Capital markets: high-yield in United States

Baker Botts L.L.P.

Baker Botts L.L.P.’s top-tier oil and gas practice ensures it is recognized as a leader for energy-related high-yield debt offerings and it is regularly engaged by energy sector issuers. The Texas-headquartered firm is also strong on the underwriter side and enjoys close relationships with major New York banks involved in energy-related offerings. Houston-based Joshua Davidson heads the department and brings to bear significant experience in representing energy and shipping issuers, as well as underwriters, in capital markets transactions — he is particularly recognized for his expertise in advising master limited partnerships (MLPs). Washington DC-based Catherine Gallagher also advises underwriters and issuers on high-yield deals, with a notable record in the shipping, MLPs and REIT areas. In New York, firm-wide corporate chair Mike Bengtson is another key contact.

Practice head(s):

Mike Bengtson; Joshua Davidson

Other key lawyers:

Catherine Gallagher

Key clients

BNP Parabas Securities Corp.

BofA Securities, Inc.

Bristow Group, Inc.

Chesapeake Energy Corporation

Citizens Capital Markets Inc.

Clearway Energy Operating LLC

Credit Agricole Securities (USA) Inc.

DNB Markets Inc.

J.P. Morgan Securities LLC

Jones Energy Holdings, LLC

LGI Homes, Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley & Co. LLC

MUFG Securities Americas Inc.

Noble Holding International Limited

Norden Bank Abp.

SG Americas Securities

Tallgrass Energy, LP

Transocean Ltd.

Wells Fargo Securities, LLC

Work highlights

  • Advised the initial purchasers on Global Partners LP’s $400m Rule 144A offering.
  • Represented Clearway Energy Operating LLC on its $600m high-yield debt offering.
  • Advised the initial purchasers on the private placement by Teekay Corporation of $250m worth of senior secured notes.
  • Represented Transocean on a $550m notes offering by its subsidiary, Transocean Poseidon Limited.
  • Advised the initial purchasers on Crestwood Midstream Partners LP’s $600m private placement.

Cahill Gordon & Reindel LLP

Widely recognized by peers and clients alike as a ‘leader for high-yield debt offerings’, the consensus is that Cahill Gordon & Reindel LLP’s ‘market position is indisputable’. The firm’s keen focus on underwriter-side mandates pays dividends and it is routinely sought out by the most prominent banking institutions globally, including BofA Securities, Credit Suisse, Deutsche Bank and JP Morgan Securities. The practice has been a firm fixture at the top of the high-yield deal tables for well over a decade, with its annual market share (by both deal value and deal count) totaling more than the next three most active groups in the US combined during 2019. The New York-based group’s deep bench is co-led by Jonathan Schaffzin, who combines strong skill sets in capital markets, M&A, life sciences and regulatory matters. Department co-head Daniel Zubkoff consistently represents domestic and international banks in high-yield and investment grade debt offerings. Seasoned specialist James Clark, firm chair William Hartnett and the very prolific Douglas Horowitz are also key contacts. Impressive up-and-coming partners include Marc Lashbrook and Joshua Zelig.

Practice head(s):

Jonathan Schaffzin; Daniel Zubkoff

Other key lawyers:

James Clark; William Hartnett; Douglas Horowitz; Marc Lashbrook; William Miller; Corey Wright; Joshua Zelig

Testimonials

Cahill wins the lion’s share of advisory work for managers in the high-yield space.’

Cahill’s volume and market position are indisputable.’

The team is totally geared towards high-yield debt work, nobody else comes close for underwriter-side deals.

The market leader for high-yield debt offerings.’

Key clients

Citigroup Global Markets Inc.

Credit Suisse Securities (USA) LLC

Deutsche Bank Securities Inc.

Jefferies Group

J.P. Morgan Securities

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley

Wells Fargo Securities

Work highlights

  • Represented BofA Securities in over $21bn worth of high-yield financings, including representing it as an initial purchaser on a Rule 144A offering of $1bn worth of senior notes by Resorts World Las Vegas and RWLV Capital.
  • Advised the initial purchasers on Frontier Communications Corporation’s $1.6bn Rule 144A offering of first-lien secured notes.
  • Acted for the initial purchasers on Scientific Games International’s $1.1bn Rule 144A offering of senior notes.
  • Represented the initial purchasers on a Rule 144A/Regulation S offering of $2.2bn worth of senior subordinated notes by Clear Channel Worldwide Holdings.
  • Advised the initial purchasers on a $1.3bn Rule 144A offering by CITGO Holding.

Cleary Gottlieb Steen & Hamilton

Cleary Gottlieb Steen & Hamilton has an longstanding reputation for high-yield debt work, with a solid record in cross-border transactions — especially deals involving Latin America. The team utilizes the firm’s robust corporate and finance offerings to strike a balance between advising issuers and underwriters and it stands as a popular choice to advise corporates on their debut high-yield offerings. The New York-based group is also well versed in advising on the high-yield finance aspects of larger, multi-layered corporate transactions. Among the key contacts, David Lopez is highly regarded for his broad corporate finance practice, which spans public and private high-yield debt transactions and corporate governance matters. Craig Brod handles the full range of securities matters, with notable expertise in complex transactions, multi-jurisdictional deals and corporate governance issues. Duane McLaughlin is also recommended for his experience in private equity and Latin America-related work.

Testimonials

The Latin america team at Cleary Gottlieb is very strong.

Key clients

Honeywell

Citigroup

BNP Paribas

Bank of America Merrill Lynch

Santander

Morgan Stanley

Work highlights

  • Represented the initial purchasers, led by Citigroup Global Markets, on a $500m notes offering by Allison Transmission.
  • Represented Honeywell on a $400m high-yield bond offering in connection with the spin-off of Resideo Technologies.
  • Advised the initial purchasers (BNP Paribas, BofA Merrill Lynch, Citigroup and Santander) on a €400m high-yield global debt offering by CEMEX.
  • Represented the initial purchasers, led by Morgan Stanley, in a $400m high-yield global bond offering by Crédito Real.
  • Advised Honeywell on a €350m high-yield bond offering related to the spin-off of Garrett Motion.

Clifford Chance

A significant player in cross-border deals, Clifford Chance leverages its generous global network to consistently advise international issuers and banks in multi-jurisdictional offerings, with a focus on Latin America. The New York-based team is also recognized for its expertise in the specialty finance arena and it frequently advises alternative lenders, business development companies and private equity funds on high-yield debt transactions. Additionally, its ability to draw on strong skill sets in structured finance and project finance, both in the US and beyond, is also a significant differentiator. Key contact Gary Brooks has a broad finance practice and acts on a significant volume of high-yield debt matters, primarily on the bank side. Hugo Triaca is noted for his strong presence in Latin America-related deals, with his recent experience spanning Colombia, Mexico and Peru. Jonathan Zonis co-heads the Americas capital markets practice and is also recommended.

Practice head(s):

Gary Brooks; Jonathan Zonis

Other key lawyers:

Hugo Triaca

Key clients

British Airways

JP Morgan

Klabin Finance S.A.

Jefferies LLC

Oxford Finance LLC

Provident Funding Associates, L.P.

Sutherland Asset Management Corporation

Hannon Armstrong Sustainable Infrastructure Capital Inc.

iStar Financial

Work highlights

  • Represented LATAM Finance, as issuer, and LATAM Airlines Group, as guarantor, on LATAM’s $600m notes offering.
  • Advised Hannon Armstrong Sustainable Infrastructure Capital on its Rule 144A  $350m high-yield notes issuance.
  • Acted for the underwriters (Citigroup, Deutsche Bank Securities and JP Morgan) on three bond offerings by the Republic of Ecuador totaling $5.5bn,
  • Advised the initial purchasers on Frontera’s $350m Rule 144A/Regulation S high-yield debt offering.
  • Represented Bank of America Merrill Lynch and Scotiabank, as initial purchasers, on TermoCandelaria Power’s $410m bond offering.

Cravath, Swaine & Moore LLP

Cravath, Swaine & Moore LLP is regularly sought after by underwriters to advise on high-yield debt transactions, with a string of recent representations for major banks such as Credit Suisse, Goldman Sachs and JP Morgan. Although not as prolific on the company side, the firm does house a far-reaching issuer-side practice that represents first-time issuers, investment banks and financial sponsors on high-yield deals. Key contacts in the New York-based group include sector specialist Craig Arcella, who co-heads the financing practice and advises financial institutions and corporate clients in high-yield debt deals. William Fogg co-heads the financing practice and is well versed in both public and private issuances, as well as corporate governance issues. Joseph Zavaglia is a generalist corporate lawyer, who advises on a significant volume of high-yield deals — for both issuers and underwriters. Johnny Skumpija is also recognized for his involvement in high-yield work and he brings to bear strong industry experience in the telecoms and technology spheres. North America capital markets head Andrew Pitts and financing co-head Stephen Burns are also recommended.

Practice head(s):

Stephen Burns; William Fogg; Craig Arcella; Andrew Pitts

Other key lawyers:

Johnny Skumpija; Joseph Zavaglia

Key clients

BofA Securities

Citi

Credit Suisse

Goldman Sachs

JPMorgan Chase

Morgan Stanley

Wells Fargo

Fortress Transportation and Infrastructure Investors

Olin

Work highlights

  • Represented the initial purchasers, led by Morgan Stanley and Credit Suisse, in four high-yield notes offerings by TransDigm totaling $7.2bn.
  • Advised the underwriters on two high-yield debt offerings by United Rentals (North America) totaling $1.5bn.
  • Acted for the initial purchasers in two high-yield notes offerings by Community Health Systems, worth a combined $2.1bn.
  • Represented the initial purchasers on NCR Corporation’s $1bn offering of high-yield notes.
  • Acted for Olin Corporation on its $750m high-yield notes offering.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP’s full-service high-yield debt practice sits as part of the firm’s global leveraged finance practice, which positions it well to advise on event-driven transactions, including domestic and international LBOs. The group is equally adept on the issuer and underwriter side of major deals, while its coast-to-coast national coverage ensures an equally diverse industry focus. The US group is also a key player in global offerings and it frequently advises international issuers and underwriters from its New York platform, with particularly strong expertise in deals involving Latin America, Canada, Europe and Israel. New York-based Michael Kaplan is widely acknowledged as a market leader in high-yield debt transactions and represents both issuers and underwriters in highly structured deals. On the West Coast, Menlo Park-based Alan Denenberg has extensive experience in private equity, technology and life sciences-related work. Derek Dostal and Marcel Fausten are impressive up-and-coming partners in the high-yield debt area - both are based in New York. The global capital markets practice is led jointly by New York-based Richard Truesdell and Maurice Blanco, who splits his time between New York and Sao Paulo.

Practice head(s):

Maurice Blanco; Richard Truesdell

Other key lawyers:

Alan Denenberg; Derek Dostal; Marcel Fausten; Michael Kaplan; John Meade

Work highlights

  • Advised the representatives of the initial purchasers on Uber Technologies’ $1.2bn high-yield notes offering, and also advised the lead placement agent on Uber’s $2bn high-yield debt offering.
  • Acted for Brookfield Business Partners on $3.7bn worth of high-yield debt offerings by Panther BF Aggregator 2 LP and Panther Finance Company, to support the acquisition by Brookfield of the power solutions business of Johnson Controls International.
  • Advised Bausch Health Companies on high-yield debt offerings totaling $3bn.  
  • Advised the representative of the initial purchasers on Bombardier’s $2bn Rule 144A/Regulation S offering of high-yield senior notes.
  • Acted for the representatives of the initial purchasers on two high-yield notes offerings by The Dun & Bradstreet Corporation, worth a combined $1.4bn.

Debevoise & Plimpton LLP

Debevoise & Plimpton LLP leverages the firm’s prominent private equity practice to excel in advising private equity funds, and their portfolio companies, on public and private high-yield debt offerings. The issuer-focused practice also routinely acts for corporate issuers and financial institutions on their high-yield issuances. The New York-based team is further distinguished by its strong cross-border capability, and it represents a diverse portfolio of US and non-US issuers in global offerings, with notable experience in Latin America-related work. Department co-head Matthew Kaplan has a marked private equity component to his practice and also brings to bear significant international expertise. Steven Slutzky co-heads the team and has experience in representing both issuers and underwriters on high-yield debt transactions. Additional contacts include Latin America specialist Paul Rodel and Peter Loughran, who sits in both the capital markets and the private equity groups.

Practice head(s):

Matthew Kaplan; Steven Slutzky

Other key lawyers:

Peter Loughran; Paul Rodel

Key clients

AIA Group Limited

Ambac Assurance Corporation

Antares Holdings, LP

Atkore International  Group Inc.

AXA and AXA Equitable Holdings

Booz Allen Hamilton

Brand Energy & Infrastructure Services, Inc.

Brighthouse Financial, Inc.

The Carlyle Group

Clayton, Dubilier & Rice

D.E. Shaw

Discovery Communications, Inc.

Fidelity & Guaranty Life Insurance Company

Gogo Inc.

International Paper Company

Pacific Life Insurance Company

Principal Financial Group

Teachers Insurance and Annuity Association of America

Warner Music Group Corp.

Westpac Banking Corporation

Work highlights

  • Advised Gogo on its $905m high-yield notes offering and its subsequent $20m tack-on offering.
  • Represented Warner Music Group on its €250m offering of senior secured notes, as well as its subsequent tack-on issuance of an additional €195m of senior secured notes, to support the acquisition of EMP Merchandising.
  • Advised Clayton, Dubilier & Rice and Core & Main Holdings on the offer and sale of  senior payment-in-kind toggle notes, worth $300m.
  • Acted for Brighthouse Financial on its $375m offering of junior subordinated debentures.
  • Represented Antares Holdings on its $280m high-yield offering.

Dechert LLP

Dechert LLP’s high-yield debt practice has a focus on issuer-side mandates and enjoys strong relationships with certain repeat issuers, such as B&G Foods. The group also plugs into the firm’s extensive international network to secure a significant volume of cross-border deals, with Europe and Latin America notable sweet spots in that regard. Other team strong suits include life sciences and permanent capital vehicles. Boston-based Thomas Friedmann co-chairs the global corporate finance and capital markets practice and represents both issuers and investment banks on public and private securities transactions. New York-based department co-chair David Rosenthal also co-leads the life sciences practice and has a broad focus on growth industries. Philadelphia-based Stephen Leitzell represents public and private companies, as well as private equity sponsors and their portfolio companies, on high-yield debt offerings.

Practice head(s):

Thomas Friedmann; David Rosenthal

Other key lawyers:

Stephen Leitzell

Key clients

Alcentra Capital Corporation

Amkor Technology

Aquestive Therapeutics

B&G Foods

Crown Holdings

EaglePoint Credit Company

Egalet Corporation

FS Investment Corporation

Golub Capital BDC, Inc.

Hercules Capital

Horizon Technology Finance

Janney Montgomery Scott

Ladenburg Thalmann

LandBridge Capital

Main Street Capital Corporation

Morgan Stanley (as issuer)

ORIX USA Corporation

PennantPark Investment Corporation/PennantPark Floating Rate Capital

Piper Jaffray

Raymond James

Stifel Nicolaus

TriplePoint Capital

UBS

WhiteHorse Finance

Work highlights

  • Represented B&G Foods on its $550m registered notes offering.
  • Acted for Amkor Technology on its $525m offering of senior notes.
  • Acted for Peru-based Inmobiliaria J Y D S.A.C. on its  $65m offering of senior secured notes.

Fried, Frank, Harris, Shriver & Jacobson LLP

Fried, Frank, Harris, Shriver & Jacobson LLP is highly regarded for its specialist expertise in representing private equity sponsors in high-yield debt offerings, particularly in relation to acquisition finance transactions. The New York-based team is also routinely engaged by corporate issuers in the real estate, life sciences and TMT sectors, as well as major investment banks. Daniel Bursky heads the group and advises a mix of corporate issuers, underwriters and private equity funds in high-yield debt deals, with strong experience in both public and private offerings. Andrew Barkan also maintains a broad capital markets practice and handles a relatively even split of issuer and underwriter-side mandates. Additional contacts include up-and-coming partner Mark Hayek and Joshua Wechsler, who is particularly active on the underwriter side of capital markets offerings.

Practice head(s):

Daniel Bursky

Key clients

AEA Investors

Bank of America Merrill Lynch

Catalent

Citi

Credit Suisse

Extended Stay

Estée Lauder

Goldman Sachs

Harsco

Humana

LivePerson

Merck

Morgan Stanley

Navios

ONEOK

Onex

Procter & Gamble

Sinclair Broadcast Group

Tradeweb Markets

Work highlights

  • Advised a syndicate of initial purchasers, led by Citigroup Global Markets, on Clarivate Analytics’ $700m private offering of senior secured notes.
  • Represented ESH Hospitality on its $750m high-yield debt offering.
  • Advised Harsco Corporation on its $500m issuance of senior unsecured notes to support its purchase of CEHI Acquisition Corporation.
  • Acted for Catalent on its $500m notes offering.
  • Advised Norbord on its $350m offering of senior secured notes.

Gibson, Dunn & Crutcher LLP

Gibson, Dunn & Crutcher LLP’s practice continues to grow its share of energy-related offerings. That said, the sizeable group’s extensive national footprint ensures that it attracts a broad mix of industry clients, with its recent activity also spanning offerings in the technology, retail, construction, and healthcare sectors. Historically weighted towards issuer-side work, the firm’s recent push to balance out the practice has paid dividends and it is increasingly engaged by major US and global investment banks. Among the names to note, Doug Rayburn splits his time between the Dallas and Houston offices and is noted for his expertise in energy offerings. In New York, department co-chair Andrew Fabens handles a significant volume of high-yield debt transactions — he also advises on corporate governance issues. The capital markets group is also co-chaired by Houston-based Hillary Holmes, San Francisco’s Stewart McDowell and Los Angeles-based Peter Wardle.

Practice head(s):

Andrew Fabens; Hillary Holmes; Stewart McDowell; Peter Wardle

Other key lawyers:

Doug Rayburn

Key clients

Fox Corporation

Schlumberger

Williams and Williams Partners L.P. including wholly owned subsidiaries

Concho Resources

Welltower

Marriott International

Tenet Healthcare

Atmos Energy

Colfax

Lazard

Banc of America Securities

Capital One Financial

Citigroup Global Markets

Credit Suisse

Goldman Sachs

J.P. Morgan Securities

Morgan Stanley

Wells Fargo Securities

Work highlights

  • Represented the initial purchasers on Targa Resources Partners LP’s and Targa Resources Partners Finance Corporation’s offering of $1.5bn of senior notes.
  • Advised Tenet Healthcare on the $1.5bn Rule 144A/Regulation S offering of senior secured notes.
  • Represented SM Energy on its $500m offering of senior notes.

Hunton Andrews Kurth LLP

The practice at Hunton Andrews Kurth LLP is significantly weighted towards manager-side matters and it is often engaged by major bulge bracket banks. The firm also handles issuer-side work, particularly in its industry sweet spots of energy, utilities, gaming and healthcare. Among its other distinguishing factors, the group’s solid project finance offering positions it to advise on complex project financings completed through the issuance of high-yield notes. In Houston, Henry Havre is noted for his strong activity in energy-related high-yield offerings, where he represents issuers, underwriters and private equity funds. Houston-based Michael O’Leary co-heads the firm’s corporate team and is also noted for energy-related transactions. The capital markets department is co-led by Susan Failla and Peter O’Brien in New York, together with Houston-based Courtney Cochran Butler and Richmond’s David Wright.

Practice head(s):

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

Other key lawyers:

Henry Havre; Michael O’Leary

Key clients

AG Mortgage Investment Trust, Inc.

American Electric Power Company, Inc.

Annaly Capital Management, Inc.

Ashford Hospitality Prime, Inc.

Avangrid, Inc.

Barclays Capital Inc.

BNY Capital Markets, LLC

AG Mortgage Investment Trust, Inc.

American Electric Power Company, Inc.

Annaly Capital Management, Inc.

Ashford Hospitality Prime, Inc.

Avangrid, Inc.

Barclays Capital Inc.

BNY Capital Markets, LLC

CenterPoint Energy Inc.

Chatham Lodging Trust

Chimera Investment Corporation

City Office REIT, Inc.

Credit Suisse Securities (USA) LLC

Consolidated Edison, Inc.

Duke Energy Corp

Enterprise Products Partners L.P.

Evergy, Inc.

Goldman Sachs & Co. LLC

Great Plains Energy Incorporated

Hersha Hospitality Trust

J.P. Morgan Securities LLC

Just Energy Group Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

MFA Financial, Inc.

Morgan Stanley & Co. LLC

MUFG Securities Americas Inc.

National Fuel Gas Company

NextEra Energy, Inc.

NGL Energy Partners LP

NuStar Energy L.P.

NiSource, Inc.

Oncor Electric Delivery Company LLC

Pebblebrook Hotel Trust

PG&E Corporation

Puget Sound Energy, Inc.

Sanchez Midstream Partners LP

The Southern Company

Summit Hotel Properties, Inc.

SunTrust Robinson Humphrey, Inc.

Sunoco LP

TETRA Technologies, Inc.

UBS Investment Bank

Westar Energy, Inc.

WEC Energy Group, Inc.

Xcel Energy Inc.

Xenia Hotels & Resorts, Inc.

Work highlights

  • Advised JP Morgan Securities, as representative for the initial purchasers, on USA Compression Partners’s $750m offering of senior notes.
  • Represented Citigroup Global Markets, as representative of the initial purchasers, on a $700m private placement by NextEra Energy Operating Partners.
  • Acted for Hilcorp Energy I on its $600m offering of senior notes.
  • Represented NGL Energy Partners on a $450m private placement.

Jones Day

Jones Day’s issuer-focused practice combines deep transactional expertise with robust regulatory support. The diverse group regularly works alongside the firm’s litigation, restructuring and regulatory departments to provide full-service assistance on multi-faceted finance deals. Well-represented domestically throughout its extensive national network, the team also benefits from its ability to lean on international platforms in Asia, Europe, Latin America and the Middle East for extra firepower in multi-jurisdictional deals. Its client base is equally comprehensive and it acts across all key industry sectors, particularly energy, financial services, transport and technology. Cleveland-based Michael Solecki is a key contact and his practice spans day-to-day corporate governance matters through to major finance transactions, with an emphasis on debt offerings. In New York, Rory Hood advises emerging growth companies through to multinational corporations on the full range of debt and equity capital markets deals. New York-based Brett Barragate chairs the financial markets practice for the Americas region and is also noted.

Practice head(s):

Brett Barragate

Other key lawyers:

Rory Hood; Michael Solecki

Key clients

Deutsche Bank AG

Lam Research Corporation

Nutrien

Omnicom Group Inc.

TransDigm Group Incorporated

Wabtec Corporation

Work highlights

  • Represented TransDigm Group on its $4bn offering of senior secured notes and also on its $550m offering of senior subordinated notes.

Kirkland & Ellis LLP

Corporate powerhouse Kirkland & Ellis LLP continues to increase its share of high-yield debt transactions. The issuer-focused practice now ranks second in the country by annual deal value for high-yield deals and it attracts many of the headline multibillion-dollar offerings that come to market. The group’s ability to link up with the wider firm’s premier private equity practice is a significant asset in this space, while its broad institutional client base ensures it is experienced across a comprehensive range of industry sectors. New York-based Joshua Korff is widely acknowledged as a leading light and primarily represents private equity sponsors and public companies on on high-yield deals. New York’s Richard Aftanas focuses on advising issuers on a mix of public and private finance transactions, including high-yield offerings. In Los Angeles, Philippa Bond regularly acts for a broad mix of issuers, sponsors and underwriters in capital markets matters. Additional contacts include Christian Nagler and Sophia Hudson in New York as well as Chicago-based James Rowe.

Practice head(s):

Joshua Korff

Key clients

Allied Universal

Ares Management L.P.

Neiman Marcus Group, Inc.

Avis Budget Group

CDW Corporation

Charter Communications, Inc.

Clear Channel Worldwide Holdings, Inc.

iHeart Communications, Inc.

Frontier Communications Corporation

GrubHub Inc.

Huntsman International LLC

Inmarsat

Nexstar Media Group, Inc.

Restaurant Brands International Inc.

Reverence Capital Partners, L.P.

Advisor Group Holdings, Inc.

Sycamore Partners Management, LLC

Staples, Inc.

Teva Pharmaceutical Industries

The Dun & Bradstreet Corporation

The Kraft Heinz Company

Univar, Inc.

Whirlpool Corporation

Work highlights

  • Represented Staples on its high-yield notes offering, totaling $3bn.
  • Acted for Kraft Heinz on a $3bn private three-tranche high-yield debt offering.
  • Advised Clear Channel Worldwide Holdings, as issuer, in four offerings worth a combined $4.7bn.
  • Acted for Inmarsat on its $2bn high-yield debt offering.
  • Represented Charter Communications, as issuer, in over $4.5bn worth of high-yield note offerings during 2019.

Latham & Watkins LLP

Latham & Watkins LLP’s dominant high-yield debt practice is distinguished by its strong activity for both issuers and underwriters in high-end offerings. The well-balanced team is best known for its experience in complex, event-driven deals, such as its recent advice to the lead arrangers on Panther BF Aggregator 2 LP’s $10bn financing, which was used to support Brookfield Business Partners and Caisse de dépôt et placement du Québec’s $13.2bn acquisition of the power solutions business of Johnson Controls — one of the largest private equity deals of the year. Marc Jaffe chairs the firm’s corporate practice globally and is recognized for his track record in complex, multifaceted high-yield debt transactions. Global capital markets head Ian Schuman is also widely acknowledged as a market leader and routinely represents issuers and underwriters in US and cross-border high-yield matters. In Washington DC, private equity specialist Patrick Shannon is also recommended for his robust high-yield debt practice. The group further draws on the senior expertise of Senet Bischoff, Washington DC-based Rachel Sheridan and Keith Halverstam. Stelios Saffos is an increasingly prominent up-and-coming partner. Named partners are based in New York, unless otherwise stated.

Practice head(s):

Ian Schuman

Key clients

The Carlyle Group

J.P. Morgan

Goldman Sachs

Archrock, Inc.

Jefferies

Scientific Games

Morgan Stanley

Platinum Equity

Golden Entertainment

CommScope, Inc.

Work highlights

  • Represented JP Morgan on Panther BF Aggregator 2 LP’s $10bn worth of loan and debt transactions, which included a $1.9bn bond offering.
  • Advised Goldman Sachs on Staples’ $3bn notes issuance.
  • Acted for CommScope on its $3.7bn notes offering.
  • Assisted JP Morgan with Sirius XM Holdings’s $1.5bn notes issuance.
  • Represented Scientific Games Corporation on its $1.1bn high-yield offering.

Mayer Brown

Mayer Brown’s comprehensive capital markets offering primarily represents issuers in private and public high-yield debt transactions. In terms of industry strong suits, the team has a prominent presence in energy-related matters and it also handles a significant volume of offerings by financial services companies. The firm also maintains a solid record in multi-jurisdictional files, where it links up with its global network for international support in resource-heavy, cross-border cases. New York-based Anna Pinedo co-leads the department globally and leverages strong skill sets in capital markets and structured finance to excel in representing financial institutions and REITs in major offerings. Chicago-based Edward Best co-heads the team; he represents both issuers and underwriters, with an emphasis on offerings by financial institutions. Additional contacts include Houston-based William Heller, who is recommended for energy offerings, and New York-based John Berkery.

Practice head(s):

Edward Best; Anna Pinedo

Other key lawyers:

John Berkery; William Heller

Key clients

Barclays Capital

BMO Capital Markets

BNP Paribas

BofA Securities

Citigroup

Concho Resources

Craig-Hallum

Credit Suisse

Deutsche Bank

FBR Capital Markets

Finansbank A.S.

Garanti Bank

Global Bank Corporation

Goldman Sachs & Co.

Great Ajax Corp.

Halcón Resources Corporation

HSBC

J.P. Morgan

JMP Securities

KBR, Inc.

Keefe, Bruyette & Woods (KBW)

Kirby Corporation

Lloyds Securities

Mizuho Securities

Morgan Stanley

National Bank of Canada

Natixis

Nomura

PNC Capital Markets

Raymond James & Associates

RBC Capital Markets

Scotia Capital / Bank of Nova Scotia

Stifel

Türkiye Cumhuriyeti Ziraat Bankasi A.S.

Turkiye Sise ve Cam Fabrikalari A.S.

Turkiye Vakiflar Bankasi T.A.O

UBS Securities

US Bancorp

Wells Fargo Securities

Yum! Brands

Work highlights

  • Represented Yum! Brands on its $800m offering of senior notes.
  • Advised KBR, as issuer, on a $350m offering of convertible senior notes.
  • Acted for Global Bank Corporation on its $300m offering of senior fixed-to-floating notes.
  • Advised Fibabanka on its $500m notes issuance.
  • Represented Turkiye Vakiflar Bankasi on its $600m notes offering.

Milbank

Although Milbank advises both issuers and underwriters, the finance powerhouse is best known for its ability to utilize its institutional relationships with major lenders to specialize in bank-side representations. A popular choice for global offerings, particularly involving Latin America, the firm is often called in to advise on complex, heavily structured cross-border deals, often involving acquisition finance or project bond elements. The New York-based team can turn its hand to deals in any industry sector, with its recent experience encompassing offerings in the aviation, energy, gaming and financial services spheres. Rod Miller heads up the US securities practice and has a strong profile for high-yield debt work, especially related to M&A financings and other strategic transactions. Marcelo Mottesi leads the global capital markets group and is recommended for his expertise in Latin America-related deals. Brett Nadritch has a marked international dimension to his practice and is also recommended.

Practice head(s):

Marcelo Mottesi

Other key lawyers:

Benjamin Miles; Rod Miller; Brett Nadritch 

Key clients

Bank of America Merrill Lynch

Barclays Capital

Citigroup

MUFG Securities

Credit Suisse

Deutsche Bank

Goldman Sachs

JPMorgan Securities LLC

MGM Resorts International/MGP

Morgan Stanley & Co. LLC

Work highlights

  • Represented the initial purchasers on a Rule 144A/Regulation S offering of senior unsecured notes by Virgin Australia Holdings.
  • Advised the underwriters on TerraForm Power Operating’s $700m high-yield offering.
  • Acted for the initial purchasers on a $750m notes offering by American Airlines Group.
  • Advised MGM China Holdings on its two-tranche 144A/Regulation S bond issuance, totaling $1.5bn.
  • Represented the initial purchasers on United Continental Holdings’ $350m offering of senior notes.

Paul Hastings LLP

Paul Hastings LLP strikes the right note with its ‘exceptional exposure to high-yield Latin American markets’, while its client focus, communication skills and market experience are also recurring themes among sources. Particularly well versed in representing investment banks as underwriters, the group also advises private equity sponsors, corporate issuers and debt funds on high-yield debt transactions. The firm made significant moves to diversify its practice during 2019, with a flurry of high-profile lateral hires. Most notably, Frank Lopez joined in New York from Proskauer Rose LLP as new co-head of global capital markets alongside Teri O’Brien, Jonathan Ko joined in Los Angeles from Skadden, Arps, Slate, Meagher & Flom LLP, while of counsel James Shea arrived in New York from Sullivan & Cromwell LLP. Other key names in the team include New York-based leveraged finance specialist John Cobb, who is particularly experienced in advising banks on high-yield deals. Michael Fitzgerald is roundly praised for Latin America-related work and is highlighted together with Arturo Carrillo and Joy Gallup as forming an experienced team that is ‘almost impossible to replicate in the current market’.

Practice head(s):

Frank Lopez; Teri O’Brien; John Cobb

Testimonials

Paul Hastings’ unique team has, time and time again, proven that its deep knowledge and dynamism is up to the challenge of the most complex transactions.’

Business-oriented team, with extreme dedication to the client and its needs, high profile individuals with tremendous experience in LatAm.

The team is so well put together that it makes it very easy to work with them.’

The firm’s professionals demonstrate a true and genuine interest in succeeding along with its clients.

Client-centered and highly skilled in managing relationships; professionals connect easily with other participants in the transaction and are deeply committed to their clients and their transactions.’

Partners Michael Fitzgerald and Joy Gallup are widely recognized as industry leaders. Their constant involvement and innovation in the field prove the added value they bring to the table.

The exposure that team leader Michael Fitzgerald, Arturo Carrillo and Joy Gallup have to high-yield Latin american markets is exceptional. These guys “have seen it all” and are therefore very capable of handling any transaction thrown at them and making it look like a walk in the park.’

Michael Fitzgerald’s experience, together with Arturo’s work structure and Joy’s technical capabilities, combine with their great communication to make this team hard to compete with and almost impossible to replicate in the current market.’

Key clients

Alpek, S.A.B. de C.V.

Axtel

Bank of America Merrill Lynch

BBVA

BMO Capital Markets

Citigroup

Crédito Real

Credit Suisse

Credivalores – Crediservicios S.A.S.

Dole Food Company, Inc.

Goldman Sachs

HSBC

Jefferies

J.P. Morgan Securities

Metalsa, S.A. de C.V.

Nemak, S.A.B. de C.V.

RBC

Stifel

Vanguard Natural Resources, Inc.

Barclays

GI Partners

Work highlights

  • Advised the bookrunners on a $1bn offering of senior notes by Fibra Uno.
  • Represented Citigroup Capital Markets and JP Morgan Securities, as initial purchasers, on an add-on notes offering by Five Point Operating Company and Five Point Capital Corp.
  • Advised the underwriters (Goldman Sachs, Citi and BBVA) on Televisa’s $750m SEC-registered senior notes offering.
  • Acted for Alpek on its $500m international offering of guaranteed senior notes.
  • Represented Maxcom Telecomunicaciones on the successful restructuring of its senior notes.

Paul, Weiss, Rifkind, Wharton & Garrison LLP

The ‘very strong team’ at Paul, Weiss, Rifkind, Wharton & Garrison LLP is highly regarded for its experience representing major private equity funds, and their portfolio companies, in acquisition financing transactions and associated high-yield debt offerings. The New York-based group is best known for its issuer-side practice and it consistently advises across all industry sectors, with notable expertise in the telecoms, technology, fashion and energy spheres. Gregory Ezring co-heads the North American capital markets and securities practice and is widely recognized as a specialist in high-yield debt transactions; he is particularly active on behalf of private equity funds, including Apollo Global Management and its portfolio companies. John Kennedy co-heads the department and advises both issuers and underwriters across the full range of public and private securities offerings. Monica Thurmond, deputy chair of the corporate department, specializes in advising issuers on capital markets and leveraged finance transactions. Additional contacts include private equity specialist Tracey Zaccone and corporate finance partner Brian Janson.

Practice head(s):

Gregory Ezring; John Kennedy

Testimonials

A very strong team – considers issues thoughtfully and protects their client.’

Strong lawyers, good to work with, constructive.

Key clients

ADT, Inc.

AMN Healthcare, Inc.

Dana Incorporated

Garrett Motion Inc.

Hexion Inc.

Howden

JPW Industries Holding Corporation

Prime Securities Services Borrower LLC

Prime Finance Inc.

Shutterfly, Inc.

Spectrum Brands, Inc.

Taylor Morrison Communities Inc.

Work highlights

  • Advised ADT on its $612m offering of senior notes.
  • Advised Shutterfly, a portfolio company affiliated with Apollo Global Management, on its $785m notes offering.
  • Acted for Hexion on its offering of $450m worth of senior notes.
  • Represented AMN Healthcare on its $300m high-yield debt offering.
  • Advised Dana Incorporated on its $300m offering of senior notes.

Ropes & Gray LLP

Private equity powerhouse Ropes & Gray LLP significantly increased its share of high-yield deals during 2019, despite the challenging market. The issuer-side group climbed to within the top ten firms for US high-yield debt offerings, by both value and deal count, following strong activity in both standalone offerings and LBO-related transactions. A popular choice for major global private equity players, the team counts Bain Capital, Madison Dearborn Partners and TPG Capital among its clients — it also represents public companies. In addition, the US team routinely acts alongside its offices in Europe and Asia to advise on multi-jurisdictional offerings. In New York, global finance co-head Stefanie Birkmann is recommended for her strong experience in leveraged acquisitions and recapitalizations, as well as cross-border transactions. Alexander Zeltser is another key contact in New York and represents private equity firms, investment banks, public companies and debt investors on a range of financing transactions. In Boston, global finance co-head Byung Choi is a key contact for high-yield bond offerings.

Practice head(s):

Stefanie Birkmann; Byung Choi

Other key lawyers:

Jay Kim; Alexander Zeltser

Key clients

American Industrial Partners

Bain Capital

Genstar Capital

CCMP Capital

IQVIA (f/k/a/ QuintilesIMS Holdings)

Madison Dearborn Partners

NFP Corp.

Samsonite International S.A.

TPG Capital

Welsh Carson Anderson & Stowe

Work highlights

  • Represented Surgery Partners on its $430m offering of senior unsecured notes
  • Acted for Michaels Stores on its $500m high-yield offering.
  • Represented US Renal Care on its $505m offering of senior unsecured notes.
  • Advised Truck Hero, a portfolio company of CCMP Capital, on its $335m offering of senior notes to support Truck Hero’s acquisition of Lund International Holdings Company.
  • Acted for Cabot Corporation on its $300m public offering.

Shearman & Sterling LLP

The ‘extremely responsive’ team at Shearman & Sterling LLP impresses with its ‘very knowledgeable and very commercial lawyers’. Widely recognized among the most active underwriter-side firms, the New York-based group routinely advises major global financial institutions on domestic and cross-border offerings. The team also leverages the wider firm’s diverse corporate client base to continue to raise its profile in issuer-side work, with recent strong showings in the chemicals, construction, energy, financial services and technology sectors. Jonathan DeSantis leads the capital markets team for the Americas and his practice spans a varied mix of financing transactions, including high-yield bond offerings and leveraged finance deals. Jason Lehner splits his time between New York and Toronto and has a focus on Canadian-related capital markets transactions — he also advises on corporate governance matters. Up-and-coming partner Merritt Johnson is ‘excellent’ and primarily represents financial institution clients, including Goldman Sachs and Morgan Stanley, on high-yield debt offerings.

Practice head(s):

Jonathan DeSantis

Other key lawyers:

Merritt Johnson; Jason Lehner

Testimonials

Dedicated partners, who are very knowledgeable and very commercial lawyers.’

The team has a very good sense for what is “market” and what is getting done.

‘Never feel like I am pushed to associates. Partners will always make time and are also close to the issues. That being said, they have a good bench, with knowledgeable associates who can step up as necessary.’

Extremely responsive and always make time. I would also say that they know how to boil matters down to really key issues and not waste time on things that are not important.

They take time to get to know your firm and what things may not be issues for others, but may be specific issues for you.

Merritt Johnson and finance partner Maura O’Sullivan are both excellent and I would highly recommend them to anyone.

Key clients

American Axle & Manufacturing

Bank of America Merrill Lynch

Citigroup

Credit Suisse

Goldman Sachs

Jefferies Finance

J.P. Morgan

Mattamy Group Corporation

Morgan Stanley

Service Corporation International

Work highlights

  • Advised the joint lead and bookrunning managers on a $2bn senior notes offering by SS&C Technologies.
  • Acted for Service Corporation International on its $750m senior unsecured notes offering.
  • Represented JP Morgan Securities, as representative of the initial purchasers, on Sealed Air Corporation’s $425m private placement of senior notes.
  • Advised the underwriters on a $400m senior secured notes offering by Avon International Capital.
  • Represented the initial purchasers on Harsco Corporation’s $500m senior notes offering.

Simpson Thacher & Bartlett LLP

An established leader in high-yield debt transactions, Simpson Thacher & Bartlett LLP’s broad practice combines high-end experience in both company and underwriter-side mandates. The New York-based group is a popular choice for riskier first-time issuers, but it also remains a key partner to seasoned private and public issuers, as well as domestic and international banks. In addition, the team leverages the wider firm’s top-tier private equity practice to offer strong expertise in advising private equity sponsors, and their portfolio companies, on complex high-yield matters. Arthur Robinson heads the capital markets department globally and has deep experience in high-yield debt deals, particularly in the life sciences, energy, communications and retail sectors. Marisa Stavenas had a strong year on the high-yield side, which included advising Sirius XM Radio on two high-yield offerings totaling $2.7bn. Richard Fenyes is recommended for his emphasis on representing private equity sponsors on high-yield debt matters. John Ericson also continues to build up his reputation in the high-yield area, with a strong recent run of high-profile underwriter-side deals.

Practice head(s):

Arthur Robinson

Other key lawyers:

David Azarkh; John Ericson; Richard Fenyes; Marisa Stavenas

Key clients

Affiliated Managers Group, Inc.

APX Group, Inc.

Ascend Learning, LLC

Aston Martin Capital Holdings Limited

Barclays

BMO Capital Markets

BofA Merrill Lynch

BRF S.A.

Cedar Fair, L.P.

CHS/Community Health Systems, Inc.

Cirsa Finance International S.á r.l.

CNO Financial Group, Inc.

Credit Suisse

Dell Inc.

Deutsche Bank Securities

Ensign Drilling Inc.

GFL Environmental Inc.

Goldman Sachs & Co. LLC

Hilton Worldwide Holdings Inc.

J.P. Morgan

Masonite International Corporation

Morgan Stanley

RBC Capital Markets

Sirius XM Radio Inc.

SS&C Technologies, Inc.

Summit Materials, LLC

SunTrust Robinson Humphrey

TD Securities

TPC Group Inc.

Wells Fargo Securities

Work highlights

  • Represented Sirius XM Radio in two high-yield offerings, totaling $2.7bn.  
  • Advised the initial purchasers, led by JP Morgan, on the $4.8bn high-yield debt offering of Diamond Sports Group LLC and Diamond Sports Finance Company.
  • Acted for Hilton Worldwide Holdings on its $1bn Rule 144A/Regulation S offering of senior notes.
  • Advised the initial purchasers, led by JP Morgan Securities, on a $1.5bn Rule 144A/Regulation S high-yield offering by Par Pharmaceutical, a subsidiary of Endo International.
  • Acted for Community Health Systems on its $1.6bn Rule 144A/Regulation S notes offering.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP houses a diverse high-yield debt practice, which consistently represents public and private companies, underwriters and private equity funds in major, multibillion-dollar offerings. The national group is well versed across the full spectrum of private and public issuances, with notable expertise in deals connected to acquisition financings or restructurings. It also leans on its extensive global network to pack a punch in cross-border offerings — for both US and international issuers. David Goldschmidt heads the global capital markets group and is recognized for his strong record in REIT, life sciences and private equity-related work. Michael Zeidel heads the capital markets practice for the Americas and brings to bear strong skill sets in acquisition finance and liability management transactions. Other names to note include seasoned specialist Gregory Fernicola and Dwight Yoo, who is noted for his emphasis on offerings in the financial services, particularly insurance, sector. Named partners are based in New York.

Practice head(s):

David Goldschmidt; Michael Zeidel

Other key lawyers:

Gregory Fernicola; Dwight Yoo

Work highlights

  • Represented NCR Corporation on its $1bn  high-yield offering of senior notes in two tranches.
  • Advised Par Pharmaceutical on its $1.5bn Rule 144A/Regulation S high-yield offering of senior secured notes.
  • Represented Acrisure LLC and Acrisure Finance on their $400m Rule 144A/Regulation S high-yield offering of senior notes and also on their $750m Rule 144A/Regulation S high-yield offering of senior secured notes.
  • Advised BofA Securities, Citigroup Global Markets, Morgan Stanley and Scotia Capital (USA), as joint bookrunning managers, on a $400m Rule 144A/Regulation S high-yield offering by Avis Budget Car Rental LLC and Avis Budget Finance.
  • Acted for BofA Securities and Wells Fargo Securities, as joint bookrunning managers, on a $500m Rule 144A/Regulation S high-yield offering of senior notes by Masonite International Corporation.

Sullivan & Cromwell LLP

A key player in cross-border offerings, Sullivan & Cromwell LLP is distinguished by its experience in structuring complex transactions involving multinational corporations with global subsidiaries. The firm consistently represents both issuers and underwriters and is active across all industry segments. New York-based Robert Downes co-heads the capital markets group together with New York-based Catherine Clarkin and Palo Alto’s Sarah Payne.

Vinson & Elkins LLP

Vinson & Elkins LLP is commended for its ‘great commercial knowledge of the energy sector’ — it also has strong experience in the real estate and technology spheres. The Houston-based practice handles a mix of issuer and underwriter representations and is often engaged by leading global investment banks, including Deutsche Bank, Goldman Sachs and JP Morgan. The group is also distinguished by its broad sector offering and it is well versed in public and private issuances across a range of high-yield products, including first- and second-lien secured notes, senior unsecured notes, subordinated notes and payment-in-kind toggle notes. David Oelman co-heads the capital markets department and specializes in representing issuers and underwriters on transactions involving oil and gas corporates and oilfield service companies. Firm chairman Mark Kelly is another key contact and maintains an active capital markets practice, with a strong emphasis on energy-related work. Matthew Strock co-heads the capital markets group and is noted for his record in private equity-related matters.

Practice head(s):

David Oelman; Matthew Strock

Other key lawyers:

Mark Kelly

Testimonials

Great commercial knowledge of the energy sector.

Key clients

ACRE Realty Investors, Inc.

Alliance Holdings GP, LP

Alon USA Energy, Inc.//Alon USA Partners, LP

Alpine Income Property Trust, Inc.

American Housing REIT Inc.

Antero Midstream Partners LP

Antero Resources Corporation

Approach Resources, Inc.

Arc Logistics Partners LP

ArcBest Corporation

Archrock Partners, L.P.

Asta Funding, Inc.

Belden Inc.

Berry Petroleum Corporation

Clayton Williams Energy, Inc.

Cloud Peak Energy, Inc. / Cloud Peak Resources LLC

Columbia Pipeline Group, Inc.

Concho Resources Inc.

Contango Oil & Gas Company

Devon Energy Corporation

Ellington Financial LLC

Ellington Residential Mortgage REIT

Enable Midstream Partners, LP

Enbridge Energy Partners, L.P.

Energy Transfer Partners, L.P.

Enviva Partners, LP

Esta Link, Inc.

Extraction Oil & Gas, Inc.

EZCORP, Inc.

FMC Technologies, Inc.

New Fortress Energy LLC

New York Mortgage Trust, Inc.

Newfield Exploration Company

Bank of America Merrill Lynch

Bank of America Securities, LLC

Bank of American Corporation

Barclays Capital Inc.

BMO Capital Markets

Citibank, N.A.

Citigroup Global Markets, Inc.

Compass Point Research & Trading LLC

Credit Agricole

Credit Suisse

Deutsche Bank

Goldman Sachs & Company

J.P. Morgan

JMP Securities, LLC

JonesTrading

Ladenburg Thalmann

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Morgan Stanley

MUFG

Raymond James & Associates, Inc.

RBC Capital Markets, LLC

Stifel

US Bancorp

Wells Fargo Securities, LLC

Work highlights

  • Represented Targa Resources Partners on its $1bn offering of senior notes.
  • Advised Endeavor Energy Resources on its $500m offering of senior notes.
  • Acted for Beazer Homes USA on its $350m high-yield debt offering.
  • Represented Goldman Sachs, as lead underwriter, on EVOCA’s €550m notes offering.
  • Advised JP Morgan, as lead underwriter, on Ithaca Energy’s $500m offering of senior notes.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP’s high-yield debt offering draws on the firm’s leveraged finance, capital markets and private equity practices to provide comprehensive support on high-yield finance matters. The New York-based group advises both issuers and underwriters on private and public offerings but is particularly active on behalf of corporate issuers in this space. Its broad international network also ensures the firm is a regular fixture on cross-border transactions, particularly involving Europe, Asia and Latin America. Corey Chivers is a key contact for high-yield debt offerings and counts corporations, investment banks and multinational financial institutions among his clients. Alexander Lynch is noted for his focus on representing private equity-backed portfolio companies in capital markets transactions.

Practice head(s):

Alexander Lynch

Other key lawyers:

Corey Chivers

Key clients

Advent International

AMC Entertainment

Avolon Holdings Limited

Brookfield Asset Management

Citigroup

Deutsche Bank

Eli Lilly and Company

Fidelity National Financial

Getty Images

Highbridge Capital Management

Morgan Stanley

Sears

Signet Jewelers Limited

TE Connectivity

Tops Markets

Willis Towers Watson

Work highlights

  • Advised AMC Entertainment Holding on its $600m notes offering.  
  • Advised Highbridge, as lead investor, on an $82m high-yield offering by Senseonics Holdings.
  • Represented Softtek Integration Systems on its $75m private placement of senior secured high-yield notes.

White & Case LLP

White & Case LLP houses a ‘well-diversified’ capital markets group, which is held up for its impressive ‘depth of expertise’. The New York-based team covers the waterfront on high-yield debt transactions, with its robust global presence marking it as a strong performer in cross-border offerings, particularly involving Latin America and Europe. On the issuer front, the firm is consistently involved in multibillion-dollar offerings, with its recent sector coverage encompassing energy, financial services and consumer products, among others. On the bank side, the firm’s institutional links to major lenders translates into a comprehensive list of underwriter-side clients. Daniel Nam is a senior member of the capital markets practice and focuses on high-yield and investment grade debt translations. Up-and-coming partner Jonathan Michels is a ‘true partner in the execution process’ and routinely represents issuers, sponsors and investment banks on offerings in the US and abroad. The team also includes corporate finance partner Andrew Weisberg and talented associate Rafael Roberti. David Thatch heads up the Americas capital market section.

Practice head(s):

David Thatch

Testimonials

Having worked with many large firms, there are none with the depth of expertise of White & Case. The roster of geographic and sector experts has been instrumental in advancing complex and difficult transactions within the last 12 months.’

Knowledgeable about the pressure points for internal counsel and commercial and reasonable in negotiations, which makes the negotiation process smoother.’

Well-diversified team with complementary skills.

Individuals understand very well the clients’ needs and are very well-skilled to deliver high-quality work.’

In diverse sectors, including financial services and mining, White & Case has consistently allowed us to put our best foot forward to the market and impressed clients.’

Very knowledgeable on capital markets, very responsive, easy to work with, constructive, particularly Daniel Nam and Jonathan Michels.’

Jonathan Michels is always accessible and willing to help, even on a one-off basis. He is good about delivering his firm as a one-stop-shop solution, which is helpful in international or cross-border transactions.’

Jonathan Michels has been a pleasure to work with this year. Many lawyers (including Jonathan) are excellent technical lawyers, but Jonathan is a true partner in the execution process.’

Jonathan Michels is a trusted resource for legal questions during business development activities. His knowledge and ability to integrate other White & Case partners and bring them seamlessly into the fold has been valuable.

Key clients

Avon Products, Inc.

BMO Capital Markets Corp.

Deutsche Bank

EchoStar Corporation

Elliott Management Corp.

JBS S.A.

Jefferies LLC

Morgan Stanley & Co. LLC

Roark Capital

Stone Point Capital

Talen Energy Supply, LLC

The Hertz Corporation

Transocean Ltd.

Work highlights

  • Represented JBS, and its subsidiary JBS USA, in eight separate offerings of high-yield notes totaling $4.7bn.
  • Advised Avon International Capital on its $400m high-yield offering.
  • Advised Morgan Stanley, and the other initial purchasers, on a $1bn high-yield debt offering by Brookfield Property REIT, BPR Cumulus, BPR Nimbus and GGSI Sellco.
  • Advised Jefferies, as initial purchaser, on HC2 Holdings’ concurrent note offerings, worth a combined $525m.
  • Represented Transocean on its $750m notes offering.