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High Yield Debt Offerings


Ropes & Gray’s high yield track record serves as a testament of our ability to adapt and lead in a continually evolving financial landscape. Extensive experience in capital markets securities offerings and leveraged finance allows us to provide effective public and private high yield solutions for clients in a variety of industries. Corporate issuers, private equity sponsors and their portfolio companies, and initial purchasers in high yield financings rely on Ropes & Gray to overcome the complexities of the global high yield markets.

While many firms pay lip service to the idea of an integrated high yield, senior and mezzanine finance capability, for Ropes & Gray this is a reality. We offer highly seasoned advisers – many of whom have been active in these specialized markets for decades.

The depth of our transactional experience has led to our involvement in a number of recent high profile transactions around the world, including:

  • Representing a global private investment firm in the issuance and sale of approximately $400 million (€280 million) in senior notes to help finance the acquisition of J. Crew, a leading U.S. recognized apparel and accessories retailer, in one of the largest LBOs of 2011 (Q1 2011)
     
  • Representing Liberty Global Inc. in connection with its €3.16 billion (US$4.48 billion) acquisition financing, including €2.25 billion (US$3.17 billion) in aggregate high yield notes issuance to acquire Germany’s third-largest cable TV operator, Kabel BW Erste Beteiligungs GmbH, from Swedish private equity group EQT Partners AB (Q1 2011)
     
  • Representing The Blackstone Group in the issuance and sale of $750 million (€525 million) of senior notes, including $375 million (€262.5 million) placed with mezzanine financing sources on a U.S. “certain funds” basis, to help finance the acquisition of Emdeon, Inc., a leading provider of healthcare revenue and payment cycle management and clinical information exchange solutions (Q4 2011)

The faith placed in us by our clients is demonstrated by our sixth placed ranking by deal count according to Bloomberg in Q3 2011 acting for issuers on Euromarket high yield deals. Since January 2011, the firm has represented clients in connection with the offering of more than US$12 billion (€8.4 billion) of senior notes.

Representative High Yield Debt Offerings                      

U.S. Deals

Client 

Issuer 

Closing 

Type

Total Size

The Blackstone Group

Emdeon  

Q4 2011 

Senior Notes (144A)
Senior Notes (Mezz)

$375 Million
$375 Million

Global Private Investment Firm

Immucor 

Q3 2011 

Senior Notes

$400 Million 

Thomas H. Lee Partners 

inVentiv Health 

Q2 2011 

Senior Notes 

$390 Million 

Lead Equity Investors    

Satelites Mexicanos,
S.A. de C.V.

Q2 2011 

Senior Notes 

$325 Million 

Silver Lake Partners,
Global Private Investment Firm

Avaya     

Q1 2011 

Senior Notes     

$1 Billion 

Global Private Investment Firm

J. Crew

Q1 2011

Senior Notes 

$400 Million 

Kohlberg & Co LLC    

Packaging Dynamics 

Q1 2011    

Senior Notes 

$289 Million

EU Deals

Client 

Issuer 

Closing     

Type                                

Total Size

UPC Finance V Limited           

UPC Finance V Limited

Q4 2011 

Senior Notes 

$750 Million

Telenet Finance IV
Luxembourg S.C.A

Telenet Finance IV
Luxembourg S.C.A

Q2 2011 

Senior Notes

€400 Million 

Vision Capital

Bormioli Rocco
Holdings S.A. 

Q3 2011 

Senior Notes 

€250 Million 

Liberty Global Inc.   

Kabel BW Erste
Beteilgungs GmBH

Q1 2011 

Senior Notes 

€3.16 Billion 

UPCB Finance III
Limited  

UPCB Finance III
Limited
     

Q1 2011 

Senior Notes     

$1 Billion 

UPCB Finance II
Limited

UPCB Finance II
Limited

Q1 2011

Senior Notes 

€750 Million 

Telenet Finance III
Luxembourg S.C.A
and Telenet Group
Holding N.V.

Telenet Finance III
Luxembourg S.C.A
and Telenet Group
Holding N.V.

Q1 2011

Senior Notes 

€300 Million

London
Jonathan Bloom

New York
Jay Kim 

Chicago
Andrew Terry 


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