Illinois

Full-service firm Duane Morris got its start in Philadelphia but has since expanded to 29 offices over three continents. In the United States, the firm has 22 offices spread through the country. Though the firm is headquartered in Philadelphia, the New York offices are among the firm’s largest.

Focusses / specialisms

With 22 offices spread out across the country, it is safe to say that each of Duane Morris’ locations have different expertise. Throughout the firm, there are teams in the banking, capital markets, M&A and restructuring and insolvency practices. 

The banking practice has teams of note in Florida, Illinois and Pennsylvania. It represents borrowers and lenders in credit facilities and term loan agreements for general working capital financing, acquisition financing, construction financing and real estate financing. The Florida offices specializes in real estate financing.

The restructuring and insolvency practice has teams in New York, Los Angeles, Chicago, Philadelphia, San Diego, San Francisco, Boston, Atlanta, Miami, Pittsburgh, Newark and Wilmington. The teams represent debtors, trustees, receivers and creditors in Chapter 11 bankruptcy and restructuring proceedings. 

The firm’s capital markets teams represents issuers in share offerings, tender offers, SPAC formations and bond issuances. The teams also represent private equity firms and companies with debt and equity investment financing. Many of these capital markets transactions support larger M&A and/or financing transactions. 

In M&A, teams represent strategic and private equity clients in acquisitions on both the buy and sell side. It also advises clients in privatizations, joint ventures and mergers. Given its geographic reach, the firm has experience in all industries. Some of these acquisitions are public M&A transaction and have an associated capital markets transaction.

Key clients

Key clients for the firm include CIBC, Wells Fargo, Pennsylvania Turnpike Commission, Centennial Bank, Synovus Bank, JP Morgan Chase Bank, Quality Carriers, Altman Specialty Plants, New England Compounding Pharmacy, the Government Employees’ Retirement System of the Virgin Islands, Pipeline Health, Nueva Generacion Manufacturas, Clock Spring Company, Pipeline Health, Camden Partners, iAnthus Capital Holdings, Intermarket Communications, JDP Therapeutics, Catalent, National Gas & Electric and AT&T. 

Research period review: 30th edition (2019/2020)

Over the research period, the banking teams represented borrowers and lenders in credit facilities and term loan agreements. The Illinois office worked on more acquisition and construction financing transactions while the Pennsylvania offices worked on more general working capital financing.

The California offices largely represented receivers. The capital markets team conducted a variety of work on both the debt and equity side. Most of the capital markets work was done as part of a larger acquisition transaction. In M&A, the teams represented private equity and strategic firms across a wide assortment of industries.

The Florida offices represented financial sponsors and property owners in commercial real estate financing. The restructuring and insolvency teams worked on numerous Chapter 11 and 7 proceedings, representing mostly creditors and debtors.

The Maryland and Pennsylvania offices specifically worked with numerous private equity firms. The New York office worked with several firms in the cannabis industry. 

In February 2020, Duane Morris merged with Satterlee Stephens. This gave the firm three additional offices in New York and New Jersey. 

Deal highlights: 30th edition (2019/2020)

Altman Specialty Plants Chapter 11 restructuring

Catalent $40 million acquisition of Juniper Pharmaceuticals

Clock Spring Company / Neptune Research merger

CSL Flagstaff $80 million acquisition and construction loan 

iAnthus Capital Holdings / MPX Bioceutial merger

Client feedback: 30th edition (2019/2020)

M&A

“The firm has a deep bench of highly skilled counsel across a broad array of subjects. The firm also acts as a fierce advocate for the client and because of the expertise of its counsel the firm is able to foresee issues before they become problems.”

“Efficiently uses resources to get client objectives done. Does not waste client money with busywork.”

“Very reachable/available when needed. Easy to work with – and to translate M&A issues into simpler language and concepts for non-M&A attorneys.”

Since its founding 135 years ago in 1885, King & Spalding has grown to 22 offices across three continents. In the United States, the firm has 11 offices, with its first office in Atlanta serving as the firm’s headquarters.

Focusses / specialisms

The firm is a market leader in corporate law in Georgia, but also has a strong presence in North Carolina. Firm wide, it has an especially strong oil and gas project development practice.

In banking work the firm represents borrowers and lenders in credit facilities and term loans for refinancing, acquisition financing and general corporate financing.

The capital markets team has experience on the debt side representing both issuers and underwriters in investment grade, convertible and high yield bond issuances.

The team also has experience in structured finance and securitizations, where it advises underwriters and lenders.

The investment funds team is concentrated globally but within the US, has offices in Chicago, Houston, Los Angeles, New York, Palo Alto, San Francisco and Washington DC.

In M&A the firm advises clients in strategic acquisitions, mergers and joint ventures. The team acts on both the buy and sell side. In conjunction with the M&A team, the private equity practice advises private equity firms in buy and sell side acquisitions.

The private equity team is highly regarded with their work in the energy, oil and gas, infrastructure, healthcare and life sciences industries, especially regarding acquisitions.

With the help of the private equity team, it advises REITs, private equity and financial services firms in fund formations.

The restructuring and insolvency practice maintains US teams in New York, Atlanta, Chicago and Houston. It represents government entities, debtors and creditors in distressed M&A transactions and Chapter 11 proceedings. In the projects practice, members advise financial sponsors and developers in projects in the oil and gas, infrastructure and energy industries. This includes construction, financing and acquisition.

Key clients

Key clients for the firm include Crédit Agricole, Citizens Bank, GSO Capital Partners, SunTrust Banks, Total System Services, Carter’s, Barclays Capital, Credit Suisse Securities, RBC Capital Markets, TSYS, Americold Realty Trust, BlueMountain Capital Management, Greystar Real Estate Partners, Prologis, Asana Partners, Government Development Bank of Puerto Rico Debt Recovery Authority, Monitronics, Jack Cooper Investments, Anadarko Petroleum, Bayport Polymers and NextDecade.

Research period review: 30th edition (2019/2020)

Over the research period, the banking team represented mostly lenders in refinancing, acquisition financing and general corporate financing.

In debt capital markets, the team was mostly on the issuer side for a fairly equal mix of investment grade, convertible and high yield bond issuances.

The investment funds practice, with the assistance of the private equity practice, advised private equity firms, REITs and asset management firms in fund formations.

The M&A and private equity teams worked together to advise private equity and strategic acquisitions and mergers. Energy, oil and gas, infrastructure were big industries for the practice. 

The restructuring and insolvency team worked largely on Chapter 11 proceedings, representing lenders. The project practice advised sponsors largely in oil and gas projects, specifically regarding LNGs. 

In terms of lateral moves, partners Justin Riess, Chris Molan and Jessica Standera left the banking practice. Partner Jonathan Arkins joined the structured finance and securitization team from Arnold & Porter. The investment funds practice recruited partner Conrad Axelrod from Schulte Roth & Zabel and private equity partners Christopher Chan and Christopher Gandia from Willkie Farr, Kate Luarasi from Proskauer Rose, Bryan McGee and Jeff Wolf Schatz from Simpson Thacher and Townshine Wu from Wachtell Lipton. The corporate and M&A practice brought over partners Erik Belenky from Jones Day and Larry Yanowitch, Tom Knox, Charles Katz and Jeremy Schropp from Morrison & Foerster. In projects, the firm brought over partners Ingrid Myers from Morgan Lewis, David Lang from Baker McKenzie, Alan Noskow from Manatt Phelps & Phillips and William Gordon who moved from an in-house position. The team also saw the retirement of partner Ken Culotta and departure of partners Vera de Gyarfas who moved to Mayer Brown and Dan Rogers who moved in-house. The restructuring and insolvency team recruited partners Matthew Warren and Roger Schwartz from Latham & Watkins, Andrew Brereton from Clifford Chance and Peter Montoni who came from in-house. Partners Jeffrey Pawlitz and Bradley Giordano left the firm. 

Deal highlights: 30th edition (2019/2020)

Americold Realty Trust $1.24 billion acquisition of Cloverleaf Cold Storage

Atmos Energy $1.5 billion refinancing

BB&T / SunTrust Banks merger

Bayport Polymers $1.2 billion acquisition of Borstar polyethylene plant

Dine Brands Global $225 million and $1.3 billion bond issue

Government Development Bank of Puerto Rico Title VI restructuring

Greystar Real Estate Partners X

UPS $1.5 billion 2.2%, 2.5%, 3.4% triple tranche bond issue

Founded in 1909 in Chicago, Kirkland & Ellis is a leading US and international firm with a network of 15 offices spanning three continents.

The firm has its largest concentration of offices in its native jurisdiction with branches in Boston, Chicago, Dallas, Houston, Los Angeles, New York, Palo Alto, San Francisco, and Washington DC. 

Focusses/specialisms

In transactional work the firm is renowned – both domestically and abroad – for its expertise in advising financial sponsors on leveraged finance borrowing, high yield debt issues and acquisitions and exits. Financial restructuring expertise in general is another specialism. The firm practices and client base in the US are, however, more diversified than this.

The banking team represents borrowers in acquisition financing, project financing, liability management, financial restructuring, DIP lending, working capital financing, revolver loan agreements and term loan agreements.

In project finance and project development, the team has expertise in the oil and gas and energy industries, where it often advises developers.

In capital markets work the firm advises both issuers and underwriters in corporate bond offerings, high yield bond offerings, IPOs, share offerings and follow on offerings.

The M&A team represents strategic and private equity buyers and sellers in billion dollar transactions across all industries. In fact, the firm has one of the largest private equity practice areas in the country, where the team represents private equity clients in acquisitions and investments.

The restructuring and insolvency group advises debtors in financial restructurings and Chpter 11 cases.

Private equity is a core sector of activity and expertise for the firm and it has notable clients in the oil and gas and banking industries.

Geographically, at a state level, the firm’s offices in California, Illinois, New York and Texas are comparably strong and each has teams at, or close to, the top of the markets in their areas. 

Key clients

Key clients for the firm include AbbVie, Bain Capital Private Equity, Indigo Natural Resources, Citigroup Global Markets, Boeing, Grubhub, Goldman Sachs, Bristol-Myers Squibb Company, GlaxoSmithKline, KKR, Blackstone, Forever 21 and iHeartMedia.

Research period review: 30th edition (2019/2020)

Over the research period the firm was active across banking and finance, capital markets, M&A and private equity and restructuring. 

The banking team worked on a high amount of acquisition finance transactions across numerous industries including pharmaceuticals, banking and financial services and technology. It mostly represented borrowers in these matters.

The capital markets team represented mostly issuers in corporate bond offerings, high yield bond offerings, IPOs and share offerings across a diverse number of industries.

The M&A team represented strategic and private equity buyers and sellers in billion-dollar acquisition and merger related matters. It also continued to represent private equity clients in investments.

The project finance team concentrated on renewable energy projects, especially solar energy, and natural gas projects. Similarly the project development team was active in the oil and gas industry, advising clients primarily in midstream infrastructure and development on acquisitions.

The restructuring and insolvency team worked on some of the nation’s largest restructuring and Chapter 11 cases.

The firm made a number of new hires during the research period. The capital markets team added partners Pippa Bond and Monica Shilling from Proskauer Rose. Shilling is also experienced in private equity.

The project finance team brought in partners Ginger Collier from Norton Rose, Rustin Brown from Simpson Thacher & Bartlett, Nathan Santamaria from Linklaters, Brooksany Barrowes from Baker Botts and of counsel Nicholas Gladd from the Federal Energy Regulatory Commission. 

The project development team hired partner Debbie Yee from Latham & Watkins. Partners Michael Woronoff, Jonathan Benloulou and Chris Wu joined the firm from Proskauer Rose and partner David Klein joined from Paul Weiss. All four partners specialize in private equity and M&A. 

Another recent new joiner for the M&A team is partner Rajab Abbassi from Willkie Farr & Gallagher. M&A partner William Sorabella left the firm and joined Gibson Dunn.

Deal highlights: 30th edition (2019/2020)

AbbVie $83 billion acquisition of Allergan

BC Partners C$5.2 billion acquisition of Rhône Group’s equity interest in Garda World Security

Bristol-Myers Squibb $74 billion acquisition of Celgene

Chewy NYSE IPO

DTE Midstream $2.65 billion acquisition of Indigo Natural Resource’s gathering system and gathering pipeline in the Haynesville shale formation

iHeartMedia Chapter 11 restructuring

Staples $3 billion double tranche 7.5% and 10.75% high yield bond offering

Toys R Us Chapter 11 bankruptcy

Client feedback: 30th edition (2019/2020)

M&A

"Very responsive and practical, with good handle on commercial issues."

Private equity

"By far Kirkland's strongest qualities are its subject matter expertise and its willingness to work as hard as is required to get the job done as quickly as possible. They will work around the clock if necessary and generally will do it without being prodded to do so. They have a very strong pulse on the market and are able to provide very specific and accurate feedback when presented with questions."

Project finance

"K&E is best in class. Highly commercial and also detail-oriented. They are a tremendous asset."

Restructuring and insolvency

"The firm is excellent at marketing and has some excellent attorneys."

Bill Benitez

"Very accommodating, practical and responsive."

Jordan Murray

"Very knowledgeable on subject matter."

Rohit Chaudhry

"Best in the business."

Mayer Brown is a large international firm that entered into its current form through three cross-border mergers in the first decade of the twenty-first century. Firstly, in 2002, US firm Mayer Brown & Platt (established in Illinois in 1881) merged with UK firm Rowe & Maw (formed in 1895 in London), then the combined entity merged with Johnson Stokes & Master (opened in 1863 in Hong Kong) in 2007.

Today the firm’s network covers 27 offices spanning three continents. In the US, where the firm has several of its largest branches, it has a presence in six states and teams based in Charlotte, Chicago, Houston, Los Angeles, New York, Palo Alto, San Francisco, and Washington DC.

Focusses/specialisms

Broadly for work across the US the firm is known for its outstanding work in structured financing and securitisation and in power sector project development but it is active and strong in other areas of financial and corporate transactional work.

In the capital markets area, in addition to the firm’s high quality work in structured finance and securitization and derivatives areas, it also has expertise in investment grade and high yield debt and equity issues. It represents both issuers and underwriters in corporate, green and high yield bonds, CFTC advice, structured bond issuances, index launches, follow on offerings, IPOs, share offerings and ATM offerings.

In M&A the team has experience with reverse mergers, joint ventures, asset sales, as well as public and private acquisitions. It advises private equity and strategic buyers and sellers.

In project the projects space the firm represents developers, project sponsors, borrowers and lenders in project financing and development, and does outstanding work in the energy industry.

The restructuring and insolvency team represents administrative agents, debtors, creditors and trustees in Chapter 11, Chapter 7 bankruptcy cases, financial restructurings and insolvencies. 

Key clients

Key clients for the firm include HSBC, Bank of Nova Scotia, International Swaps and Derivatives Association, CIBC, BMO Capital Markets, Bank of America Merrill Lynch, Nestlé, Prologis, John Hancock Life Insurance, Berkshire Hathaway, Barclays Bank and Deutsche Bank.

Research period review: 30th edition (2019/2020)

During the research period was most active in the areas of capital markets, M&A, projects and restructuring and insolvency.

The debt capital markets team increased their representation in Canada. Many of their transactions had a Canadian aspect to them and because of this, worked on numerous bail-in note issuances. The team also dealt with a high amount of REIT related senior note offerings.

In the derivatives market the team worked mostly on providing clients with regulatory advice. In equity capital markets the team advised largely underwriters in IPOs.

The structured products team worked mostly on structured notes issuances in the banking and financial services industry, as well as multi-asset index launches.

The M&A team worked on multimillion dollar and billion dollar asset and company acquisitions across a diverse array of industries.

The projects team worked mostly on renewable energy projects, especially wind and solar plants. It advised clients on project acquisition financing, loan and credit facility agreements and bond issuances.

The restructuring and insolvency team represented largely administrative agents and debtors in financial restructurings and Chapter 11 cases. 

The firm made a huge recruitment over the research period. Partner Marlon Paz joined from Seward & Kissel to head the firm’s broker-dealer regulatory and compliance practice area. In capital markets, partner Matthew Kluchenek, who specialises in derivatives, joined from Baker McKenzie. Around the same time, capital markets partner Kirk Tucker left to join Jackson Walker. In project finance, partners Frederick Lark and Elena Rubinov joined from Bracewell, Mark Williams joined from Morgan Lewis & Bockius and Vera de Brito de Gyarfas joined from King & Spalding. They are also partners in the firm’s corporate and M&A practice area, which also brought over partners Kara Baysinger, Stephanie Duchene and Matthew Gaul from Dentons, Paul Chen from DLA Piper, Marc Harrison from Greenberg Traurig, Philip Lau from Locke Lord, James Schell from Skadden and Dale Smith from Bracewell. The restructuring and insolvency practice area brought over partners Michael Fiddy and Amy Jacks from DLA Piper, Louis Chiappette from Skadden and Adam Paul from Kirkland & Ellis

Deal highlights: 30th edition (2019/2020)

Brookfield Asset Management $4.7 billion acquisition of Oaktree Capital Group

Celeo Redes $365 million private placement financing

GW Pharmaceuticals Nasdaq IPO

Northeastern University public parking facility concession

Starbucks double tranche $2 billion 3.55% and 4.45% bond issue

Weatherford International Chapter 11 bankruptcy

Client feedback: 30th edition (2019/2020)

Capital markets : Debt

"Easy to work with as underwriter counsel, responsive and thoughtful. Top lawyer on debt issuances with knowledge of market terms and conditions."

"Knowledge of the company and its business."

"They understand current trends and fully understand the applicable law."

"Very responsive to our requirements and unfailingly attentive to our interests."

"Deep bench of expertise on subject matter, the ability to execute transactions successfully on tight time frames and provide cost effective services."

"Our capital markets and USCP contacts are trusted advisors who are responsive, pragmatic and knowledgeable in the space."

"Very knowledgeable capital markets partners who are practical. They may also charge a little less than the leading NY capital markets law firms."

"They are extremely knowledgeable and have true expertise in debt capital market activities. They are very responsive and great to work with."

Capital markets : Derivatives

"Great subject matter expertise and very responsive."

"Subject matter expertise, responsiveness and professionalism."

"Experienced in all aspects of the business (tax, disclosure, regulatory, etc.), familiar with the market and competitors, appropriate pricing and good response time."

Capital markets : Equity

"Authoritative advice and willingness to take strong position vis-a-vis other law firms availability of US lawyers for client located in Israel."

"Does what it takes to get the job done. Strong knowledge of capital markets and transactions."

Capital markets : Structured finance and securitization

"Extremely knowledgeable about the legal and regulatory aspects of both private equity and 1940 Act Funds Reputation of both lawyer and law firm were valued by various partners to ALTI and led to stronger partnerships."

Investment funds

"Consistent high quality work for any topic in several jurisdictions."

Private equity

"Very thoughtful and responsive."

Anna Pinedo

"Anna is our key lawyer on our account. She is always available, especially in an emergencies. Her advice has been spot on and her team was especially helpful with a $100 million preferred stock capital raise that we did this year."

"Anna's market knowledge, responsiveness and practical advice are very important to my team, and make her one of our most trusted advisors."

"Diligent, highly intelligent, very knowledgeable and attentive."

"Excellent in all areas, always makes herself available."

"Extremely smart and intuitive."

"Has impressive subject matter expertise."

"One of the most innovative and expert thinkers on financial products and solutions that solve unique regulatory challenges. She explains very complex regulatory issues in understandable ways."

David Goett

"Great expertise with respect to the taxation of financial products. Ability to understand the complicated math related to derivatives."

David Malinger

"Knowledge of our company."

Eddie Best

"Very responsive and practical; manages costs well

Iliana Kirova

"Very responsive and extremely knowledgeable."

Jen Carlson

"Jen is extremely knowledgeable and has great debt capital markets expertise. She is an excellent attorney and great to work with."

Juan Pablo Moreno

"Ability to understand and address client concerns in an efficient manner. Strong knowledge of subject area."

Lori Pines

"Smart. Thoughtful. Strategic. Responsive. Friendly."

Marla Matusic

"Responsive, problem solver."

Phyllis Korff

"Phyllis is amazing. She has a depth of experience that is unparalleled. She is thoughtful and responsive and easy to work with."

McDermott Will & Emery is an international firm founded and headquartered in Chicago. It has offices in 13 locations in the United States, and seven offices across five European countries.   

Focusses / specialisms

The firm does notable work across many financial and corporate practice areas including banking, M&A, private equity, project finance and restructuring and insolvency.

In banking work the firm represents borrowers and lenders in term loans, secured and unsecured credit facilities, subordinated debt facility and refinancings.

The M&A team represents private equity and strategic buyers and sellers in acquisition, mergers and corporate reorganization related matters.

In real estate, the team represents lenders in mortgage loans, mezzanine loans, acquisition financing, joint ventures and acquisitions. 

In restructuring and insolvency work the firm represents creditors, debtors and trustees in insolvency, financial restructuring, Chapter 11 and Chapter 9 bankruptcy cases.

Key clients

Key clients for the firm include Natixis Real Estate Capital, Apollo Global Management, Fireman Capital Partners, Rhône Group, Goldman Sachs Asset Management, US Bank, HIG Capital, Peak Rock Capital, Dogfish Head Brewery, Sierra Nevada Brewing, Premier and Wells Fargo Capital Finance.

Research period review: 30th edition (2019/2020)

Over the research period the banking team worked on numerous loans and credit facilities.

In M&A, the team worked on mostly acquisition related matters, representing both buyers and sellers across a wide variety of industries. The team represented a large amount of private equity acquirers.

The restructuring and insolvency team represented largely indenture trustee and debtors in financial restructuring and Chapter 11 cases.

The New York real estate team hired partners Pejman Razavilar, Stacie Trott and Todd Eisner in 2019. 

Deal highlights: 30th edition (2019/2020)

Boston Beer Company / Dogfish Head Brewery merger 

Commonwealth of Puerto Rico restructuring

Fireman Capital Partners initial investment in Garden Remedies Holdings

HIG Capital acquisition of Lipari Foods

Maefield Development $1.9 billion acquisition of 20 Times Square

PG&E Chapter 11 restructuring

Premier $1.35 billion credit facility

Since its founding in 1877 in Pittsburgh, Reed Smith has grown into a market leading firm in Pennsylvania and New Jersey. It has also expanded to 30 offices across three continents. In the United States, the firm has 18 offices in 10 states. Pittsburgh remains the firm’s headquarters and is one of its largest offices. 

Focusses / specialisms

The firm is best known in Pennsylvania and New Jersey for its powerhouse financial and corporate teams.

In banking the team advises borrowers and lenders in acquisition financing, refinancing and general working capital financing.

The firm also has a structured financing practice, where the team has expertise in CLOs, RMBS’, commercial mortgage loans, ABS’ and securitizations.

The M&A practice is mainly based in the New York, Chicago, Los Angeles, Princeton, Pittsburgh, Philadelphia, San Francisco and Silicon Valley offices. It acts on the buy and sell side in strategic acquisitions.

The restructuring and insolvency team represents trustees, creditors and debtors in out of court restructurings and Chapter 11 and 15 proceedings.

Key clients

Key clients for the firm include Santander, Hutchinson, Wind Point Partners, Acrotech Biopharma, Vista Outdoor, Avis Budget Group, Carmeuse Lime, BNY Mellon, LDR Industries, Oakfabco, Shore Suven Pharma, Robindale Energy Services, KeyBank and South Carolina Electric & Gas Company. 

Research period review: 30th edition (2019/2020)

During the research period the banking team acts for borrowers and lenders mostly in general working capital financing.

The structured finance team advised clients in commercial mortgage loans and CLOs. In M&A, the team advised strategic clients in acquisitions on both the buy and sell side.

The restructuring and insolvency team represented a large amount of trustees in Chapter 11 proceedings. It did also work on some out of court restructurings and distressed M&A proceedings. 

Regarding lateral movements, the banking team brought over partner Elizabeth Tabas Carson from Dechert. The M&A practice saw the arrival of partner of Andrew Douglass, who came from Polsinelli. In restructuring and insolvency, the firm brought over partners Keith Aurzada and Michael Cooley from Bryan Cave as well as partner Mandip Englund from Linklaters. Partner Andrea Pincus left the practice to move in-house. 

In 2019, the firm added an office in Dallas. It also continued its European expansion the following year by opening an office in Brussels. 

Deal highlights: 30th edition (2019/2020)

Commonwealth of Puerto Rico restructuring

First Commonwealth Bank acquisition of 14 Santander Bank branches

Ropes & Gray was founded in 1865 in Boston. It has since expanded globally to 11 offices in three continents. In the United States the firm has offices in Boston, Chicago, New York, San Francisco, Silicon Valley and Washington DC. 

Focusses / specialisms

The firm is best known for its work in the United States for financial services regulatory, private equity and registered funds’ work.

The firm’s Boston office is market leader in the region in banking, capital markets and M&A. 

In banking the firm represents borrowers and lenders in acquisition financing, refinancing and general corporate financing.

The capital markets practice has experience on both the issuer and underwriter side in debt, equity, derivatives and structured finance and securitizations matters. In the debt capital markets, the firm works on investment grade and high yield bond offerings. On the equity capital markets side, the team has experience in IPOs, share offerings, share buybacks and follow on offerings. In derivatives, the team works on hedges and regulatory CFTC compliance. Structured finance and securitizations work includes ABS’, CLOs and whole business securitizations.

In the investment funds practice the firm primarily works with private equity funds, hedge funds and registered funds in fund formation, investments and fund raising.

The private equity and M&A practices advise clients on the buy and sell side in acquisitions, mergers and joint ventures.

The restructuring and insolvency team represents creditors, debtors and trustees in out of court restructurings and Chapter 11 proceedings.

Key clients

Key clients for the firm include Bain Capital, Golden Gate Capital, Genstar Capital, IQVIA, Surgery Partners, Michaels Stores, Morgan Stanley, Goldman Sachs, Beam Therapeutics, Wright Medical Group, Domino’s Pizza, Planet Fitness, Dunkin’ Brands Group, BlackRock, Paine Schwartz & Partners, CCMP Capital, Ashmore Investment Advisors, Athyrium Capital Management, PIMCO, Baring Private Equity Asia, TPG Capital, Audax Group, Deutsche Bank Securities, PJT Partners, Veeam Software, the Baupost Group, Elliott Management and Marathon Asset Management. 

Research period review: 30th edition (2019/2020)

In the most recent research period, the banking team largely represented private equity firms on the borrower side in acquisition finance matters.

The debt capital markets team worked on a mix of investment grade and high yield bond offerings, many of which were connected to acquisition financing.

The equity capital markets team worked on a lot of IPOs and follow on offerings, especially in the life sciences industry.

Most of the derivatives work was related to regulatory CFTC compliance.

In structured finance and securitizations, most of the work was related to ABS’ and whole business securitizations.

In investment funds the firm continued assisting with fund formations and investments for leading private equity, hedge and registered funds. 

In M&A and private equity, the teams acted on both the buy and sell side in high value acquisitions. 

The restructuring and insolvency team acted for many creditors in Chapter 11 proceedings and out of court restructurings. Firm wide, technology, healthcare and life sciences were big industries.

Regarding lateral moves the banking team brought over partners Andrea Hwang and Leonard Klingbaum from Willkie Farr & Gallagher. Partner Sunil Savkar left to join Debevoise & Plimpton. In private equity, the firm brought over partners Martin Ruhaak, Scott Abramowitz and Carolyn Vardi from Katten Muchin, Kramer Levin and White & Case, respectively. New York partner Cristine Pirro Schwarzman moved to Ropes & Gray from Kirkland & Ellis.

Deal highlights: 30th edition (2019/2020)

ArcLight Capital Partners Fund VII

Avantor NYSE IPO

Bain Capital financing for acquisition of US Renal Care

Clarivate Analytics $4.2 billion acquisition of Churchill Capital

Dunkin’ $1.7 billion ABS

IQVIA €720 million 4.875% bond issueLine Corp / Yahoo Japan merger

PG&E Chapter 11 restructuring

Full-service international firm Skadden Arps Slate Meagher & Flom was founded in New York in 1948 and this branch remains its headquarters and largest office. It has since expanded to 22 offices across three continents. In the United States, the firm has offices in Boston, Chicago, Houston, Los Angeles, Palo Alto, Washington DC and Wilmington.

Focusses / specialisms

The firm’s New York, Washington DC, California, Illinois and Massachusetts offices are market leaders in their regions across financial and corporate practices. It also has standout offices in Texas and Delaware.

The banking team acts on the lender and borrower side in acquisition finance, multicurrency finance, DIP finance, project finance and refinancing.

In financial services regulatory work the team advises banking and financial institutions in compliance matters related to investments and acquisitions.

The capital markets practice works on debt, equity and securitization matters on both the issuer and underwriter side. In debt capital markets work the firm acts on investment grade and high yield bond offerings. The equity capital markets side works on IPOs, tender offers, common and preferred share offerings, follow on offerings and recapitalizations. In securitizations the team works on commercial paper programs, receivables backed securitizations, ABS’, CLOs and mortgage backed securitizations.

The investment funds practice works with asset management and private equity firms in fund formations, fund IPOs, and fund investments.

The M&A team acts on the buy and sell side in high value private equity and strategic acquisitions, mergers and joint ventures.

The firm also has a private equity practice that assists with private equity buyout related acquisitions.

The project development team represents developers and financiers in projects in the oil and gas, infrastructure and energy industries.

The restructuring and insolvency team acts on behalf of debtors and creditors in out of court restructurings and Chapter 11 and 15 proceedings.

Though the firm is active across all industries, it is particularly active in technology, real estate, banking and financial services and pharmaceuticals.

Key clients

Key clients for the firm include First BanCorp, Crédit Agricole, Banco Azteca, Centene, Zillow, Bank of America, Scotia Capital, Citigroup, CEMEX, Pfizer, Morgan Stanley, PayPal, Barclays, Eaton Vance, Fair Oaks Capital, AES, BlackRock, Tennenbaum Capital Partners, Caesars Entertainment Corporation, NextEra Energy Partners, Exact Sciences, Array BioPharma, DowDuPont, The Blackstone Group, Aflac, Irish Bank Resolution Corporation, UBS, Synergy Pharmaceuticals and Stearns Holdings.

Research period review: 30th edition (2019/2020)

Over the research period the financial services regulatory team advised banks and financial institutions in compliance matters stemming from high value acquisitions and investments. Much of the work that the banking team participated in was related to acquisition financing on the borrower side. It also did a significant amount of lender side work in DIP financing.

The investment funds team largely worked on fund formations, but also advised clients on fund maintenance matters including investments and regulatory compliance.

The M&A team acted on the buy and sell side in many of the country’s largest strategic acquisitions and mergers. It also worked on a significant number of important private equity acquisitions, with the assistance of the private equity practice.

The project development team was particularly active in the renewable energy and transportation infrastructure industries.

The restructuring and insolvency team largely represented debtors in out of court restructurings and Chapter 11 proceedings.

Firm wide, banking and financial services, pharmaceuticals, real estate and technology were big industries of deal acticity.

In 2019, New York based investment funds partner Lawrence Frishman retired. The Palo Alto office added M&A partner Michael Ringler, who came from Wilson Sonsini.

Deal highlights: 30th edition (2019/2020)

BA Credit Card Trust $1.25 billion Class A 2019-1 ABS

Centene $7 billion triple tranche 4.750%, 4.250% and 4.625% bond issue

Fidelity National Information Services / WorldPay merger

Further Global Capital Management / Stone Point Capital $4.2 billion acquisition of Duff & Phelps

Irish Bank Resolution Corporation Chapter 15 bankruptcy 

Newark Liberty International Airport ConRAC facility

Pinterest NYSE IPO

Zillow $1.5 billion financing

Taft Stettinius & Hollister has over 100 years of experience, dating all the way back to 1885. The firm is headquartered in Cincinnati, but has 10 other offices in Chicago, Cleveland, Columbus, Dayton, Delaware (Ohio), Denver, Indianapolis, Minneapolis, Northern Kentucky and Phoenix. 

Focusses / specialisms

The firm’s Indianapolis office is a market leader in Indiana for the financial and corporate practice.

In banking the team advises lenders and borrowers in real estate financing, acquisition financing, refinancing and general working capital financing.

In the corporate and M&A practice the firm acts on the buy and sell side in strategic and private equity acquisitions, joint ventures and mergers. Many of the acquisitions are related to wider real estate transactions. 

The firm also occasionally advises issuers in bond offerings as part of corporate financing as well as private equity funds in portfolio investments. 

Key clients

Key clients for the firm include Federal Home Loan Bank of Cincinnati, American Municipal Power, Chiquita, Steel Warehouse Company, ForeverCar Holdings, CENX, Cummins, Hopebridge, Zotec, AMG Holdings, Edgewater Capital Partners, Jumpstart, Minnesota Vikings, Stemonix and Northmarq Capital. 

Research period review: 30th edition (2019/2020)

Throughout the research period the banking team, mostly located in Ohio, acted on the lender side in acquisition financing, real estate financing and general corporate financing. It did also represent issuers in corporate bond offerings.

In M&A, all of the offices worked mostly on strategic acquisitions, representing both the buy and sell side. Many of the transactions were related to other real estate transactions.

In lateral moves, the Illinois office brought banking and finance partner Jeffrey Friedman from Ginsburg & Jacobs. The Indianapolis office brought over corporate partner David Umpleby from Krieg DeVault.

In January 2020, Minnesota firm Briggs & Morgan merged with Taft, expanding the latter’s nationwide footprint. 

Deal highlights: 30th edition (2019/2020)

CHS Therapy $60 million recapitalization

Aalberts $60 million acquisition of Precision Plating Company

Hammond Kennedy Whitney & Company acquisition of Fresh Direct Produce

Quotient Technology $20 million acquisition of Ahalogy

Castlelake acquisition of Pontotoc Sands