Paul Tropp is a co-head of Ropes & Gray’s capital markets group in New York. He represents issuers and underwriters in a wide range of corporate finance transactions, including initial and follow-on public offerings; transactions involving convertible, high-yield and investment-grade bonds; debt tenders and consents; private placements; and selling-shareholder deals. In addition, Paul advises independent boards of directors and financial advisors.
Paul’s practice has a particular focus on financial companies, asset managers, fintech companies and specialty finance enterprises such as business development companies (BDCs), special purpose acquisition companies (SPACs) and mortgage REITs.
Consistently recognized as a leading lawyer by sources such as Chambers USA, Chambers Global, IFLR and The Legal 500, Paul headed the New York capital markets practice of a global law firm before joining Ropes & Gray in 2018.
Experience
- Represented the underwriters in the $400 million IPO for Miami International Holdings, Inc.
- Represented the capital markets advisor in the $1.2 billion business combination of Plus Automation Inc. and Churchill Capital Corp. IX.
- Represented the capital markets advisors and PIPE placement agents to Ares Acquisition Corporation II in its $2.5 billion business combination with Kodiak Robotics.
- Represented the underwriters in the $360 million IPO for Gores Holdings X, Inc.
- Represented the underwriters in the $100 million IPO and numerous equity and debt offerings for Morgan Stanley Direct Lending Fund in an aggregate amount over $1 billion.
- Represented the underwriters in the $100 million IPO for Kayne Anderson BDC, Inc.
- Represented the underwriters in the $100 million IPO and numerous equity and debt offerings in an aggregate amount of over $500 million for Nuveen Churchill Direct Lending Corp.
- Represented the underwriters in the $2.7 billion secondary offering of Nasdaq Inc. by Thoma Bravo, L.P. and the $1.8 billion secondary offering of Nasdaq, Inc. by Borse Dubai Limited.
- Represented the initial purchasers in Goldman Sachs Private Credit Corp.’s $1 billion offering of 144A investment-grade bonds.
- Represented the initial purchasers in HPS Corporate Lending Fund’s debt offerings in an aggregate amount of over $3.1 billion.
- Represented the underwriters in numerous equity and debt offerings for FS KKR Capital Corp. in an aggregate amount of over $4.4 billion.
- Represented the initial purchasers in bond offerings for Apollo Debt Solutions BDC worth an aggregate of over $2.9 billion.
- Represented the underwriters in numerous debt and equity offerings for Sixth Street Specialty Lending in an aggregate amount of over $1.6 billion.
- Represented the underwriters in bond offerings for Chimera Investment Corporation in an aggregate amount of over $1 billion.
- Represented the underwriters in the $500 million IPO for Ares Acquisition Corp. II., a special purpose acquisition company.
- Represented the underwriters in numerous USD-, GBP-, and EUR-denominated 144A bond offerings for Blackstone Private Credit Fund, raising an aggregate of over $10 billion.
- Represented the underwriters in numerous investment grade bond offerings for Dollar General Corporation, raising an aggregate of over $3.5 billion.
- Represented KKR Acquisition Holdings I Corp. in its $1.4 billion IPO.
- Represented the underwriters in numerous debt and equity offerings in an aggregate amount of $5.25 billion for Hannon Armstrong Sustainable Infrastructure Capital.
- Represented the underwriters in the $4 billion IPO for Pershing Square Tontine Holdings, a special purpose acquisition company.
- Represented Dragoneer Growth Opportunities Corp., a special purpose acquisition company, in multiple IPOs in an aggregate amount of $1.25 billion.
- Represented Altimeter Growth Corp., special purpose acquisition company, in multiple IPOs in an aggregate amount of $850 million.