Capital Markets

Experience

  • Selected Initial Public Offerings

    • AXA and AXA Equitable Holdings on the initial public offering of AXA Equitable Holdings on the New York Stock Exchange for approximately $4 billion, and AXA Equitable Holdings in its offering and sale of $3.8 billion of senior notes.
    • Helios Investment Partners in fund arrangement aspects of the IPO on the London Stock Exchange of Vivo Energy, the company that distributes and markets Shell-branded fuels and lubricants to retail and commercial customers in Africa.
    • SiteOne Landscape Supply in its $241.5 million initial public offering and in several secondary offerings totaling approximately $1.2 billion.
    • Barclays and Credit Suisse, as lead underwriters, in the $169 million initial public offering by GMS.
    • Univar in its $885 million initial public offering and concurrent private placement of $350 million of shares to Temasek and the additional purchase of 5 million shares of Univar common stock from selling stockholders by Temasek.
    • D. E. Shaw as a selling shareholder of James River Group in its $246.6 million initial public offering.
    • ServiceMaster Global Holdings in its $702 million initial public offering.
    • Clayton, Dubilier & Rice as the majority shareholder of Exova in the company’s £220 million initial public offering.
    • Fidelity & Guaranty Life in its $190.6 million initial public offering.
    • Envision Healthcare in its $1.1 billion initial public offering of common stock.
    • HD Supply in its $1.1 billion initial public offering of common stock.
    • Gogo in its $187 million initial public offering of common stock.
    • American International Group and AIA Group Limited in AIA's spin-off from AIG and $20.5 billion initial public offering and listing in Hong Kong, constituting the largest IPO in Hong Kong's history and the world's largest IPO in the insurance sector.
    • Morgan Stanley, Barclays Capital and Goldman Sachs in the $353 million initial public offering by CVR Partners.
    • Booz Allen Hamilton in its $238 million initial public offering.
    • BWAY in its $150 million initial public offering.
    • Rental Service Corporation in its $458 million initial public offering.
    • Rexel and its shareholders, Clayton, Dubilier & Rice, Eurazeo and BAML Private Equity, in the €6.5 billion initial public offering of Rexel shares and its listing on Euronext Paris.
    • Hertz Global Holdings in its $1.3 billion initial public offering of common stock.
    • Principal Financial Group in its $2.13 billion initial public offering.
    • China Life Insurance Company in its nearly $3.5 billion global initial public offering and listing on the New York Stock Exchange, the largest IPO worldwide in 2003.
  • Selected Equity Offerings

    • Clayton, Dubilier & Rice and its co-investors in the €380 million sale of shares in SPIE.
    • Atkore International, a Clayton, Dubilier & Rice portfolio company, in its $258.75 million secondary offering of common stock.
    • Clayton, Dubilier & Rice and Temasek Holdings (Private) Limited as selling shareholders and Univar in the $315.6 million secondary offering of common stock of Univar.
    • Atkore International, a Clayton, Dubilier & Rice portfolio company, in its $152 million secondary offering of common stock.
    • Tribune Media in its $518.7 million secondary offering of common stock.
    • Barclays and Credit Suisse, as lead underwriters, in the $169 million initial public offering by GMS.
    • ServiceMaster Global Holdings in its $848 million secondary offering of common stock.
    • Clayton, Dubilier & Rice and The Carlyle Group as selling shareholders and HD Supply in the $1.1 billion secondary offering of common stock of HD Supply.
    • Clayton, Dubilier & Rice and The Carlyle Group as selling shareholders and HD Supply in the $550 million secondary offering of common stock of HD Supply.
    • American International Group in a registered secondary offering of $3.4 billion of AerCap Holdings N.V. ordinary shares and a private sale of $750 million of AerCap Holdings N.V. ordinary shares to AerCap Holdings N.V. for $250 million in cash and $500 million of 6.50% fixed-to-floating rate junior subordinated notes issued by AerCap Global Aviation Trust.
    • Envision Healthcare in its $1.1 billion secondary offering of common stock.
    • Booz Allen Hamilton and The Carlyle Group in several transactions through which approximately $2 billion of Booz Allen Hamilton common stock was sold to the public by Carlyle.
    • TPG Capital and Coors Family Trusts as selling shareholders in the $456.2 million secondary offering of common stock by Graphic Packaging.
    • Former Shareholders of New Young Broadcasting in the $63.3 million secondary offering by Media General.
    • Clayton, Dubilier & Rice, The Carlyle Group and Bain Capital as selling shareholders and HD Supply in the $897 million secondary offering of common stock of HD Supply.
    • Clayton, Dubilier & Rice, TPG Capital, certain Coors family trusts and the Adolph Coors Foundation, and Old Town as selling shareholders in the $295.5 million and $401.1 million secondary offerings of common stock of Graphic Packaging and related share repurchases.
    • Envision Healthcare in its $964.6 million secondary offering of common stock.
    • Clayton, Dubilier & Rice as selling shareholders and NCI Building Systems in the $153 million secondary offering of NCI’s common stock.
    • Credit Suisse and Goldman, Sachs & Co. as joint bookrunners in the $755.5 million offering of common stock by KAR Auction Services.
    • Clayton, Dubilier & Rice, TPG Capital, certain Coors family trusts and Old Town as selling shareholders in the $126 million and $115.95 million secondary offerings of common stock of Graphic Packaging.
    • Credit Suisse, Citigroup, BofA Merrill Lynch, Barclays, UBS Investment Bank, Jefferies, J.P. Morgan and RBC Capital Markets as underwriters in the $301.8 million secondary offering of common units of CVR Partners.
    • Selling stockholders, including Clayton, Dubilier & Rice, The Carlyle Group and BofA Merrill Lynch in the $1.23 billion, $1.221 billion, $810.5 million and $781.5 million secondary common stock offerings by Hertz Global Holdings.
    • American International Group in its $6.45 billion sale of ordinary shares of AIA Group.
    • American International Group in its $6 billion sale of a portion of its controlling stake in AIA Group Limited.
    • Clayton, Dubilier & Rice as selling shareholder in the $347 million secondary offering of common stock by Sally Beauty Holdings.
    • Goldman Sachs, Citi and Credit Suisse as book-running managers for the $6.4 billion combined primary and secondary offerings of common stock by MetLife and American International Group.
    • Vilmorin in its €200 million capital increase.
    • Manulife Financial Corporation in its Cd$2.5 billion offering of common shares.
    • Melco Crown Entertainment in its $220 million follow-on public offering of American Depositary Shares.
    • Hertz Global Holdings in its $343.9 million offering of common stock.
    • Principal Financial Group in its $1 billion offering of common stock.
    • Pernod Ricard in its €1 billion share capital increase.
    • Pernod Ricard in U.S. matters relating to its $1.3 billion rights offering.
    • AMR in its $300 million at-the-market offering of common stock.
    • Hertz Global Holdings in its $1 billion secondary offering of common stock.
    • AMR in a $503 million offering of common stock, underwritten by Credit Suisse, Merrill Lynch & Co. and UBS Investment Bank.
  • Selected Debt Offerings

    • Rexel in its €500 million offering of 2.125% notes due 2025.
    • AIA Group in its $500 million offering of 3.90% notes due 2028.
    • NLMK in its $500 million Eurobond offering of 4% notes due 2024, and a related tender offer for outstanding notes due 2018 and 2019 for the aggregate principal amount of $317 million.
    • Brand Energy and Infrastructure Services, a portfolio company of Clayton, Dubilier & Rice, in its $700 million offering of senior unsecured notes in connection with the combination of Brand Energy and Safway Group.
    • Brand Energy and Infrastructure Services, a portfolio company of Clayton, Dubilier & Rice, in its $3.325 billion secured credit facility and $700 million offering of senior unsecured notes in connection with the combination of Brand Energy and Safway Group.
    • Clayton, Dubilier & Rice in its $2.5 billion acquisition of HD Supply’s Waterworks Division, the largest distributor of waterworks products in the U.S.
    • AIA Group in its $500 million offering in Taiwan of 4.47% senior unsecured fixed rate notes due 2047.
    • High Ridge Brands, a leading personal care consumer products company and a portfolio company of Clayton, Dubilier & Rice, in its $250 million offering of 8.875% senior notes due 2025.
    • Rexel in its €300 million offering of 2.625% senior notes due 2024.
    • B&M in its £250 million bond offering of 4.125% senior secured notes due 2022, and its related refinancing of certain of its existing senior credit facilities.
    • Polyus Gold International in its $800 million Eurobond offering of 5.25% guaranteed notes due 2023.
    • Warner Music Group in a two–part refinancing transaction, including its offer and sale of $250 million 4.875% dollar-denominated senior secured notes due 2024 and an offering of €345 million 4.125% euro-denominated senior secured notes due 2024 and the retirement of $450 million of outstanding dollar-denominated senior notes and €157 million of euro-denominated senior notes.
    • The initial purchasers in Liberty Mutual's €750 million debut Eurobond offering of 2.75% notes due 2026.
    • Verizon Communications in its $49 billion bond offering, the largest ever corporate bond issue, as well as over $10 billion in additional debt financing to finance, in part, Verizon’s acquisition of Vodafone Group Plc’s 45% indirect ownership interest in Verizon Wireless.
    • Westpac Banking Corporation in its $1 billion offering of covered bonds and $3.75 billion offerings of fixed rate notes due 2018 and floating rate notes due 2020.
    • Goldman, Sachs & Co., BofA Merrill Lynch, Citigroup, J.P. Morgan and Morgan Stanley as bookrunners in MetLife’s offering of 1,500,000 shares of its 5.250% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C, valued at $1.5 billion.
    • Spirit Airlines in its $576.6 million offering of EETCs secured by 15 Airbus aircraft, which was Spirit Airlines’ inaugural EETC offering.
    • Stone Point Capital in a $1.34 billion senior secured term loan facility, $200 million senior secured revolving credit facility and $535 million offering of senior notes in connection with Stone Point’s significant equity investment in Alliant Insurance Services.
    • American International Group in a registered secondary offering of $3.4 billion of AerCap Holdings N.V. ordinary shares and a private sale of $750 million of AerCap Holdings N.V. ordinary shares to AerCap Holdings N.V. for $250 million in cash and $500 million of 6.50% fixed-to-floating rate junior subordinated notes issued by AerCap Global Aviation Trust.
    • Barclays, BofA Merrill Lynch, Credit Suisse and UBS Investment Bank as bookrunners in MetLife’s offering of $500 million of 3.000% senior notes due 2025 and $1.0 billion of 4.050% senior notes due 2045.
    • Morgan Stanley and Barclays as lead underwriters in the $300 million offering of 3.700% senior notes due 2025 issued by RenaissanceRe Finance and guaranteed by RenaissanceRe Holdings Ltd.
    • TIAA Asset Management, a subsidiary of TIAA, in its offering of $1.0 billion of 2.950% senior notes due 2019 and $1.0 billion of 4.125% senior notes due 2024. The notes financed in part the redemption of the pre-acquisition debt of Nuveen Investments.
    • TIAA in its offering of $1.65 billion of 4.900% surplus notes due 2044 and $350 million of 4.375% fixed-to-floating rate surplus notes due 2054. The surplus notes financed in part TIAA’s acquisition of Nuveen Investments.
    • Guardian Life Insurance in its $450 million offering of 4.875% Surplus Notes due 2064.
    • International Paper in its $800 million of its 3.65% notes due 2024 and $800 million of its 4.80% notes due 2044, which were sold pursuant to an effective registration statement on Form S-3.
    • BofA Merrill Lynch, Barclays, Deutsche Bank Securities, J.P. Morgan and Morgan Stanley as bookrunners in MetLife's issuance of $1 billion of 3.600% senior notes due 2024.
    • Pernod Ricard in the issuance of €850 million 2.000% Notes due 2020.
    • Westpac Banking in its offering of $1.25 billion of 2.25% notes due 2019 and $250 million of floating rate notes due 2019.
    • American Airlines in its offerings of $512 million of class B pass through certificates, series 2013-2, $1.4 billion of class A enhanced equipment trust certificates series 2013-2 and $663.4 million of class A and class B enhanced equipment trust certificates series 2013-1.
    • Westpac Banking Corporation in its offering of $1.25 billion of floating rate notes due 2016 and $500 million of 1.050% notes due 2016.
    • Barclays, Goldman Sachs & Co., UBS Investment Bank and Wells Fargo Securities in the $1.0 billion offering of 4.875% senior notes due 2024 by an insurance company.
    • Polyus Gold International in its listing of $750 million 5.625% notes due 2020 on the London Stock Exchange.
    • Alstom in its €500 million offering of 3.00% bonds due 2019 under its EMTN program.
    • CLSA as placing agent for HK$1.2 billion of Zero Coupon Convertible Bonds issued by Paul Y. Engineering Group Limited, a Hong Kong Stock Exchange listed company, and the concurrent placement of HK$2.0 billion of shares of Paul Y. Engineering Group Limited.
    • Westpac Banking Corporation in its $500 million offering of floating covered bonds due 2015, $1.5 billion offering of 1.375% floating covered bonds due 2015 and $1 billion of 2.45% global covered bonds due 2016, under its $20 billion Global Covered Bond Program.
    • Itaú Unibanco in its $1.375 billion offering of 5.5% subordinated notes due 2022 and $1.250 billion offering of 5.65% subordinated notes due 2022 under its $10 billion global medium-term note program.
    • International Paper in its $900 million offering of 4.75% notes due 2022 and in its $600 million of 6.00% notes due 2041.
    • Morgan Stanley, BofA Merrill Lynch, UBS Investment Bank and HSBC as joint book-runners in Cigna Corporation’s $600 million offering of 2.750% senior notes due 2016, $750 million of 4.000% senior notes due 2022 and $750 million of 5.375% senior notes due 2042.
    • iPayment Holdings in its $400 million offering of 10.25% senior notes due 2018.
    • Banc Of America Securities, Merrill Lynch, Credit Suisse, Deutsche Bank Securities, HSBC, UBS Investment Bank and Wells Fargo Securities as book-running managers in MetLife's $1.0 billion offering of 2.375% senior notes due 2014, $1.0 billion offering of 4.750% senior notes due 2021, $750 million offering of 5.875% senior notes due 2041 and $250 million offering of floating rate senior notes due 2013.
    • Principal Financial Group in its $100 million offering of 6.05% senior notes due 2036.
  • Selected Debt Tender Offers

    • Ambac Assurance Corp., a Wisconsin domiciled insurance company, in a holistic restructuring transaction that involved three exchange offers of existing debt securities and other payment obligations for approximately $2.2 billion of newly-issued debt securities, as well as a new-money financing collateralized by the future proceeds of certain litigation claims against RMBS originators.
    • Goldman, Sachs & Co. in the tender offer by MetLife for up to 59,850,000 shares of its 6.500% of Non-Cumulative Preferred Stock, Series B.
    • NLMK in a tender offer in respect of its $800 million 4.45% loan participation notes due 2018 and $500 million 4.95% loan participation notes due 2019 (issued by Steel Funding Limited) in the aggregate principal amount of $121.7 million.
    • US Foods in a consent solicitation relating to its outstanding high yield notes and the $8.2 billion merger of US Foods with Sysco Corporation.
    • International Paper in its tender offer for up to $1 billion combined aggregate principal amount of its outstanding 9.375% notes due 2019 and 7.950% notes due 2018.
    • MBIA in a consent solicitation with respect to its senior notes.
    • Pacific Life in a tender offer for its 9.25% Surplus Notes due 2039 and its parent company, Pacific LifeCorp, in a related offering of $500 million 5.125% senior notes due 2043.
    • Reynolds Group in its tender offer and consent solicitation for 9.875% senior subordinated notes due 2014, 8.35% senior notes due 2017 and 8.25% senior notes due 2018.
    • Roofing Supply Group in the tender offer of its outstanding $202.5 million 8 5/8% senior secured notes due 2017.
    • J.P. Morgan and Deutsche Bank as underwriters in Cigna Corporation’s offering of $250 million of its 4.375% senior notes due 2020 and $300 million of its 6.35% senior notes due 2018.
    • Polyus Gold International in a consent solicitation in respect of KazakhGold Limited's $200 million 9.375% senior notes due 2013.
    • Reynolds Group in its $1.5 billion offering of 7.125% senior secured notes due 2019 and $1.5 billion offering of 9.000% senior notes due 2019.
    • Domtar in a tender offer for its outstanding senior notes.
    • MBIA in its tender offer for preferred stock.
  • Selected High Yield Debt Offerings

    • Clayton, Dubilier & Rice in the financing aspects of its acquisition of a majority interest in American Greetings.
    • Brand Energy and Infrastructure Services, a portfolio company of Clayton, Dubilier & Rice, in its $700 million offering of senior unsecured notes in connection with the combination of Brand Energy and Safway Group.
    • Brand Energy and Infrastructure Services, a portfolio company of Clayton, Dubilier & Rice, in its $3.325 billion secured credit facility and $700 million offering of senior unsecured notes in connection with the combination of Brand Energy and Safway Group.
    • Clayton, Dubilier & Rice in its $2.5 billion acquisition of HD Supply’s Waterworks Division, the largest distributor of waterworks products in the U.S.
    • High Ridge Brands, a leading personal care consumer products company and a portfolio company of Clayton, Dubilier & Rice, in its $250 million offering of 8.875% senior notes due 2025.
    • HD Supply in its $1.25 billion offering of 5.25% senior secured first priority notes due 2021.
    • Corporate Risk Holdings (f.k.a. Altegrity), a global, diversified risk and information services company, together with its operating businesses Kroll, HireRight and USIS, in their pre-negotiated Chapter 11 proceedings in the United States Bankruptcy Court for the District of Delaware, in which they restructured more than $1.8 billion in indebtedness. This restructuring was honored by Turnarounds & Workouts as one of ten “Successful Restructurings 2015.”
    • Envision Healthcare, a portfolio company of Clayton, Dubilier & Rice, in its offering of $750 million of senior notes.
    • Reynolds Group in its $590 million offering of 6.000% senior subordinated notes due 2017 and $650 million offering of 5.625% senior notes due 2016.
    • Rexel in its concurrent €650 million offering of 5.125% senior notes and $500 million offering of 5.250% senior notes, both due 2020.
    • HD Supply in its $675 million 11% senior secured second priority notes due 2020, $1.525 billion 11.5% senior notes due 2020 and $950 million 10.5% senior subordinated notes due 2021.
    • Hertz in issuing $1.5 billion of high yield bonds to finance its acquisition of Dollar Thrifty.
    • Reynolds Group in its $1.5 billion offering of 7.875% senior secured notes due 2019 and $1.0 billion offering of 9.875% senior notes due 2019, in connection with its acquisition of Graham Packaging.
    • Warner Music Group in its offering of $500 million of 6.000% senior notes due 2021 and €175 million of 6.250% senior secured notes due 2021 in related refinancing transactions.
    • Getty Images, a portfolio company of The Carlyle Group, in its $550 million offering of 7.000% senior notes due 2020.
    • David's Bridal, a portfolio company of Clayton, Dubilier & Rice, in its $270 million offering of 7.75% senior notes due 2020.
    • CDRT Holding Corporation (Emergency Medical Services) in its $450 million offering of 9.25%/10.00% senior PIK toggle notes due 2017.
    • Reynolds Group in its $3.25 billion offering of 5.75% senior secured notes due 2020, at the time the third-largest single-tranche issue on record in the high-yield market and the largest issue since 2008.
    • Domtar in its $250 million offering of 6.25% senior notes due 2042.
    • The ServiceMaster Company in its $750 million offering of 7.000% senior notes due 2020.
    • WMG Acquisition in its $150 million offering of senior secured notes due 2016, $765 million offering of 11.50% senior notes due 2018, and WMG Holdings in its $150 aggregate principal amount of 13.75% senior notes due 2019, on the acquisition of Warner Music Group’s entire recorded music and music publishing businesses by Access Industries.
    • The ServiceMaster Company in its $100 million and $500 million offerings of 8% senior notes due 2020.
  • Selected Spin-Offs

    • Tribune Media Company in its spin-off of Tribune Publishing Company.
    • International Paper in a Reverse Morris Trust transaction in which it spun off its distribution business, xpedx, which subsequently merged with and into UWW Holdings, Inc., the parent company of Unisource Worldwide, Inc., to form a new, publicly traded company, Veritiv Corporation.
    • TruGreen in its spin-off from ServiceMaster.
    • Dundee Bancorp in the spin-off of Dundee Realty Corp.
    • Sears Holding Corporation in the spin-off its Hometown and Outlet stores business via a rights offering and the sale of up to 23.1 million shares of common stock of Sears Hometown and Outlet stores.
    • American International Group and AIA Group Limited in AIA's spin-off from AIG and $20.5 billion initial public offering and listing in Hong Kong, constituting the largest IPO in Hong Kong's history and the world's largest IPO in the insurance sector.
    • Verizon Communications in the $8.6 billion spin-off and merger of its wireline businesses in 14 states to Frontier Communications Corporation.
    • TGC-8 in its establishment of a sponsored GDR facility and distribution of GDRs to the shareholders of RAO as it relates to the spinoff of RAO's interest in TGC-8 to its shareholders.
    • RAO UES in its $49 billion spin-off of its power-generating assets to its shareholders.
    • Norilsk Nickel in its $2.7 billion spin-off of its power-generating assets and the creation of the largest independent power company in Russia.
    • Verizon communications in the $2.72 billion spin-off and merger of Verizon’s local exchange business in Maine, New Hampshire and Vermont with Fairpoint Communications.
    • Verizon Communications in the $13 billion spin-off of its U.S. print and Internet yellow pages directories business, forming a new public company called Idearc.
    • Norilsk Nickel in its reorganization in the form of a spin-off of gold assets into a new public company OJSC Polyus Gold and the subsequent listing of OJSC Polyus Gold on the London Stock Exchange.