Our extensive experience in Rule 144A and registered high yield debt offerings across numerous industries ensures rapid execution with a nuanced ability to navigate complex high yield covenants. New issuers, repeat corporate issuers, private equity portfolio companies and investment banks rely on Ropes & Gray to help them succeed, even in the most challenging of circumstances.
The depth of our leveraged finance practice, including secured financings, mezzanine financings and structured financings, provides a superior offering when combined with our high yield capabilities and diverse industry experience. In addition to regular capital markets transactions, we can seamlessly provide hybrid and other unique solutions for every financing need.
Experience & Clients
- Represented Altice NV on its cross-border equity and debt financing for the acquisition of Cablevision, the leading cable system operator in the New York metropolitan area. The $10.6 billion debt financing package included a $3.8 billion covenant lite term loan, $2 billion revolving facility and three tranches of high yield notes.
- Represented Altice S.A. on the financing for the $9.1 billion acquisition of Suddenlink, the seventh largest cable system operator in the United States.
- Represented American Industrial Partners in obtaining $775 million in secured high yield note financing and a $125 million ABL revolving facility for its acquisition of the Mining Consumables Division (Moly-Cop) of Arrium for $1.23 billion.
- Represented Bain Capital in connection with an issuance by TI Automotive systems of $450 million of 8.75% 8-year senior unsecured 144A-for-life-notes, in part to fund Bain’s acquisition of TI Automotive Systems, a provider of fuel storage, delivery systems and components for cars and trucks.
- Represented Change Healthcare Holdings, LLC, a healthcare information technology joint venture created by The Blackstone Group, its portfolio company Change Healthcare Holdings, Inc. (Legacy Change Healthcare) and McKesson Corporation, which was funded through a $1 billion offering of high yield notes and a larger refinancing.
- Represented Goldman Sachs, Deutsche Bank and Nordea in connection with the €1.45 billion financing of Nordic Capital’s acquisition of a majority stake in Norway-based Lindorff, one of Europe’s leading providers of debt related administrative services.
- Represented H.I.G. Capital portfolio company Surgery Center Holdings, Inc., an operator of surgical facilities in the United States, in its issuance of $400 million of senior notes to refinance its existing second lien credit facility and to fund certain acquisitions.
- Represented IMS Health Holding, Inc. in connection with its issuance of dollar and euro denominated senior notes in an aggregate U.S. dollar equivalent principal amount of $1.75 billion.
- Represented Liberty Global plc in connection with the bank and bond financing for its takeover offer to acquire Dutch listed cable company Ziggo N.V., with a deal value of approximately €10 billion.
- Represented Liberty Global plc in connection with the bank and bond financing for its $23.3 billion acquisition of Virgin Media Inc.
- Represented Liberty Global plc in connection with the acquisition of Cable & Wireless Communications, the UK-based global telecoms provider with extensive operations across the Caribbean, Latin America and the Seychelles.
- Represented Numericable-SFR in connection with its $5.1 billion high yield bond offering and refinancing of existing debt.
- Represented QuntilesIMS in connection with issuing €1.425 billion in senior notes and refinancing its outstanding $1.23 billion denominated and €1.2 billion denominated term B loans.
- American Industrial Partners
- Bain Capital
- The Blackstone Group
- H.I.G. Capital
- Liberty Global plc
- Madison Dearborn Partners
- Michaels Stores
- Party City Holdings
- Silver Lake Partners
- Unitymedia KabelBW GmbH
- West Corporation