nadritch and Antonio Diaz-Albertini are also key figures. Jonathan Jackson is becoming an integral member of the team, having been made partner in 2020. All named individuals are based in New York.

        Practice head(s):

        Marcelo Mottesi; Rod Miller

        Other key lawyers:

        Paul Denaro; Brett Nadritch; Antonio Diaz-Albertini; Jonathan Jackson

        Morgan, Lewis & Bockius LLP

        Morgan, Lewis & Bockius LLP has a fine reputation in domestic and global debt offerings, including investment grade, high-yield, convertible debt and MTN programs. The firm is especially active in electric and gas utilities, energy (including renewables), financial services, technology and life sciences. New York partner Thomas Giblin is noted for debt offerings in the power, renewables and utilities segments. Philadelphia’s Justin Chairman  and Pittsburgh partner Celia Soehner are also key names in the team.

        Practice head(s):

        Justin Chairman; Celia Soehner; Edwin Luk

        Other key lawyers:

        Thomas Giblin

        Key clients

        Aktif Bank

        Ameren Illinois

        Ameren Missouri

        American Water Works Co. Inc.

        AmerisourceBergen Corp.

        Cantor Fitzgerald LP

        Chevron USA Inc.

        Corporate Office Properties LP

        Danaos Corp.

        Entergy Corporation

        Livent Corp.

        Mitsubishi Estate Logistics

        NextEra Energy Capital Holdings, Inc

        Tucson Electric Power Co.

        Morrison Foerster

        Morrison & Foerster LLP has an especially strong record in offerings by REITs, financial institutions and fintech businesses, benefitting from its bank regulatory expertise. Consumer goods, energy and cleantech, life sciences and biotech, technology and telecoms are also key sectors. The sizeable team, which is largely based in Washington DC, covers investment grade, high-yield, convertible debt and debt issuance programs, among other areas. Justin Salon is a key partner in the team, along with Scott Lesmes and David Slotkin, who is highly rated for REIT offerings.

        Practice head(s):

        Dave Lynn; Scott Lesmes; Gavin Grover; David Slotkin; Justin Salon

        Testimonials

        ‘Strong understanding of securities laws and materiality.’

        ‘Extremely high level of experience, market knowledge, and practical deal-making, particularly in the REIT sector. Able to accommodate tight timeframes. Definitely in the upper echelon.’

        ‘David Slotkin is highly talented and experienced, and knows how to balance legal and regulatory requirements with practical solutions. He has a deep knowledge of the REIT debt market in particular and handles transactions efficiently and comprehensively.’

        Key clients

        Alexandria Real Estate Equities, Inc.

        Armada Hoffler Properties, Inc.

        Aspire Capital Partners, LLC

        Aventine Property Group, Inc.

        Bank of America Merrill Lynch

        Barclays Capital Inc.

        Boyd Gaming Corporation

        Citibank

        Deutsche Bank Securities Inc.

        Equity Residential

        Ekso Bionics Holdings

        Hines Global Income Trust, Inc.

        Krystal Biotech, Inc.

        McKesson Corporation

        Novartis Capital Corporation

        ON Semiconductor Corp.

        Piper Sandler & Co.

        Pivotal Investment Corporation II

        RE/MAX

        RH

        Shell International Finance B.V.

        Southwest Gas Corporation

        The Andrew W. Mellon Foundation

        The Chemours Company

        UDR, Inc.

        Veeco Instruments Inc.

        Vonage Holdings Corp.

        Work highlights

        • Advised eBay in connection with a cash tender offer and a $2.5bn offering of senior unsecured notes under its existing shelf registration statement.
        • Advised Alexandria Real Estate Equities on its simultaneous $1.75bn public offering of senior notes, tender offer for its outstanding 4.000% senior notes due 2024, and redemption of any such notes remaining outstanding following the tender offer.
        • Advised Vontier Corporation on its $1.59bn 144A private offering of senior notes.

        Orrick, Herrington & Sutcliffe LLP

        Orrick, Herrington & Sutcliffe LLP extended its capital markets offering in 2021 with a series of lateral hires to its New York office. This follows the recent expansion of its teams in Boston and in California. The firm has an impressive issuer client base, which includes Gap and Levi Strauss, along with representing major underwriters such as Citigroup Global Markets and Deutsche Bank Securities. Bill Hughes leads the team from San Francisco/Silicon Valley, with fellow San Francisco partner Brett Cooper also having a strong standing in debt offerings. New York partner Marsha Mogilevich, a 2021 hire from Kirkland & Ellis LLP, is another emerging name, along with Mark Mushkin, who joined from Cravath, Swaine & Moore LLP.

        Practice head(s):

        Bill Hughes

        Other key lawyers:

        Brett Cooper; Marsha Mogilevich; Mark Mushkin

        Key clients

        Gap Inc.

        Levi Strauss & Company

        Central Garden & Pet Company

        Varex Imaging Corporation

        Juniper Networks

        Citigroup Global Markets, Inc.

        Deutsche Bank Securities

        Fisker

        Powdr

        Viavi Solutions

        Work highlights

        • Advised The Gap Inc on its $1.5bn offering of senior unsecured notes.
        • Advised Fisker on its upsized $625m offering of 2.50% green convertible senior notes due 2026.
        • Advised the underwriters on the $1.35bn public offering of 4.700% fixed-rate reset non-cumulative perpetual preferred stock, Series B by Ally Financial, Inc.

        Paul Hastings LLP

        Paul Hastings LLP has strong teams on East and West Coasts, frequently handling both domestic and international offerings. The team has close links to a multitude of investment banks and has a strong record in fintech, real estate, tech and biotech, and leisure and hospitality, among other areas. New York-based Frank Lopez is co-head of the capital markets group and firm-wide managing partner. The team includes seasoned name Michael Fitzgerald, a leader in debt offerings from Latin America, particularly Mexico. Cathleen McLaughlin is also rated for energy and infrastructure transactions, originating from Latin America. Arturo Carrillo and Joy Gallup are also key members of the Latin America team. Teri O’Brien left the firm in March 2022.

        Practice head(s):

        Frank Lopez

        Other key lawyers:

        Michael Fitzgerald; Cathleen McLaughlin; Arturo Carrillo; Joy Gallup

        Testimonials

        ‘Counsel at Paul Hastings is extremely knowledgeable, efficient and precise. Top law firms we have ever worked with.’

        ‘Michael Fitzgerald, Arturo Carrillo and Joy Gallup are outstanding.’

        Key clients

        Barclays

        Braskem Idesa

        Citigroup

        Credit Suisse

        Mitek Systems, Inc.

        Goldman Sachs

        Grupo Alfa

        J.P. Morgan

        Morgan Stanley

        Nemak

        Sacyr

        Santander

        Scotiabank

        Sigma Alimentos

        NGL Energy Partners, LP

        American Homes 4 Rent

        Deutsche Bank

        Jefferies

        Work highlights

        • Advised the Republic of Peru on a $5bn US and Euro global bond issuance.
        • Advised certain holders of Avianca’s 9.000% senior secured notes due 2023 in connection with the Chapter 11 cases of Avianca Holdings and certain of its direct and indirect subsidiaries.
        • Represented NGL Energy Partners in a $2.05bn senior secured notes offering by its wholly owned subsidiaries as well as its entrance into a $500m ABL facility.

        Paul, Weiss, Rifkind, Wharton & Garrison LLP

        Paul, Weiss, Rifkind, Wharton & Garrison LLP is best known for issuer-side engagements, notably in the telecoms, hospitality and leisure, home building, consumer, healthcare and energy industries. It has a particularly impressive record in representing private equity houses and their portfolio companies in capital markets offerings; this includes anchor client Apollo Global Management, the private equity giant. The firm has also continued to impress in high-yield debt fund raisings to address Covid-19 pandemic-related liquidity constraints. Gregory Ezring has an outstanding reputation, having advised Apollo and other major issuers over the years. John Kennedy is also at the forefront of rescue financings linked to the Covid-19 pandemic, especially high-yield debt offerings; he has advised Carnival Corporation and plc in a series of debt and equity issuances. Brian Janson is another prominent figure in the high-yield debt space, acting for Apollo and other issuer clients. Tracey Zaccone is also noted for investment grade and high-yield debt, including hybrid capital offerings.

        Practice head(s):

        Gregory Ezring; John Kennedy; Brian Janson; Tracey Zaccone; Lawrence Wee

        Other key lawyers:

        Patricia Vaz de Almeida; Mark Wlazlo

        Shearman & Sterling LLP

        Shearman & Sterling LLP

        Practice head(s):

        Ilir Mujalovic

        Key clients

        Barclays

        BNP Paribas

        BofA Securities

        Bunge Limited

        Citigroup

        Coca-Cola European Partners plc

        Cowen & Co.

        CVS Health Corporation

        Credit Suisse Securities (USA) LLC

        The Dow Chemical Company

        Goldman Sachs & Co.

        J.P. Morgan Securities LLC

        Morgan Stanley & Co. LLC

        Wells Fargo Securities

        Work highlights

        • Advised CVS Health Corporation (CVS Health) on its $2bn bond offering consisted of $750m of its 1.3% senior notes due 2027 and $1.25bn of its 1.875% senior notes due 2031, and advised CVS Health on its $1bn bond offering and related $2.05bn cash tender offer for its outstanding 4.300% senior notes due 2028.
        • Advised the underwriters on Lowe’s Companies, Inc.’s public offering of $1.5bn of its 2.625% notes due 2031 and $500m of its 3.5% notes due 2051, and advised on Lowe’s Companies, Inc.’s public offering of $1bn of 1.700% notes due 2028 and $1bn of 2.800% notes due 2041.
        • Advised The Bank of Nova Scotia in connection with its $2.9bn notes offering including senior floating rate notes due 2023 (Bail-inable notes), senior floating rate notes due 2026 (Bail-inable notes), 0.400% senior notes due 2023 (Bail-inable notes) and 1.300% senior notes due 2026 (Bail-inable notes), and advised The Bank of Nova Scotia in connection with its inaugural registered offering of $1bn aggregate principal amount of 0.650% Senior Sustainability Bonds due 2024 (Bail-inable notes) and on its registered offering of $650m aggregate principal amount of Senior Floating Rate Notes due 2024 (Bail-inable notes).

        Simpson Thacher & Bartlett LLP

        Simpson Thacher & Bartlett LLP has an impressive mix of investment grade and high-yield debt engagements from both issuers and underwriters. The fully-rounded and extensive practice is also at the forefront of convertible debt offerings and equity-linked instruments, derivatives and other key DCM products. Its client base features a range of major corporate issuers, first-time issuers, private equity houses and investment banks. Kenneth Wallach is an experienced figure in investment grade and high-yield debt, along with restructuring-related offerings. John Ericson is noted for underwriter-side engagements for both investment grade and high-yield debt offerings, including transactions linked to leveraged buyouts. Ryan Bekkerus is a key figure in leveraged finance-driven high-yield offerings. Roxane Reardon and Marisa Stavenas are also noted for convertible debt and liability management transactions respectively. Of counsel Kevin Kennedy and partner William Brentani are key names in Silicon Valley. Arthur Robinson has stepped down as head of the capital markets group.

        Practice head(s):

        Joshua Ford Bonnie; Roxane Reardon; Kenneth Wallach

        Other key lawyers:

        Marisa Stavenas; William Brentani; Daniel Webb; David Azarkh; Kevin Kennedy; Ryan Bekkerus; John Ericson; Arthur Robinson

        Testimonials

        ‘I had never worked on a convertible offering for a public company, so the transaction was new to me. I greatly appreciated having the team at Simpson Thatcher advising me on the process and documents. They clearly are leaders in the convertible offering area and the relationship they had with the lenders’ counsel was very beneficial in getting the offering done.’

        ‘Roxane Reardon was the primary partner on the offering and she provided excellent securities law and transaction advice.’

        Key clients

        Academy Sports & Outdoors

        Airbnb, Inc.

        Alibaba Group Holding Limited

        Aramark

        Ashton Woods

        Aston Martin Capital Holdings Limited

        Avantor, Inc.

        Bank of America Merrill Lynch

        Bentley Systems, Incorporated

        The Blackstone Group

        Blackstone Mortgage Trust, Inc.

        BMO Capital Markets Corp.

        BofA Securities

        The Carlyle Group

        Caterpillar

        CBRE

        Change Healthcare Inc.

        Cigna Corporation

        Citigroup

        Cooper-Standard Automotive

        Credit Suisse Securities (USA) LLC

        CVS Health Corporation

        Dell Inc.

        Dollar General Corporation

        Dropbox, Inc.

        EQT Corporation

        Essential Utilities, Inc.

        FedEx Corporation

        Garda World Security Corporation

        Gates Industrial Corporation plc

        GCP Applied Technologies

        GFL Environmental

        Goldman, Sachs & Co.

        The Hershey Company

        Hilton Worldwide Holdings Inc.

        ITC Holdings

        Jefferies

        J.P. Morgan Securities

        KKR

        KKR Financial Holdings

        Marriott

        Mars

        Microsoft Corporation

        Morgan Stanley & Co.

        National Vision Holdings, Inc.

        Pfizer

        PPD, Inc.

        Progress Software Corporation

        RBC Capital Markets

        RBS

        Sirius XM Radio Inc.

        Summit Materials

        The Travelers Companies, Inc.

        UnitedHealth Group

        Weight Watchers International, Inc.

        Wells Fargo Securities

        ZoomInfo Technologies

        Work highlights

        • Advised the underwriters in the $21bn senior notes offering by AerCap Ireland Capital DAC and AerCap Global Aviation Trust, subsidiaries of AerCap Holdings N.V., the second largest debt transaction in 2021 to date. The proceeds from the offering will be used to fund a portion of the cash consideration to be paid in its acquisition of GE Capital Aviation Services, the aviation leasing business of GE.
        • Advised the underwriters in the $1bn ten-year sustainability bond offering by Pfizer, Inc. Pfizer will use the proceeds to finance or refinance, in whole or in part, research and development expenses related to Covid-19 vaccine research and development, capital expenditures in connection with the manufacture and distribution of Covid-19 vaccines and other projects of Pfizer or any of its subsidiaries that have environmental and/or social benefits.
        • Advised Dell Technologies Inc. in its spin-off its 81% equity ownership interest in VMware, Inc. The terms include a significant simplification to the corporate ownership structure of VMware and an $11.5bn to $12bn special cash dividend to be paid to all VMware stockholders immediately prior to the spin-off.

        Skadden, Arps, Slate, Meagher & Flom LLP

        Skadden, Arps, Slate, Meagher & Flom LLP has an outstanding record in investment grade and high-yield debt, gaining further recognition for its prominence in convertible debt and equity-linked deals, along with other key products such as green bonds and ESG-linked issuances. The firm’s exceptional corporate client base brings it a steady flow of issuer-side engagements, including a number of mega-value deals for mature businesses; it continued to advise Coca-Cola on a series of investment grade shelf takedowns and note offerings, among a number of other headline transactions. Moreover, the capital markets team regularly represents big-name investment banks as underwriters. While its centre of gravity remains New York, it has strong capital markets teams nationwide, especially on the West coast. David Goldschmidt is global head of the capital markets group and Michael Zeidel leads the Americas capital markets team. Dwight Yoo and Gregory Fernicola are also prominent team members. All named individuals are based in New York.

        Practice head(s):

        David Goldschmidt; Michael Zeidel

        Other key lawyers:

        Dwight Yoo; Gregory Fernicola; Gregg Noel; Laura Kaufmann Belkhayat; Ryan Dzierniejko

        Vinson & Elkins LLP

        Vinson & Elkins LLP has a rounded practice, principally in the high-yield debt field, but with further credibility in investment grade and convertibles. The firm is building its presence in ESG and sustainable finance; it advised Goldman Sachs on Sunnova Energy International’s $400m green bond offering in 2021. While best known for its work in the energy and infrastructure sectors, it has gained further traction in REITs and lands further engagements through its expanding private equity client base. It is slightly more active on the issuer-side, but also frequently advises underwriters. Houston’s Mark Kelly, Gillian Hobson, Alan Beck, David Oelman, Ramey Layne and David Stone are amongst its key partners in the capital markets sphere, along with Washington DC partner Christopher Green.

        Practice head(s):

        Sarah Morgan; Matt Strock

        Other key lawyers:

        Mark Kelly, Gillian Hobson, Sarah Morgan ; Alan Beck , David Oelman , Ramey Layne; David Stone; Christopher Green

        Key clients

        Antero Midstream Corporation / Antero Resources Corporation

        Bank of America Corporation / Bank of America Securities LLC / BofA Securities, Inc. / Merrill Lynch & Co.

        Belden Inc.

        California Resources Corporation

        Continental Resources, Inc.

        Credit Suisse Securities (USA) LLC

        Crestwood Partners LLC

        Enviva Partners, LP

        Goldman Sachs & Company / Goldman Sachs International

        Group 1 Automotive, Inc.

        Highwoods Properties, Inc.

        J.P. Morgan Securities LLC

        Lazard Freres & Co.

        MoneyGram International, Inc.

        Morgan Stanley / Morgan Stanley & Co. LLC / Morgan Stanley Capital Group, Inc.

        Neinor Homes, S.A.

        New York Mortgage Trust Inc.

        Oasis Petroleum Inc. and Oasis Midstream LP

        Oil States International, Inc.

        Plains All American Pipeline, L.P.

        RBC Capital Markets, LLC

        Southwest Airlines Co.

        Sunoco LP

        Vía Célere Desarrollos Inmobiliarios, S.A.

        Wells Fargo Securities, LLC

        Work highlights

        • Advised Antero Midstream Corporation and Antero Resources Corporation in seven securities offerings in the past year totalling some $3.5bn.
        • Advised the initial purchaser or underwriter in three securities offerings by Sunnova Energy International, including Sunnova’s $400m green bond offering.
        • Advised New York Mortgage Trust on its $100m private placement of 5.75% senior notes due 2026.

        White & Case LLP

        White & Case LLP has a prolific record in domestic and global offerings, most notably in the oil and gas, technology and financial institutions sectors. Having earned recognition for representing big name global issuers such as Saudi Aramco, it continued to win further accolades with key engagements such as advising Société Générale on the update of the bank’s $6bn structured medium-term note (MTN) program. Gary Kashar has made an impression in a series of headline debt offerings by international issuers. John Vetterli leads the global capital markets practice and is rated for Latin America-originating transactions. Andrew Weisberg is another prominent figure in the team and senior associate Abigail Simon also impresses. David Thatch  acts as regional section head of the Americas capital markets section.

        Practice head(s):

        David Thatch

        Other key lawyers:

        David Johansen; Gary Kashar; Andrew Weisberg; John Vetterli; Abigail Simon; Joel Rubinstein

        Key clients

        Advance Auto Parts, Inc.

        Agricultural Bank of China New York Branch

        BNP Paribas

        BofA Securities, Inc.

        CION Investment Corporation

        Citigroup Global Markets Inc.

        Goldman Sachs & Co.

        J.P. Morgan Securities LLC

        JSM Global S.à r.l.

        Netrality Properties, LP

        Saudi Aramco

        Société Générale

        WilmerHale

        WilmerHale‘s commitment to representing early-stage businesses and startups, provides it with a base for its thriving capital markets practice, which also features a range of big-name corporates in its client base. Life sciences, technology, financial services and communications are amongst its primary industries. The firm has made a particular impression in high-yield and convertible debt offerings. Erika Robinson is co-chair of the capital markets group and has a fine reputation, as does co-chair of the corporate team Justin Ochs. Both are based in Washington DC.

        Practice head(s):

        Brian Johnson; Erika Robinson; Justin Ochs

        Key clients

        Thermo Fisher Scientific Inc.

        PerkinElmer

        State Street Corporation

        MicroStrategy

        Analog Devices, Inc.

        TechTarget

        Work highlights

        • Represented Thermo Fisher Scientific Inc., the world leader in serving science, in connection with senior notes offerings totaling $1.2bn.
        • Represented State Street Corporation, a leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading, in its $850m registered senior subordinated notes offering
        • Represented MicroStrategy Incorporated, the largest independent publicly-traded business intelligence company, in connection with a Rule 144A offering of $1.05bn of 0% Convertible Senior Notes due 2027.

        Winston & Strawn LLP

        Winston & Strawn LLP has extensive experience in investment grade, high-yield and convertible debt offerings, along with other hybrid securities. Exchange offers is another area of key expertise. It is especially known for underwriters’ counsel engagements and has an especially strong record in real estate, technology, industrials, media, manufacturing, pharmaceuticals, financial services, energy, and food and beverages. Chicago partner Carol Anne Huff and New York’s David Sakowitz co-head the capital markets team, the former noted for SPAC-related transactions and the latter rated for high-yield and equity-linked deals. Chicago partner Cab Morris is also prominent. Former department head Christina Roupas has joined Cooley LLP.

        Practice head(s):

        Carol Anne Huff; David Sakowitz

        Other key lawyers:

        Cab Morris

        Key clients

        BNP Paribas

        BofA Securities

        CIBC Capital Markets

        Citigroup Global Markets Inc.

        J.P. Morgan Securities LLC

        Morgan Stanley

        Motorola Solutions, Inc.

        Wells Fargo Securities

        Lear Corporation

        Socieded Química y Minera de Chile S.A.

        Groupon, Inc.

        NexPoint Real Estate Finance, Inc.

        Exelon Corporation

        Work highlights

        • Represented Citigroup, BofA Securities, JP Morgan and Raymond James & Associates, as dealer managers, in connection with the $750bn debt tender and consent solicitation conducted by Raymond James Financial Inc. The debt tender was structured as an any-and-all offer for two series of outstanding public notes maturing in 2024 and 2026 (with any notes not tendered being called for redemption).
        • Represented Motorola Solutions, Inc. in connection with the registered public offering of $850m of its 2.750% senior notes due 2031. The offering was underwritten by a syndicate led by BofA Securities and J.P. Morgan. A portion of the net proceeds from the offering was used to fund the make-whole redemption of a series of senior notes that mature in 2023.
        • Represented Socieded Química y Minera de Chile S.A. (‘SQM’) in connection with its offering of US$400m principal amount of 4.250% Notes due 2050 (the ‘Notes’). The Notes were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act. BofA Securities, Inc. and J.P. Morgan Securities LLC acted as initial purchasers of the Notes. SQM is a Chile-based global leader in the production of specialty plant nutrients, iodine and derivatives, lithium and derivatives, potassium and certain industrial chemicals. SQM shares are traded on the Santiago Stock Exchange and its ADSs are traded on the New York Stock Exchange. The corporate team consisted of Allen Miller, Sey-Hyo Lee, Amanda Sewell, and Adrian Mendez Sevilla. Justin Trapp provided valuable tax advice.