Sara Clevering joined Ropes & Gray in 2007 and practices in the tax practice. She advises private equity funds and public companies on tax issues relating to high-yield debt issuances, syndicated credit facilities, and debt restructurings, both in the domestic and international context. Sara also advises health care and university clients with respect to tax-exempt and taxable bond offerings and commercial debt arrangements.

Prior to joining Ropes & Gray, Sara practiced as an associate in the London office of a U.S. law firm. 


  • Represented Dunkin Brands, Inc. on its $2.6 billion whole-business securitization refinancing.
  • Represented Planet Fitness, Inc., one of the largest franchisors and operators of fitness centers in the United States, in its whole-business securitization.
  • Represented Liberty Global plc in connection with the financing arrangements for its acquisition of Cable & Wireless Communications plc, with a deal value of approximately £3.5 billion (equivalent).
  • Represented Virgin Media Inc. on the first ever issuance of receivables financing notes and related financing arrangements including follow-on offerings and multiple high yield bond issuances.
  • Represented Liberty Global plc in connection with the financing for its $23.3 billion acquisition of Virgin Media Inc.
  • Represented Altice USA on $6.75 billion refinancing in connection with the combination of its suddenlink (Cequal) and Optimum (Cablevision) businesses under a single credit silo.
  • Represented Altice Financing S.A. and Altice Finco S.A. in connection with a tap issuance of their existing $450 million 7⅞% senior secured notes due 2019, €200 million 8% senior secured notes due 2019 and $400 million 9⅞% senior notes due 2020 in connection with Altice’s take-private and refinancing of HOT-Telecommunications Systems Ltd., an Israeli telecommunications company.
  • Advised Kaisa Group, a Hong Kong-listed real estate company operating in China, in connection with the restructuring of its offshore liabilities and related issuance of $2.77 billion high yield notes, $259 million mandatory convertible bonds and contingent value rights.
  • Represented The Hanover Insurance Group (NYSE: THG) in connection with the registered offering of $175 Million of 40-year subordinated debentures, listed on NYSE.

Areas of Practice