USA - Nationwide - Capital Markets: High-Yield Products Lawyers & Law Firms - USA - Chambers and Partners
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Capital Markets: High-Yield Products — USA - Nationwide


Cahill Gordon & Reindel LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Highly respected team with peerless strength in high-yield offerings as well as extensive expertise in some of the most complex investment-grade debt matters. Possesses a growing equity division, advising on an extensive array of high-value public stock issuances, representing a raft of underwriters and issuers. Additionally acts for lead arrangers on leveraged loans.

Strengths Admiring peers state that "Cahill is still dominant in the high-yield market."

Clients highlight "speed, accessibility and market share" as being the key strengths of the Cahill team.

Work highlights Represented J.P. Morgan Securities as sole book-running manager in connection with The Nielsen Company's $500 million Rule 144A offering of 5% senior notes.

Acted for Morgan Stanley as joint book-running managers and co-manager in connection with Netflix's $1.3 billion Rule 144A offering.

Provided counsel to Citigroup in connection with the public offering of $1.5 billion worth of Senior Secured Notes by HCA.

Notable practitioners

James Clark has an excellent reputation for his work on high-yield products, with one peer going so far as to say: "He's clearly a top guy in high yield." He also works on both the debt and equity side of the market for investment banks and corporates in the space.

William Hartnett has a strong practice acting on debt and equity securities transactions, and is particularly adept at handling issuances of both secured and unsecured high-yield debt securities.

Douglas Horowitz represents some of the leading investment banks on issuance transactions of both secured and unsecured high-yield debt securities. He is well regarded by market sources, with a peer describing him as "very helpful, creative and a good collaborator."

Jonathan Schaffzin is lauded as a "really fine lawyer" by peers, and is known for his work on a range of debt-related securities transactions, for which he represents both issuers and borrowers. Clients say: "He is an extraordinary lawyer – not just a lawyer who explains legal arguments, but he also provides guidance from a business perspective."

Daniel Zubkoff works on high-yield debt offerings, restructurings and equity-linked securities, among other things, for both domestic and international clients. He recently acted for J.P. Morgan, Merrill Lynch and others as initial purchasers in connection with Live Nation's 144A offering of $575 million of senior notes.

John Tripodoro focuses his practice on the high-yield space, handling a number of debt transactions, as well as restructurings and IPOs. In the past year he has acted with many of the world's leading investment banks as initial purchasers on numerous public offerings.

About the Team (content provided by Cahill Gordon & Reindel LLP)

Department profile not yet provided by Cahill Gordon & Reindel LLP. Please see their firm profile.

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Cravath, Swaine & Moore LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Experienced in handling high-level matters for a significant book of issuer and underwriter clients. Regularly sought for advice on complex or esoteric capital markets issues and gains recognition for its expertise in high-yield debt offerings. Strong links with institutional corporate clients, granting the team an enviable level of market awareness.

Strengths "The team takes a very proactive approach in helping us identity opportunities and address issues," one client comments, adding: "They go the extra mile to position us for success."

One client describes Cravath as its "go-to" in the debt & equity space, highlighting the "very collaborative nature, incredible variety of experts available, and understanding of the business issues and pressures we face" as among the team's strengths.

Work highlights Represented Schneider National in connection with its $613 million IPO.

Notable practitioners

Andrew Pitts garners praise from commentators for his work on public and private securities offerings, as well as liability management issues. Clients deem him a "top-notch, phenomenal lawyer" and praise his ability to "give quick responses and well thought-out answers."

Craig Arcella is well respected by his sources, with one peer describing him as "smart, constructive and responsive." He handles a wide range of debt and equity offerings, representing both issuer and underwriter clients.

"Terrific lawyer" Stephen Burns is co-head of Cravath's financing practice and regularly advises investment banks in connection with private and public securities offerings, as well on general corporate matters. Sources describe him as "a very smart guy who is solutions-oriented, even-keeled and has a great personality."

William Fogg is a "terrific lawyer" according to his peers, and clients also praise his "breadth of knowledge, unmatched experience and collaborative style." He is cochair of the firm's financing practice and assists clients with high-yield debt offerings, as well as other public and private securities transactions.

William Whelan is well versed in securities matters, with notable experience advising issuers and investment banks on IPOs and high-yield offerings, among other capital markets transactions. Sources say: "Bill is excellent – very strong on high-yield debt and overall a good guy to work with."

About the Team (content provided by Cravath, Swaine & Moore LLP)

To learn about the Firm's practices, please visit https://www.cravath.com/practices.

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Davis Polk & Wardwell LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Demonstrates prowess in a range of capital markets transactions, both domestically and on an international scale, with a host of talented and experienced associates supporting a team of renowned partners in the space. Acts for an enviable roster of clients and is particularly adept at handling the largest IPOs in the market, as well as high-yield and investment-grade debt offerings.

Strengths Clients say: "They're one of the best on the Street," adding: "They have got a great depth of experience and think through issues well."

"Davis Polk is one of the best law firms in this area and consistently do a perfect job on transactions," enthuses one very satisfied client.

Work highlights Acted for the underwriters on numerous secondary offerings made by Hilton throughout the course of 2016 and 2017, with an aggregate value of $2.63 billion.

Provided counsel to the joint book-running managers on the $1.25 billion Rule 144A/Regulation S offering by CF Industries Holdings.

Notable practitioners

Richard Truesdell "has an encyclopedic knowledge of his area of expertise and is proactive at spotting issues ahead of us," his clients reveal. He is incredibly well respected in the market, being described as "exceptional," "an excellent lawyer" and "the best capital markets lawyer on the Street." He acts for some of the leading investment bank clients on a plethora of debt and equity offering transactions.

Michael Kaplan is notable for his broad practice advising issuers and underwriters on both public and private debt and equity offerings, and also for his work on leveraged finance matters. He has an excellent reputation among his peers, with one in particular commenting: "Michael is brilliant, one of the top in the market."

Alan Denenberg receives kudos for his work with convertible instruments, but has additional elements to his practice such as both equity and debt financing experience in a number of industries including technology, telecommunications and healthcare. Sources consider him to be "experienced, knowledgeable and great to work with." He is head of the firm's Northern California office.

Clients commend Bruce Dallas's "mastery of securities laws," adding: "If I have a really technical question, he is one of my favorite lawyers to go to." He is based on the West Coast and advises clients hailing from the technology sector with high-yield debt and IPOs, as well as convertible debt offerings and repurchase programs.

Joseph Hall is highly sought by clients given his enviable experience working at the SEC. He works on a wide array of capital markets offerings, as well as assisting companies on corporate governance matters related to the transactions he oversees. Commentators consider him to be a "very strong lawyer" who is "very practical."

Deanna Kirkpatrick handles public equity, equity-linked and debt security offering transactions for issuer and underwriter clients. Peers regard her to be a "practical and very knowledgeable practitioner."

John Meade represents a broad range of domestic and international clients in public and private securities offerings. One client says: "John is a truly outstanding lawyer. We continue to be impressed by his deep knowledge and experience of debt and equity capital markets, his ability to foresee issues before they become problems and the remarkable grace and poise with which he addresses complex issues."

Byron Rooney is developing an excellent reputation in the field and wins impressive levels of praise from his clients. One remarks on his "strong relationship skills and excellent abilities in problem solving," while another commends his "outstanding knowledge," further acknowledging him as "thoughtful and thorough." He advises financial institutions and corporate clients on IPOs, private placements, and a range of other debt and equity matters.

About the Team (content provided by Davis Polk & Wardwell LLP)

For more information about Davis Polk’s practices, please visit www.davispolk.com/practices.

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Kirkland & Ellis LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Strong team renowned for work on IPOs and its capabilities in high-yield transactions. Brings together a suite of specializations across the firm to provide the debt and equity practice with well-rounded support. Acts for clients across a range of industries and is a popular choice for private equity funds engaging in complex capital markets transactions.

Strengths "They're very professional, up to speed and practical, as well as being solution seeking and very helpful in crafting creative solutions," clients explain.

"What I like about Kirkland is the 'pull up your sleeves and dig in' mentality and their realistic sense of what's possible in the markets they're serving," reveals one client.

Work highlights Represented Alta Marcellus Development as issuer in the offering of $300 million senior second lien notes.

Represented Blackstone as selling shareholder in NCR's $548 million secondary offering.

Represented Burger King as issuer in its $1.5 billion offering of 4.250% first lien senior secured notes due 2024.

Notable practitioners

Joshua Korff is an acclaimed practitioner in the securities space, well respected for his work on high-yield debt offerings. One client remarks: "He's excellent – my go-to, number one trusted adviser."

Richard Aftanas is regarded as a "high-quality lawyer" by peers, and described by clients as "a very cerebral lawyer who thinks through issues in a very methodical and thoughtful way, and explains them very simply and clearly." He advises clients on the full range of complex securities offerings.

About the Team (content provided by Kirkland & Ellis LLP)

Kirkland has a strong capital markets practice, representing both issuers and underwriters in a wide variety of securities offerings. The large number of corporate transactions in which the Firm is involved has made us seasoned in a number of disciplines (including corporate, commercial lending, tax, securities litigation, environmental, intellectual property, ERISA and real estate) that often need to be marshaled in complex financings. In addition, Kirkland's emphasis on teamwork makes it easier to use the different areas of experience required in a particular transaction for the benefit of the Firm's clients.

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Latham & Watkins LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Able to offer coast-to-coast expertise on the full range of capital markets matters, with particular skill in handling high-yield offerings. Regularly sought by managers for counsel on a variety of debt and equity transactions. Also possesses significant experience advising issuers from a variety of industries on securities deals.

Strengths "They're one of the top firms in the leveraged finance space. They pay great attention to detail and provide really insightful market expertise," remarks one client.

"They are very good at finding solutions and don't have to take a long time to figure out the complicated issues," clients say.

Work highlights Acted for Goldman Sachs on Canada Goose's IPO, a dual listing on the New York Stock Exchange and Toronto Stock Exchange.

Advised Goldman Sachs as the sole initial purchaser of GenOn Energy's Remote Escrow Finance $400 million high-yield debt offering.

Notable practitioners

Marc Jaffe commands an enviable reputation at the top of the market for his work on debt and equity offerings, but is most notable for his handling of IPOs. He is lauded by his clients for possessing "unbelievable judgment" and is also praised for his knowledge of the market.

Michael Benjamin "is top notch" according to clients, who add: "He has an unbelievable grasp of the market, the ability to manage corporate processes, as well as managing a team very well." He works on investment-grade and high-yield debt offerings for issuers and investment banks, as well as also working on LBOs and liability management issues.

Greg Rodgers is held in particularly high regard by his clients, one of whom says: "Greg couldn't be better in terms of knowledge, service and patience with our team." He acts on both equity and debt offerings for issuers, investors and underwriters, with a notable strength on equity-linked securities and high-yield debt offerings.

Ian Schuman is praised for his "great perspective" and his ability to "figure out solutions." He is global cochair of the firm's capital markets practice, representing both issuers and underwriters on IPOs and high-yield debt offerings, among other transactions.

Senet Bischoff "is incredibly personable, very knowledgeable and helpful in navigating through tough issues in a commercial and collaborative way," market commentators reveal. He provides counsel on high-yield debt offerings, as well as IPOs, LBOs and both secured and unsecured offerings.

About the Team (content provided by Latham & Watkins LLP)

Department profile not yet provided by Latham & Watkins LLP. Please see their firm profile.

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Paul, Weiss, Rifkind, Wharton & Garrison LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Represents corporate issuers across a range of fields, including energy, telecommunications and leisure, as well as global investment banks acting as underwriters on capital markets transactions. Regularly advises clients on high-value debt issuances, as well as equity and hybrid securities offerings. Brings to bear recognized strength on IPOs and high-yield products.

Strengths "The team has a keen sense of real-time dynamics of the financing markets, which allows them to give proper guidance and consistently strive to make our financing documents better and better," one client explains.

Work highlights Provided counsel to EP Energy on its Rule 144A private offering of $1 billion of 8.00% notes.

Advised J.Jill in its $152 million IPO.

Notable practitioners

Gregory Ezring is an expert in the area of high-yield debt offerings, on which he advises some of the leading private equity houses and asset managers. Market commentators say; "He is extremely commercial, very analytical and an excellent lawyer," while clients regard him as "very smart, sharp, creative, responsive, client friendly" and praise his ability to "understand complex scenarios."

John Kennedy works with investment bank and issuer clients on debt and equity offerings. One client describes him as "a great lawyer who is knowledgeable and down to earth."

Monica Thurmond is "very aware of the market, very responsive and very hard-working," sources remark. She counsels issuer clients on both debt and equity issuances, including IPOs and high-yield debt offerings.

Brian Janson is developing a fabulous reputation for his securities practice, with one peer stating: "He is a young up-and-comer who is at the top of his game." Clients are similarly impressed, with one noting: "Brian is extremely creative and extremely smart."

About the Team (content provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP)

Department profile not yet provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP. Please see their firm profile.

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Proskauer Rose LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Respected practice, notable for its expertise in equity offerings and high-yield debt deals. Regularly works for underwriters in complex capital markets transactions such as high-value IPOs.

Strengths Lauding the firm's work and client service, clients remark: "The capital markets group not only has the creativity and horsepower required, but they are also extremely user friendly."

Clients say: "They are very high quality, always do excellent work and have a deep team."

Work highlights Advised the underwriters on a $21 million IPO by Five Point Holdings.

Provided counsel to a number of banks, including J.P. Morgan, Bank of America and Citigroup, in a $1 billion registered high-yield debt offering by PulteGroup.

Represented Suburban Propane Partners and Suburban Energy Finance as issuers in their registered public offering of $350 million notes.

Notable practitioners

Frank Lopez enjoys a fabulous reputation in the market and is lauded for his "very deep knowledge of high-yield products" and also his "exceptional understanding of his client's business concerns." He is especially adept at handling complex IPOs.

Julie Allen enjoys an impressive practice, acting for both issuers and underwriters on IPOs and follow-on offerings.

Clients express warm approval of Stuart Bressman, describing him as "one of the most creative capital markets lawyers in New York" and praising his "deep experience and understanding of the full range of capital markets transactions." He counsels both underwriters and issuers on public and private offerings, and acts for some of the world's leading investment companies.

About the Team (content provided by Proskauer Rose LLP)

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Simpson Thacher & Bartlett LLP - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Renowned for its ability to handle large and complex debt and equity transactions, representing issuers, underwriters and private equity sponsors. Particularly notable for its skill and experience advising major IPOs, follow-ons and secondary offerings. Also possesses a number of specialists distinguished in the high-yield and investment-grade debt space.

Strengths Clients describe Simpson Thacher & Bartlett as "an excellent firm with outstanding expertise and work ethic."

"They have a very intelligent group of lawyers who are very professional and respectful in the way they interact with their clients," an impressed client explains.

Notable practitioners

Arthur Robinson is global head of the firm's capital markets practice and has notable experience handling high-yield bond transactions for leading investment banks. Multiple sources laud him for his client service abilities, with one in particular stating: "His ability to make the process easy and pain-free for the client is incredible," while another highlights his "great commercial sense and legal judgment."

Joshua Ford Bonnie is spoken of highly by sources, with one commenting: "He is a true partner: He is highly commercial, thinks like a business person and anticipates what we'll need before we need it." This source adds: "His customer service is as good as it gets." He is also highlighted as being "very pragmatic and knowledgeable" and is particulary noted for his handling of IPOs.

Joseph Kaufman is "an excellent securities lawyer who is very knowledgeable about the law and the market," a client attests. He has a very broad practice acting on both debt and equity securities offerings, as well as providing counsel on corporate governance issues.

Kenneth Wallach has a strong practice in the debt space, particularly in regard to high-yield offerings, but also regularly advises on investment-grade offerings. Peers describe him as "terrific on high-yield offerings" and call him a "very talented lawyer."

John Lobrano operates in the debt and equity space, handling public and private offerings as well as liability management issues. Peers regard him as "incredibly knowledgeable and very collaborative."

About the Team (content provided by Simpson Thacher & Bartlett LLP)

Simpson Thacher is a global leader in capital markets transactions, acting for clients on all types of offerings, including equity, debt offerings and equity-linked securities offerings, as well as derivatives transactions.

The Firm has served as counsel in connection with some of the largest and most complex IPOs in the world, including the U.S. IPOs of Invitation Homes (2017 – the second largest U.S. IPO of 2017 to date); LINE (2016 – the second largest U.S. IPO of 2016, including global proceeds); Japan Post (2015 – the largest global IPO of 2015); First Data (2015 – the largest U.S. IPO of 2015); and Alibaba (2014 – the largest IPO ever conducted).

The Firm has a premier practice in high yield debt financings. The Firm was ranked #1 in U.S. high yield debt, issuer advisor (by volume and deal count) in 2016 by Bloomberg and #1 in global high yield debt, issuer advisor (by volume and deal count) in 2016 by Thomson Reuters.

In 2016, we handled 64 high yield deals with proceeds over $43 billion, representing the issuers on 37 deals and the managers on 27 deals, ranking #3 on a combined basis (combined issuer and manager representations, by deal count, Thomson Reuters).

Thompson Reuters has ranked the Firm #1 in U.S. high yield debt, issuer advisor (by volume) for nine of the last twelve years. 

For more, visit www.stblaw.com/client-services/practices/corporate/capital-markets.

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Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates - Capital Markets: Debt & Equity Department

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Chambers Commentary (based on the Chambers research)

What the team is known for Highly renowned capital markets team, able to bring significant prowess in the full range of debt and equity securities offerings. Acts for a broad client list that includes investment banks and private equity firms, as well as public and private companies across a multitude of sectors. Receives plaudits for its strength in high-yield and investment-grade debt offerings.

Strengths Impressed clients proclaim that "Skadden is top notch" and further add: "What really strikes me about the firm is how much their lawyers care. They are really vested in their relationships with their clients."

Clients appreciate the "experience, judgment and accountability of the team," and explain: "What sets them apart is their great business judgment, great lawyers and their practicality."

Work highlights Advised Stanley Black & Decker in connection with a number of matters, including its $675 million offering of equity units and its $3 billion Regulation S commercial paper note program.

Provided counsel to BeyondSpring in its $3 million IPO, which included a $51 million private placement of common stock.

Assisted Morgan Stanley as lead initial purchaser in Avis Budget Finance's EUR 250 million Rule 144A/Regulation S high-yield offering of 4.50% senior notes

Notable practitioners

Phyllis Korff commands a huge amount of respect in the market, with one peer declaring her: "The ideal of what a capital markets lawyer should be." She is an expert in cross-border equity offerings, as well as both high-yield and investment-grade debt offerings.

David Goldschmidt acts on both domestic and international securities offerings. Client speak of his "tremendous experience and very good business judgment" and also appreciate his willingness to provide guidance in time-sensitive situations.

Stacy Kanter has an excellent practice advising clients on high-yield and investment-grade debt offerings, as well as both public and private equity securities offerings and corporate restructurings. Clients consider her to be "a subject-matter expert on all things capital markets." Peers speak similarly highly of her, stating: "She has a vast reservoir of experience and understands how to apply that in a very practical way, rather than just giving theoretical advice."

Gregory Fernicola practices in the debt and equity space, assisting issuers and investment banks on public and private offering transactions as well as LBOs and restructurings. Clients praise him for his "legal and technical know-how, and his practical approach."

Head of Skadden's West Coast capital markets practice Gregg Noel is praised by sources for his "very broad knowledge base." He works on private and public offerings, as well as restructurings and M&A deals.

The "terrific" Michael Zeidel is very highly regarded by market commentators, with one in particular describing him as "professional but also commercially sensitive." He works for a number of the world's leading investment banks on high-yield and investment-grade debt offerings, as well as public and private equity offerings.

About the Team (content provided by Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates)

Our Corporate Finance Group advises on the full range of public and private financings and consistently is recognized as one of the top advisers on corporate financings and related transactions. Our experience encompasses the complete spectrum of equity, debt and hybrid instruments issued by U.S. and international companies in global markets. In a capital markets environment characterized by rapid change and innovation, our attorneys structure new securities and transactions for clients that enable them to meet their business goals. We represent a diverse range of public and private companies of all sizes, investment banks, private equity firms, and governments and government entities.

Our work frequently is recognized in respected industry publications and rankings. Skadden was ranked in the top tier by IFLR1000 2017 for capital markets: debt and equity. We also ranked in the top tier for securities/capital markets by U.S. News — Best Lawyers “Best Law Firms” 2017. Skadden was named Capital Markets Firm of the Year at the 2016 Who’s Who Legal Awards. Skadden ranked first (by volume) in representing issuers for U.S. high-yield corporate bonds, and first (by number of issues) representing issuers for U.S. equity linked offerings by Bloomberg (January 2016). We were named among Law360’s Capital Markets Groups of the Year for 2016.

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