Capital markets: high-yield debt offerings in United States


Akin has an established record in high-yield debt offerings, most notably in energy and infrastructure, but also in other areas such as the entertainment sector. Much of its high-yield debt talent sits in Dallas, Houston and New York. Its client base features a range of energy companies, financial sponsors and entertainment businesses; it recently advised FTAI Infrastructure on a $450m Rule 144A private offering of senior secured notes. Garrett DeVries and Alan Laves are experienced high-yield debt experts in Dallas, along with Rosa Testani in New York. Houston partner Christopher Centrich is noted for high-yield debt offerings in the oil and gas sector.

Practice head(s):

Garrett DeVries; Rosa Testani

Other key lawyers:

Christopher Centrich; Alan Laves


‘Very strong team.’


Key clients

Cinemark USA, Inc.

Fortress Transportation and Infrastructure Investors LLC

Fossil Group, Inc.

FTAI Infrastructure Inc.

Genesis Energy, L.P.

Laredo Petroleum, Inc.

Warrior Met Coal, Inc.

Work highlights

  • Represented Cinemark USA in its $765m offering of 5.25% senior notes due 2028.
  • Represented Fortress Transportation and Infrastructure Investors in its $500m tack-on high-yield senior notes offering.
  • Advised FTAI Infrastructure on a $450m Rule 144A private offering of senior secured notes.

Baker Botts L.L.P.

Baker Botts L.L.P. is rated for energy sector high-yield debt offerings. It has historically performed well on the issuer side, but has impressive connections to underwriters, which have been reinforced since the arrival of Doug Getten as vice chair of the capital markets and securities team in 2021. Previously, the firm was active in high-yield offerings by Master Limited Partnerships (MLPs) and while this sector of the market has quietened, it continues to work closely on offerings linked to M&A transactions. Chair of the capital markets and securities group Joshua Davidson is a further reputed advisor. Named partners are based in Houston. Justin Hoffman left the firm in 2022.

Practice head(s):

Mike Bengtson; Samantha Hale Crispin; Joshua Davidson

Other key lawyers:

Doug Getten


‘Creative thinking and industry expertise.’

Key clients

BofA Securities, Inc.

CenterPoint Energy, Inc.

Citigroup Global Markets, Inc.

Clearway Energy Operating LLC

Coterra Energy Inc. (formerly Cabot Oil & Gas Corporation)

Credit Suisse Securities (USA) LLC

Dream Finders Homes, Inc.

DZS, Inc.

EnLink Midstream, LLC

Haliburton Company

Helix Energy Solutions

J.P. Morgan Securities LLC

Liberty Media Corporation

Morgan Stanley & Co. LLC

NRG Energy, Inc.

RBC Capital Markets, LLC

Seaport Global Securities LLC


Stephens, Inc.

Summit Midstream Partners, LP

Sunnova Energy International Inc.

Transocean Inc.

Underwriters for Calumet Specialty Products Partners

Underwriters for Crestwood Midstream Partners L.P.

Underwriters for Magnolia Oil and Gas Corporation

Valero Energy Corporation

Westlake Corporation

Work highlights

  • Represented Westlake Chemical Corporation in its public offering of $1.7bn aggregate principal amount of several series of Senior Notes.
  • Represented NRG Energy in its $1.1bn offering of 3.875% senior notes due 2032; the noted are issued under NRG’s Sustainability-Linked Bond Framework.

Cahill Gordon & Reindel LLP

Cahill Gordon & Reindel LLP has a considerable market share of underwriter-side high-yield debt engagements. It routinely advises the dominant banks in this area, including JPMorgan Securities and Citigroup. It boasts a strong background in leveraged lending and high-yield debt, with clients highlighting their expertise across the syndicated loans, bridge loans and high-yield spaces. Clients also assert that its volume of business also provides the firm with unrivalled knowledge of the high-yield products. The firm is awash with senior and junior-level talent, including William Miller, who has extensive experience in high-yield debt, notably in the casino and gaming industry. Timothy Howell, John Tripodoro, Jonathan Schaffzin and William Hartnett are also key members of the team. Marc Lashbrook and Joshua Zelig left the firm in May 2023, as did Corey Wright in January 2023.

Other key lawyers:

Jonathan Schaffzin; James Clark; William Hartnett; William Miller; Timothy Howell; John Tripodoro; Sean Tierney


‘Cahill is the THE BEST at representing lenders with respect to syndicated loans and bridge loans to high yield capital markets offerings. Due to their vast market share, they have the best database of comps so they can provide the best advice on the lenders’ position. In addition, they are the most commercial and provide the best practical advice for resolving issues.’

‘Lawyers like Bill Miller, David Barish, Sean Tierney and others are better than their competitors because they solve legal issues and commercial concerns. They have a wealth of knowledge in getting the other side to agree to our position because they have the best argument to defend our position.’


Key clients

Deutsche Bank Securities Inc.

Citigroup Global Markets Limited / Citigroup Global Markets Inc.

J.P. Morgan Securities LLC

Credit Suisse Securities (USA) LLC

Morgan Stanley & Co. LLC / Morgan Stanley & Co. International plc

Wells Fargo Securities / Wells Fargo Bank, National Association

Work highlights

  • Represented JP Morgan Securities in connection with a Rule 144A offering of $1.2bn aggregate principal amount of 5.750% senior notes due 2030 by CDI Escrow Issuer.
  • Represented the banks in connection with a Rule 144A offering of $1.5bn aggregate principal amount of 6.375% senior notes due 2029 by CCO Holdings, LLC and CCO Holdings Capital Corp, subsidiaries of Charter Communications.
  • Represented the underwriters in connection with two Rule 144A offerings by Embecta Corp., consisting of $500m aggregate principal amount of 5.000% senior secured notes due 2030 and $200m aggregate principal amount of 6.750% senior secured notes due 2030.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton's highly reputed capital markets practice has a healthy component of high-yield debt engagements, including those linked to leveraged finance, M&A, liability management and restructurings. The firm is closely associated with issuers, though it also impresses in underwriter-side engagements. It continues to build its presence in the market via financial sponsors as well as through its market leading Latin America practice. It is also rated for ESG and sustainability-linked offerings. David Lopez is a senior figure within the capital markets group, while Duane McLaughlin is rated for leveraged debt and high-yield offerings, including deals for Latin American and domestic clients. Craig Brod is another key name to note.

Other key lawyers:

David Lopez; Jeffrey Karpf; Duane McLaughlin; Craig Brod; Jorge Juantorena; Adam Brenneman; Amy Shapiro


‘The Cleary team provides true white glove service to get to the best outcomes.’

‘Craig Brod and James Langston are amazing partners and trusted advisors.’


Key clients

Open Text Corporation

Tempur Sealy International, Inc.

Howmet Aerospace Inc.

Warburg Pincus / Exeter Finance LLC / Enzo Parent LLC

Empire Resorts, Inc.

The underwriters to Heritage Petroleum Company Limited

Petróleos Mexicanos (PEMEX)

América Móvil S.A.B. de C.V.

Compañía General de Combustibles (CGC)

The initial purchasers to Compañía de Minas Buenaventura S.A.A.

The initial purchasers to Banco Mercantil del Norte S.A., Institución de Banca Múltiple, Grupo Financiero Banorte

The initial purchasers to Banco Bradesco S.A.

Province of Buenos Aires

Dominican Republic

The initial purchasers to the Republic of Paraguay


Astound Broadband




Work highlights

  • Represented Open Text Corporation in its $1.5bn Rule 144A/Reg S senior notes offering.
  • Represented Tempur Sealy International in its $800m Reg S/Rule 144A offering.
  • Represented Howmet Aerospace in its $700m SEC-registered offering and concurrent debt tender offer.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP is a longstanding leader in high-yield debt, with an especially strong record in underwriter-side engagements. It managed a series of impressive deals in 2022, including advising the initial purchasers on the $1.54bn 144A/Reg S high-yield senior secured notes offering by CHS/Community Health Systems. Joseph Zavaglia, head of leveraged finance at the firm, is noted for his major focus on high-yield debt transactions. Craig Arcella, co-head of finance, is another prominent figure in underwriter-side high-yield debt engagements. Andrew Pitts, William Fogg and Scott Bennett are also key members of the capital markets group, all of whom have a track record in high-yield debt matters.

Practice head(s):

Craig Arcella; William Fogg; Andrew Pitts

Other key lawyers:

Joseph Zavaglia; Scott Bennett

Key clients

Burford Capital


US Foods

Various financial institutions

Work highlights

  • Represented the initial purchasers in the $1.5bn high-yield senior secured notes offering of United Rentals (North America), proceeds of which were used to finance the acquisition of Ahern Rentals.
  • Represented the initial purchasers in the $1.54bn 144A/Reg S high-yield senior secured notes offering of CHS/Community Health Systems.
  • Represented Enerflex in its $625m 144A/Reg S high-yield senior secured notes offering, proceeds of which were used to finance the acquisition of Exterran.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP is a leader in capital markets offerings across the board, including in high-yield debt, where it maintains a major market share of underwriter-side engagements, while its record on the issuer side is almost as strong. The firm’s reputation in the US extends across the globe, underscored by its regular work on high-yield debt deals in Latin America, Europe and Asia (where it has a particularly large market share). Specialists in the area frequently work alongside bank financing colleagues in the leveraged finance field. Amongst a number of headline transactions, the firm advised the initial purchasers on the $3.27bn Rule 144A / Regulation S debt offering by Carvana of its 10.250% senior notes due 2030. Michael Kaplan is a prolific adviser on major high-yield debt offerings, while Alan Denenberg is a key figure in the Northern California practice. Shane Tintle, Derek Dostal and Marcel Fausten are also key names. All named partners are based in New York unless stated otherwise.

Other key lawyers:

Michael Kaplan; John Meade, Richard Truesdell, Byron Rooney; Alan Denenberg; Shane Tintle; Marcel Fausten; Derek Dostal

Work highlights

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP is active in high-yield debt thanks to acquisition-related debt offerings for its private equity clients, such as Clayton Dubilier & Rice. Financial services and insurance are also core sectors for the firm, which operates across a number of industries. Owing to its private equity relationships, the firm is better known for issuer-side engagements, though it does frequently advise underwriters as well. Steven Slutzky  and Matthew Kaplan are the standout partners in high-yield debt matters, along with Eric Juergens, Peter Loughran and Nicholas Pellicani.

Practice head(s):

Paul Rodel; Steven Slutzky

Other key lawyers:

Peter Loughran; Matthew Kaplan; Eric Juergens; Nicholas Pellicani

Key clients

Access Industries, Inc.

agilon health

American International Group

Ambac Assurance Corporation

BofA Securities, Inc.


Booz Allen Hamilton

Carlyle Group

Wm Morrison Supermarkets Limited

Clayton Dubilier & Rice, LLC

Core & Main Inc.


Prudential Plc

Cornerstone Building Brands, Inc.

DoubleVerify Inc.

National Life Group

Fifth Wall Ventures Management, LLC

Gogo Inc.


Jackson National Life

Goldman Sachs Group

International Paper Company

JetBlue Airways Corporation


Pacific Life Insurance Company

Multi-Color Corporation (MCC)

Principal Financial Group

Spirit Airlines

The Teachers Insurance and Annuity Association (TIAA)

United Insurance Holdings Corporation

Warner Bros. Discovery, Inc.

Warner Music Group

Westpac Banking Corporation

Work highlights

Dechert LLP

Also noted for its capabilities in life sciences-related work, Dechert LLP‘s strength in offerings by financial institutions, including permanent capital vehicles, provides a platform for a steady pipeline of debt offering engagements. New York partner Jay Alicandri is active in high-yield debt offerings in the permanent capital and private credit sphere. Boston’s Thomas Friedmann and Philadelphia partner Ian Hartman are also key partners within the national practice.

Practice head(s):

Thomas Friedmann; David Rosenthal

Other key lawyers:

Jay Alicandri; Ian Hartman

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP has a relatively tight capital markets team, but it features a number of experienced and highly-skilled professionals, many of whom are well acquainted with the high-yield debt product, and well-versed in acquisition financing. It is especially active as underwriters’ counsel, including in deals involving prominent issuers, while the team also advises a number of major corporates and private equity houses in the high-yield space. Daniel Bursky is head of capital markets and is regularly engaged in headline high-yield debt transactions. Andrew Barkan is another senior figure, along with Mark Hayek, who has a major focus on leveraged loans and high-yield debt. Joshua Wechsler is also rated.


Practice head(s):

Daniel Bursky

Other key lawyers:

Andrew Barkan; Mark Hayek; Joshua Wechsler; Joshua Coleman


‘Thoughtful, business-driven advice based on a thorough knowledge of the current market; efficient, smooth execution; good business partner.’

‘Smart, capable, efficient, effective. Particularly Daniel Bursky and Joshua Coleman.’

Key clients

Blue Apron

Broadstone Net Lease


Humana Inc.




BofA Securities

Deutsche Bank

Evercore ISI

Goldman Sachs


JMP Securities

JP Morgan



PNC Capital Markets

Raymond James

RBC Capital Markets

R. Seelaus


Societe Generale


UBS Wells Fargo

Zion Capital Markets

Work highlights

  • Advised the underwriters on The Procter & Gamble Company’s $1.85bn offering of two tranches of notes.
  • Advised Athene Holdings’ underwriters on a $500m registered offering of 3.450% senior notes due 2052.
  • Advised the underwriters on The Procter & Gamble Company’s $412m offering of Employee Share Offering Plan (ESOP) floating rate notes due February 8, 2072.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP has a formidable debt offerings practice, which includes a healthy pipeline of high-yield debt offerings. The recruitment of Douglas Horowitz from high-yield powerhouse Cahill Gordon & Reindel LLP in 2022 gives the practice with additional firepower on the banks side; previously, he has handled high-value high-yield debt offerings for JPMorgan Chase, amongst other clients. Andrew Fabens is another big name to note in the debt capital markets space.

Practice head(s):

Andrew Fabens; Hillary Holmes; Stewart McDowell; Peter Wardle

Other key lawyers:

Douglas Horowitz

Work highlights

Jones Day

Notably strong in the industrials sector, Jones Day's extensive client base - drawn from its multiple national and international offices - affords it a steady flow of high-yield debt engagements. It also boasts a large team of capital markets specialists, many of whom have considerable experience in high-yield debt offerings. Cleveland partner Michael Solecki and Chicago’s Edward Winslow are experienced capital markets experts with high-yield debt expertise, along with Rory Hood in New York.

Practice head(s):

Brett Barragate; Jayant Tambe

Other key lawyers:

Michael Solecki; Edward Winslow; Rory Hood

Key clients

Asbury Automotive Group, Inc.

Avient Corporation

Lamb Weston Holdings, Inc.

Gray Television, Inc.

Work highlights

  • Represented Avient Corporation in a Rule 144A and Regulation S offering of $725m aggregate principal amount of 7.125% Senior Notes due 2030.
  • Represented Lamb Weston Holdings in its private placement of $1.67bn aggregate principal amount of Senior Notes, comprised of $970m of 4.125% Senior Notes due 2030 and $700m of 4.375% Senior Notes due 2032.
  • Represented Gray Television in its private offering of $1.3bn aggregate principal amount of 5.375% Senior Notes due 2031.

Kirkland & Ellis LLP

Kirkland & Ellis LLP has an outstanding record in high-yield debt offerings. The firm primarily operates on the issuer side, benefitting from its extensive private equity client base and their portfolio companies; it has a record of advising more sponsor-backed companies in high-yield debt offerings than any other law firm. Private equity clients include Bain Capital, Hellman & Friedman and TPG Capital, while the firm also represents a wide range of public companies, along with a sprinkling of underwriters. It is additionally recognised for its expertise in debt offerings linked to refinancings and restructurings. Joshua Korff is widely regarded as one of the premier names in high-yield debt, while Sophia Hudson and Los Angeles partner Philippa Bond are also rated. Named partners are based in New York unless stated otherwise.

Other key lawyers:

Sophia Hudson; Joshua Korff; Philippa Bond; Monica Shilling; Matthew Pacey

Key clients

Advent International Corporation


Bain Capital

Black Rifle Coffee Company

Blue Owl Capital


Envision Healthcare

Evotec SE

Hellman & Friedman

Instructure Holdings Inc.

John Deere Capital Corporation

Kellogg Co.

Macy’s, Inc.

Norwegian Cruise Line

Paycor HCM

Permira Advisers LLC

Ryan Specialty Group


TPG Capital

Vista Equity Partners

Whirlpool Corp.

Work highlights

Latham & Watkins LLP

Latham & Watkins LLP is one of few firms operating at the top of the capital markets arena in both issuer and underwriter engagements, including in the high-yield space. Beyond its core team of high-yield experts in New York, it has specialists in multiple offices across the country, including in Houston, Washington DC, Chicago and various California offices. The firm has deep connections to private equity houses and sponsor-backed issuers, public companies and various banks, and its steady pipeline of deals include numerous M&A and buyout-related debt offerings. It continues to expand and invest in its capital markets practice, bringing in prominent leveraged finance and high-yield debt expert Corey Wright and rising talent Lisa Collier from Cahill Gordon & Reindel LLP in January 2023. They join a sizeable team which includes New York office managing partner Marc Jaffe, global chair of the capital markets group Ian Schuman, Keith Halverstam, vice chair Stelios Saffos, Senet Bischoff, Erika Weinberg and Washington DC’s Rachel Sheridan. All named partners are based in New York unless stated otherwise.

Practice head(s):

Ian Schuman; Jeffrey Lawlis; Stelios Staffos

Other key lawyers:

Marc Jaffe; Senet Bischoff;Rachel Sheridan; Corey Wright; Erika Weinberg; Lisa Collier; Peter Sluka; Jenna Cooper; Keith Halverstam


‘Latham does a fantastic job bringing together best-in-class counsel across the firm to deliver a seamless, high quality experience for clients. They are unique in their desire to be a commercial, solutions-oriented advisor without a lot of the noise or baggage that can come with other law firms. As our business has grown, they have grown with us and helped us standardize our go-to-market template for legal documentation and tax structuring. They are tremendous, collaborative partners.’

‘Complex, innovative transactions that require out of the box thinking is a hallmark of their approach. On the capital markets side, we primarily work with Stelios Saffos and Peter Sluka. They are masters of their craft with market-leading knowledge of capital markets trends, players and overall activity. Within private credit, where HPS focuses, we consider them to be the gold standard of buy-side counsel particularly for complex transactions.’


Work highlights

Mayer Brown

Mayer Brown's impressive history in capital markets offerings has provided a platform for a burgeoning high-yield debt practice. The firm is especially active on the issuer side, landing engagements in the financial services and REITs sectors, amongst others, and achieving further growth through its well-established Latin America team. The core of the team is based in New York and Chicago, with further high-yield debt expertise in Houston. John Berkery now advises a number of prominent issuer clients in the high-yield debt space, including offerings by REITs. Ryan Castillo and Chicago partner John Ablan are also building their reputations in the area. Anna Pinedo and Chicago’s Edward Best, joint chairs of the capital markets group, are also key names in this area. Named partners are based in New York unless stated otherwise.

Practice head(s):

Eddie Best; Anna Pinedo

Other key lawyers:

John Berkery; Ryan Castillo; John Ablan

Key clients

Atkore, Inc.

Carrington Holding Company

CBRM Realty Inc.

Concho Resources

Global Net Lease, Inc.

Great Ajax Corp


KBR, Inc.

Necessity Retail REIT

Ocwen Financial Corporation

Oshkosh Corporation

Outbrain Inc.

Pacific Life Insurance


Post Brothers Holdings LLC

QNB Finansbank

Ready Capital

Regency Energy

Tenneco Inc.

Triton Container International Limited

Tronox Inc.

United Natural Foods, Inc.


YUM! Brands, Inc.

Ziraat Bank

Work highlights

Paul Hastings LLP

Paul Hastings LLP is making considerable progress in the high-yield debt arena, building particular market share in underwriter-side engagements, but also impressing on the issuer front. It is regular counsel to a number of leading banks in the high-yield debt space and has further developed its presence by building connections to other key middle market banks. On the issuer side, it represents a range of private equity houses and their portfolio companies, public companies and large private corporates. The capital markets team works closely with finance colleagues and certain partners such as John Cobb, who routinely works with banks on both leveraged loans and high-yield bonds. The firm’s outstanding Latin America team has also brought in high-yield engagements from Mexico, Colombia and other jurisdictions in the region. Frank Lopez, Cathleen McLaughlin and members of the Latin America group such as the seasoned Michael Fitzgerald are central to recent growth efforts. In May 2023, the practice furthermore gained finance and debt capital markets experts Joshua Zelig and Marc Lashbrook from Cahill Gordon & Reindel LLP.

Practice head(s):

Frank Lopez; Chris DeCresce

Other key lawyers:

John Cobb; Cathleen McLaughlin; Michael Fitzgerald; Arturo Carrillo; Joy Gallup; Pedro Reyes; Alex Herman; Carolina Gonzalez; Joshua Zelig, Marc Lashbrook


‘Significant experience in counselling high-yield offerings. Capacity to identify wording in the best interest of a successful offerings, avoiding future end roads or potential legal risks. Diversity in the team also provides better bonding and trust in the relationship.’

‘Mike Fitzgerald, Joy Gallup, Pedro Reyes and Arturo Carrillo all have great attitude, professionalism, professional creativity and human qualities to attend the client and perform their work.’

‘Strong practice in bond offerings by Latin American issuers, project finance, sovereign debt, cross-border equity offerings and liability management. Strongly focused on issuer-side representation.’

Key clients

BMO Capital Markets

BofA Securities Inc.



Credit Suisse

Deutsche Bank Securities

EnfraGen, LLC

Goldman, Sachs & Co.

Jefferies LLC

J.P. Morgan


Morgan Stanley

NGL Energy Partners, LP

Operadora de Servicios Mega, S.A. de C.V., SOFOM, E.R.

Sagicor Financial Company Ltd.

Stifel, Nicolaus & Company, Incorporated

Work highlights

  • Represented Jefferies in the issuance by LSB Industries of $200m of 6.250% senior secured notes due 2028.
  • Advised Sagicor Financial Company on its $150m offering of 5.300% senior notes due 2028.
  • Advised Heritage Petroleum Company on the issuance of its $500m secured notes.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

Paul, Weiss, Rifkind, Wharton & Garrison LLP has an impressive background in LBO-driven high-yield debt offerings. The firm is also highly rated for refinancing and restructurings. Along with its impressive private equity client base, it is noted for specific sectors such as telecoms, hospitality and leisure, real estate, consumer products, healthcare and energy. It continues to advise long-term client Carnival Corporation on a series of debt offerings, as well as representing anchor private equity client Apollo Global Management in offerings linked to acquisitions, including sustainability-linked note offerings. John Kennedy is rated for corporate recovery-related deals, while  Gregory Ezring and Brian Janson are also senior figures in the team.

Practice head(s):

Gregory Ezring; John Kennedy; Brian Janson

Other key lawyers:

David Huntington; Mark Wlazlo


‘Commercial, hard working, and aggressively advocates for the client.’


Work highlights

Shearman & Sterling LLP

Shearman & Sterling LLP continues to build its standing in the high-yield debt arena, with a significant market share of underwriter-side and issuer-side engagements. It represents a long list of banks as underwriters and has a burgeoning issuer client base. Its broader leveraged finance practice provides additional credibility and another source of deal flow for the capital markets team, including acquisition financings and liability management transactions. While much of the core high-yield debt expertise sits in the New York office, a team in Houston is also active in this area. Harald Halbhuber, Jason Lehner (who also manages the Toronto office) and Stephen Gruendel are key partners in New York. Jonathan DeSantis has left the firm.

Practice head(s):

Ilir Mujalovic

Other key lawyers:

Harald Halbhuber; Jason Lehner; Stephen Gruendel

Key clients

Barclays Capital Inc.

BMO Capital Markets

BNP Paribas Securities Corp.

BofA Securities

Citigroup Global Markets Inc.

Citizens Capital Markets

Credit Agricole CIB

Credit Suisse Securities (USA) LLC

Deutsche Bank Securities Inc

DT Midstream

Fifth Third Securities

Goldman Sachs & Co. LLC

HSBC Securities (USA) Inc.

Intesa Sanpaolo S.p.A

J.P. Morgan Securities LLC

KeyBanc Capital Markets

Mizuho Securities

Morgan Stanley & Co. LLC

NatWest Markets Securities Inc

RBC Capital Markets


SG Americas Securities, LLC

SMBC Nikko Securities America, Inc

Wells Fargo Securities, LLC

Work highlights

  • Advised DT Midstream on its private placement of $600m senior secured notes.
  • Advised the initial purchasers on the Rule 144A offering by Lindblad Expeditions of $360m aggregate principal amount of its senior secured notes.
  • Advised the underwriters on Ford Motor Credit Company’s offering of two tranches of notes totalling $2bn.

Simpson Thacher & Bartlett LLP

Despite having a smaller capital markets team than many of its direct rivals, Simpson Thacher & Bartlett LLP is a longstanding leader in high-yield debt, both for issuers and underwriters. The firm - which is at the forefront of leveraged finance and standalone high-yield debt transactions - represents many of the marquee private equity houses in the market, along with their portfolio companies. It also boasts an extensive public company and underwriter client base, and is noted for ESG and sustainability-linked offerings and for representing issuers moving towards investment grade status. Kenneth Wallach is a leading figure in private equity-related deals and technology sector transactions. Arthur Robinson is a seasoned capital markets specialist with rich pedigree in high-yield debt, including in the healthcare sector. John Ericson and David Azarkh are also key figures in the team. Named partners are based in New York.

Practice head(s):

Joshua Ford Bonnie; Roxane Reardon; Kenneth Wallach

Other key lawyers:

Arthur Robinson; John Ericson; David Azarkh

Key clients

Academy Sports & Outdoors, Inc.

AMC Entertainment Holdings, Inc.

American Tire Distributors

APX Group Holdings, Inc. (a/k/a Vivint Smart Home)


Ashton Woods

AssuredPartners, Inc.

Avantor, Inc.

Axis Specialty Finance LLC

Bank of America Merrill Lynch

BC Partners

Blackstone Mortgage Trust, Inc.

BMC Software, Inc. (an indirect subsidiary of Boxer Parent Company Inc.)

BMO Capital Markets Corp.

BNP Paribas

The Carlyle Group

Cedar Fair, L.P., Canada’s Wonderland Company, Magnum Management Corporation, and Millennium Operations LLC

CHS/Community Health Systems, Inc.


CNO Financial

Cooper-Standard Automotive Inc.

Credit Suisse Securities (USA) LLC

Dell Inc.

The E.W. Scripps Company

Finance of America

First Data Corporation

First Reserve

Garda World Security Corporation

Gates Industrial Corporation

GFL Environmental Inc.

Global Medical Response, Inc.

Goldman, Sachs & Co.

HCA Inc.

Hilton Worldwide Holdings Inc.

Home Point Capital Inc.

Hub International Limited

Ingersoll Rand Inc. (f/k/a Gardner Denver Holdings, Inc.)



J.P. Morgan Securities

K. Hovnanian Enterprises, Inc.

KKR Financial Holdings

KKR Real Estate Finance Trust Inc.

Masonite International Corporation


Morgan Stanley & Co. LLC

Mr. Cooper Group Inc. and its subsidiary Nationstar Mortgage Holdings Inc.

Multiplan Corporation

Performance Food Group Company

PPD Inc.

PPL Corporation


Silver Lake

Sirius XM Radio Inc.

Summit Materials

Teleflex Incorporated

Teine Energy Ltd.

TPC Group Inc.

Vivint Smart Home

Wash Multifamily Acquisition Inc.

Weight Watchers International, Inc.

Wells Fargo Securities

Zayo Group Holdings, Inc.

ZoomInfo Technologies Inc.

Work highlights

  • Advised CHS/Community Health Systems on its $1.53bn high-yield debt offering.
  • Advised the underwriters in connection with EQT Corporation’s aggregate $1bn senior notes offerings.
  • Advised the underwriters in Newell Brands’ aggregate $1bn senior notes offerings.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has a large national and international capital markets team with a rich pedigree in high-yield debt work, operating across multiple sectors from biotechnology and healthcare to financial services, REITs, and gaming and entertainment. The team in the US remains noted for its domestic and international client base, frequently representing issuers from Canada, Latin America and elsewhere. It also maintains strong connections to key banks as underwriters. Ryan Dzierniejko has a fine record in representing US and Canadian issuers. Gregg Noel leads the West Coast capital markets team, often representing tech businesses in high-yield debt offerings, while Michael Zeidel heads up the Americas capital markets group. Dwight Yoo, Gregory Fernicola and Laura Kaufmann Belkhayat are also key partners. All named partners are based in New York, unless stated otherwise.

Practice head(s):

Michael Zeidel; David Goldschmidt

Other key lawyers:

Ryan Dzierniejko, Laura Kaufmann Belkhayat, Michael Hong; Gregory Fernicola; Gregg Noel

Work highlights

Vinson & Elkins LLP

Vinson & Elkins LLP has an established record in high-yield debt, drawing on a core team of professionals in Houston. Although best known for its expertise in the energy sector, its wide-ranging capabilities touch on agriculture, airlines, automotive, real estate, renewables, financial services, telecommunications and technology. The firm is historically better known for issuer roles, but is now considered equally strong in underwriter engagements. It has also made an impression in sustainability-linked and green bond offerings. Houston partner David Stone - one of the most active high-yield debt specialists in the market - is a key name to note.

Practice head(s):

Sarah Morgan; David Stone

Other key lawyers:

Doug McWilliams; Jackson O’Maley


‘The V&E team is exceptional in understanding of the market, the industry and collective experience in these transactions. Their work in high yield offerings, in particular, is impressive as the covenant packages associated with those in the energy space require depth of knowledge. Importantly, they also train associates well so there is great value in their services.’ 

‘Doug McWilliams and Jackson O’Maley are phenomenal attorneys in both responsiveness and knowledge. They are able to give on-the-spot counsel that is thoughtful and useful.’

Key clients

Bank of America Securities LLC

BCP Raptor Holdco, LP

Belden Inc.

Citigroup Global Markets, Inc.

CNX Resources Corporation

Crescent Energy Company

Earthstone Energy, Inc.

EnLink Midstream, LLC

Goldman Sachs & Company

Group 1 Automotive, Inc.

HighPeak Energy, Inc.

HollyFrontier Corporation

Howard Midstream Energy Partners LLC

J.P. Morgan Securities LLC

MoneyGram International, Inc.

MUFG Bank, Ltd.

Range Resources Corporation

Rockcliff Energy LLC

Sunnova Energy Corporation

Sunnova Energy International Inc.

Tap Rock Operating, LLC

Wells Fargo Securities, LLC

Work highlights

  • Served as issuer’s counsel in the private placement of $1 billion aggregate principal amount of 5.875% sustainability-linked senior notes due 2030 by Kinetik Holdings LP, an indirect subsidiary of Kinetik Holdings Inc.
  • Advised Bank of America Securities, the initial purchasers, on Sunnova Energy Corporation’s green bond offering of $400 million aggregate principal amount of green 5.875% senior notes due 2026.
  • Represented JP Morgan Securities as underwriters’ counsel in Hilcorp Energy I’s $1bn offering of senior notes consisting of $500m aggregate principal amount of 6.000% senior notes due 2030 and $500m aggregate principal amount of 6.250% senior notes due 2032.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP has a formidable background in high-yield debt, notably in relation to leveraged financings and liability management transactions. While closely associated with issuers, it continues to build its presence with financial institutions as underwriters and initial purchasers. Corey Chivers and Frank Adams are senior members of the practice, along with Merritt Johnson and Michael Hickey, the latter of whom continue to build the firm’s standing amongst financial institutions.

Practice head(s):

Alexander Lynch

Other key lawyers:

Corey Chivers; Frank Adams; Merritt Johnson; Michael Hickey

Key clients

AMC Entertainment Holdings


Avolon Holdings Funding Limited

Brookfield Property REIT Inc.

CBL Properties

Citi, Goldman Sachs and J.P. Morgan

Citi, HSBC and Wells Fargo

Dun & Bradstreet Holdings, Inc.

Fidelity National Financial, Inc.

Iron Mountain

Leafly Holdings, Inc.

Lendmark Financial Services, LLC

Morgan Stanley

SMBC Nikko Securities, Truist Securities and Wells Fargo

SoftBank Group Corp.

TE Connectivity Ltd.

Various Financial Institutions

Willis Towers Watson

Work highlights

White & Case LLP

White & Case LLP continues to generate significant deal flow through its outstanding Latin America practice, with much of the team sitting in New York and other US offices. It has also forged a greater presence in issuer-side engagements having historically been more bank driven. Its standing in leveraged finance brings it further credibility in the high-yield debt field. Moreover, its expertise in restructuring and liability management has brought it additional engagements in the Chapter 11 and Chapter 15 spaces, particularly as businesses respond to the economic shock caused by the Covid-19 pandemic and other geopolitical tensions. Daniel Nam has a major focus on investment grade and high-yield debt offerings, and is also highly rated for liability management. Jonathan Michels is another leading figure, along with Andrew Weisberg and Rafael Roberti. All named partners are based in New York.

Practice head(s):

David Thatch

Other key lawyers:

Daniel Nam; Jonathan Michels; Andrew Weisberg; Rafael Roberti; Gary Kashar


‘Provides a great client experience. The partners are always available at all times to discuss matters and answer questions. The lawyers are both knowledgeable and commercial, which is important in transactional work.’

‘The lawyers are always responsive, willing to educate without being pedantic, and provide not only excellent legal advice but also commercial options. They always make me feel like I am in good hands. Jonathan Michels has been exceptionally great in being available at all times to handle matters or answer questions with a smile.’

‘The team is extraordinary! They have a talented pool of lawyers who provide an ample range of support and deliver best results. They are always available, are constructive and provide the best advice.’

‘Andrew Weisberg is our go-to counsel. He is extraordinary not only in knowledge and experience, but is someone who is always available, has a great personality and provides the best advice. He will find creative solutions that benefit the transaction.’

‘The White & Case team is incredibly collaborative and creative. Their legal knowledge is unmatched. They are incredibly thoughtful in helping us find solutions to our clients problems that allows us to be successful.’

‘The team is incredibly proactive, knowledgeable, and thinks like us so that we can deliver out of the box thinking to our clients while guiding us appropriately. It is amazing the way partners like Jonathan Michels help to think like our team from a business sense, but guide us through the law to achieve our clients’ goals.’

‘The team is smart, creative and practical about the matters that I am working on. They anticipate issues and tailor the advice to my needs. They are truly experts, and I know I am getting the best advice and service when I work with them.’

‘Jonathan Michels is the best in the business. He is an expert who lives the transaction with you. He is a problem solver and is very practical. He is a pleasure to work with every step of the way.’

Key clients

Alliant Holdings

American Industrial Partners

Bank of Montreal

Bausch Health Companies Inc.

Constellation Oil Services Holding S.A.

Credit Suisse

Deutsche Bank

Goldman Sachs

Hughes Satellite Systems

Jefferies LLC

JP Morgan

Morgan Stanley & Co.

Oi S.A.

Orazul Energy Perú S.A.

Pilgrim’s Pride Corporation

Talen Energy

The Hertz Corporation


Wells Fargo Securities, LLC

Welltec International ApS

Xerox Holdings Corp.

Work highlights

Willkie Farr & Gallagher LLP

Willkie Farr & Gallagher LLP stands out for its expertise in high-yield debt offerings related to buyouts and M&A transactions. The firm is especially well known for representing financial sponsors and corporate issuers, as well as some investment banks. Cristopher Greer has an extensive record in the high-yield space, particularly in representing key private equity clients such as Platinum Equity in the financing of their acquisitions through high-yield debt offerings; in 2021, he led the team that advised Platinum Equity and McGraw Hill on the $1.62bn two-tranche high-yield offering in connection with Platinum’s $4.5bn acquisition of McGraw Hill.


Practice head(s):

Gregory Astrachan, Cristopher Greer

Key clients

AdaptHealth Corp.

CenturyLink, Inc.

Clovis Oncology, Inc.

Exela Technologies

Fidelity National Information Services, Inc. (FIS)

Franklin Resources

HealthEquity, Inc.

Interpublic Group

Platinum Equity

Ryerson Holding Corporation

Take-Two Interactive Software, Inc.

The Northwestern Mutual Life Insurance Company

Victory Capital Holdings, Inc.

W. R. Berkley Corporation

Work highlights