Capital markets - debt and equity
Capital markets - high-yield debt
Paul Weiss Rifkind Wharton & Garrison
Paul Weiss Rifkind Wharton & Garrison continues to be regarded as a talented force in the capital markets sphere. "They have got a small but good group of capital markets lawyers," says one competitor....
[more]
Paul Weiss Rifkind Wharton & Garrison continues to be regarded as a talented force in the capital markets sphere. "They have got a small but good group of capital markets lawyers," says one competitor. A client remarks, "They have a very strong expertise, particularly in cross-border Canadian-US securities and M&A. I think they are probably the most known firm in that respect."
In a deal which closed in November 2010, the firm represented the Government of Canada as selling stockholder in General Motors' $23.4 billion initial public offering of common stock and convertible preferred stock, the largest IPO in North American history.
The firm also advised the Bank of Tokyo Mitsubishi UFJ, the largest bank in Japan, in a $2 billion Rule 144A/Reg S offering of senior notes, with Morgan Stanley, Mitsubishi UFJ Securities and JPMorgan as joint bookrunning managers. The deal closed in September 2010.
[hide]
Leading lawyers
Andrew Foley
Edwin Maynard
Raphael Russo
Capital markets - structured finance and securitisation
Paul Weiss Rifkind Wharton & Garrison
Peers continue to regard Paul Weiss Rifkind Wharton & Garrison as a strong contender in structured finance and derivatives. The firm is known for its ability to handle complex matters, and has experience in cross-border derivatives and intellectual property securitisations....
[more]
Peers continue to regard Paul Weiss Rifkind Wharton & Garrison as a strong contender in structured finance and derivatives. The firm is known for its ability to handle complex matters, and has experience in cross-border derivatives and intellectual property securitisations. "In esoteric assets we see Paul Weiss," says one competitor. "They tend to do a lot of those return auto credit card traditional finances." Another rival notes, "They have a good bankruptcy group that has been exposed to this area."
In a deal which closed in July 2010, the firm represented Baseball Finance in the closing of a $100 million loan, which will be used by Major League Baseball to make loans to clubs in the league. Bank of America acted as administrative agent for the senior secured revolving credit facility, and a syndicate of lenders also participated in the deal.
The firm also represented Barclays Capital as structuring advisor and lead bookrunning manager, in connection with a $355 million offering of secured billboard revenue notes for Adams Outdoor Advertising. The notes were secured by the revenues generated by its billboard assets. The deal closed in December 2010.
[hide]
Leading lawyers
Stephen Shimshak
Jordan Yarett
Bank lending
Paul Weiss Rifkind Wharton & Garrison
Competitors describe Paul Weiss Rifkind Wharton & Garrison as "somebody to watch", and say the firm has particular strength on the borrower side. "They have principally been known for their excellent litigation practice," says one rival....
[more]
Competitors describe Paul Weiss Rifkind Wharton & Garrison as "somebody to watch", and say the firm has particular strength on the borrower side. "They have principally been known for their excellent litigation practice," says one rival. "They had a very successful year last year and I think they are smart enough to know that now is the time to build practices in the corporate areas."
In deal which closed in November 2010, the firm advised Time Warner Cable in the closing of a $4 billion three-year revolving credit facility. Bank of America and a group of lenders acted as agent for the facility, which replaced Time Warner Cable's previous revolving credit facility. The loan is guaranteed by the company's subsidiaries, Time Warner Entertainment Company and Time Warner New York Cable Holding.
The firm also represented Russell Hobbs during its merger with Spectrum Brands, which formed a new global consumer products company expected to create $3 billion in annual revenues. The firm's work included structuring and negotiating the financing for the deal, which closed in June 2010. Spectrum Brands Holdings closed on its refinancing of Spectrum Brands' existing senior debt and Russell Hobbs' existing senior debt in connection with the transaction.
[hide]
Paul Weiss Rifkind Wharton & Garrison
Paul Weiss Rifkind Wharton & Garrison is regarded by competitors as having an increasing presence on M&A deals. "Paul Weiss is interesting," says one competitor....
[more]
Paul Weiss Rifkind Wharton & Garrison is regarded by competitors as having an increasing presence on M&A deals. "Paul Weiss is interesting," says one competitor. "They are obviously doing very well as a firm. They have a couple of local relationships and have done a great job of growing market share over time. It's a fine firm." The firm recently promoted M&A/corporate lawyer Neil Goldman to partner in its New York office.
The firm recently couselled Genco Distribution on its $575 million merger with ATC Technology. The deal, which closed in October 2010, enabled Genco to double its size by making ATC a wholly-owned subsidiary of Genco. Private equity firm Greenbriar Equity Group acquired a 20% interest in the combined company.
Other notable work includes representing The Carlyle Group in the $2.4 billion sale of its majority stake in kbro, one of Taiwan's largest cable TV operators, to Wealth Media. The transaction closed in December 2010.
[hide]
Paul Weiss Rifkind Wharton & Garrison
Paul Weiss Rifkind & Garrison earns praise from peers for its active practice and focused partners. “Paul Weiss has some good clients,” says one competitor....
[more]
Paul Weiss Rifkind & Garrison earns praise from peers for its active practice and focused partners. “Paul Weiss has some good clients,” says one competitor. Another rival remarks, “They have an entrepreneurial drive that a lot of firms don’t have. They are very capable folks and we do see them in a decent number of transactions.” In January 2011, the firm promoted Neil Goldman to partner.
In an ongoing deal which brings together two of the largest radio station operators in the United States, the firm is representing Crestview Partners in its $500 million joint investment with Macquarie Capital. This involves up to $500 million in equity financing to Cumulus Media as part of Cumulus's $2.4 billion acquisition of Citadel Broadcasting Corporation.
Other notable work includes advising on one of the largest deals ever to have taken place in Taiwan. The firm represented The Carlyle Group in connection with the $2.4 billion sale of its majority stake in cable TV operator kbro to Wealth Media. The deal closed in March 2011.
[hide]
Investment funds - private equity: fund formation
Investment funds - hedge funds
Paul Weiss Rifkind Wharton & Garrison
Paul Weiss has a reputation as a strong contender in hedge funds and private equity fund formation. The firm has a reputation for innovation and has developed detailed database which tracks current market trends....
[more]
Paul Weiss has a reputation as a strong contender in hedge funds and private equity fund formation. The firm has a reputation for innovation and has developed detailed database which tracks current market trends. One competitor describes Paul Weiss as a place "funds come to because they have difficult issues and they want quality."
One client highlights the firm's "unparalleled expertise". The client says, "They have seen it all and done it all. They treat us like an important client."
Peers pointed to partner Marco Masotti, the deputy chair of the corporate department, as a leading lawyer in the alternative asset management industry. "He's got some good clients," notes one rival. Masotti and associate Lindsey Wiersma represented Wellspring Capital Management in the final closing of Wellspring Capital Partners V, the largest fund in its 16-year history with $1.2 billion of capital commitments. Work on the project concluded in October 2010.
Other highlights of the firm's work include representing the management team of the Lehman Brothers Real Estate private equity funds in the spin-out from Lehman Brothers Holding and certain subsidiaries. The matter closed in May 2010.
[hide]
Leading lawyers
Udi Grofman
Robert Hirsh
Marco Masotti
Paul Weiss Rifkind Wharton & Garrison
Paul Weiss Rifkind Wharton & Garrison has represented parties in nearly every significant Chapter 11 case over the last few years. Competitors note the firm's "excellent creditor-side work"....
[more]
Paul Weiss Rifkind Wharton & Garrison has represented parties in nearly every significant Chapter 11 case over the last few years. Competitors note the firm's "excellent creditor-side work". Its areas of expertise include real estate, media, hospitality and gaming assets.
"They certainly have some very prominent lawyers," says one rival, while another peer notes, "They have a deep bench, can represent all kinds of clients and they are very smart." One client says she is "thrilled and completely impressed" with partner Kelley Cornish. "She had to negotiate an incredibly complex restructuring with a very large number of people," says the customer. "She has been at the centre of it in terms of negotiating, making sure we stayed on course, developing solutions as problems evolved, and she had a very good relationship with the financial advisors and incredible credibility at the table." Another client says, "I am happy to give them the highest recommendation."
The firm was lead US bankruptcy counsel for AbitibiBowater, the world's largest producer of newsprint, and its affiliates. Paul Weiss helped guide the company through complex US and Canadian bankruptcy filings involving restructuring over $8 billion of debt. These resulted in the repayment of secured creditors with claims of $1.2 billion and a distribution of equity in the reorganised company to unsecured creditors with claims of over $7.5 billion.
Other notable work includes representing schoolbook publisher Houghton Mifflin Harcourt Publishing Company and its affiliates in one of the largest out-of-court balance sheet restructurings to date. The $7 billion reorganisation closed in February 2010. Highlights include senior secured lenders with claims of over $4 billion converting over half their debt into equity, a $650 million rights offering to certain company lenders, and mezzanine lenders with $2.1 billion of secured debt converting all of their debt into equity and warrants to purchase additional equity.
[hide]
Leading lawyers
Alan Kornberg
Andrew Rosenberg
Jeffrey Saferstein
Stephen Shimshak
[Back to top]