Sullivan & Cromwell’s High-Yield Debt Group offers clients a unique approach built upon a history of innovation. The Firm worked on many of the first leveraged buyouts and obtained the first SEC no-action letter allowing the exchange of privately placed for publicly traded securities—the “Exxon capital exchange offers” transaction.
 
S&C’s high-yield debt offering experience covers numerous industries, including telecommunications, healthcare, energy, natural resources and banking. The Firm represents clients within the United States and around the globe, with the resources and market expertise to efficiently structure transactions involving multiple jurisdictions.
 
Effective and Efficient Transaction Management
S&C’s management of complex transactions has been a key element in their success, even with tight funding windows and parties with diverse interests. S&C has built its practice by handling many of the world’s most complex and important leveraged financing transactions.
 
Significant Market Experience
The Firm advises issuers, underwriters and various types of purchasers of high-yield debt and similar securities. Experience with these different market participants, including in distressed situations, provides S&C with insight that enhances the Firm's comprehensive client service approach.
 
Integrated Approach
The High-Yield Debt Group utilizes the Firm’s expertise and resources in a wide range of disciplines, including capital markets, acquisition finance, tax, commercial real estate, environmental law, employee benefits, Investment Company Act, project finance and litigation. Close working relationships within the Firm enable teams to deliver comprehensive service in a rapid and seamless manner.

SELECTED REPRESENTATIONS

Selected recent high-yield debt representations include:
 
  • ADT’s (U.S.) $1.0 billion high-yield global notes offering, in which S&C advised the underwriters. (2014)
     
  • Alcatel-Lucent’s (U.S./France) $650 million senior notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • AMC Networks’ (U.S.) $600 million SEC-registered high-yield global notes offering. (2012)
     
  • Aurora USA Oil & Gas’ (U.S./Australia) $300 million senior unsecured notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • BlueScope Steel’s (Australia) $300 million senior unsecured notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • CIT Group’s $750 million SEC-registered senior unsecured notes offering. (2013)
     
  • CNH Capital’s (U.S.) $600 million high-yield notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • Dish DBS’ (U.S.) $2.6 billion high-yield senior unsecured notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • Domestic & General’s (U.K.) $810 million high-yield senior notes offering pursuant to Rule 144A/Reg S, in which S&C advised the underwriters. (2013)
     
  • GETCO Financing Escrow’s (U.S.) $305 million guaranteed high-yield senior secured notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • Hudbay Minerals’ (Canada) $100 million high-yield senior notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • Nufarm’s (Australia) $325 million guaranteed bonds offering pursuant to Rule 144A/Reg S, in which S&C advised the underwriters. (2012)
     
  • Orian Engineered Carbons’ (Germany) $425 million PIK notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • RR Donnelley & Sons’ (U.S.) $350 million SEC-registered high-yield notes offering. (2013)
     
  • Sotheby’s (U.S.) $300 million senior unsecured notes offering pursuant to Rule 144A/Reg S, in which S&C advised the underwriters. (2012)
     
  • St. Barbara’s (Australia) $250 million high-yield senior secured notes offering pursuant to Rule 144A/Reg S. (2013)
     
  • Tervita’s (Canada) $850 million high-yield senior secured notes offering pursuant to Rule 144A/Reg S, in which S&C advised the underwriters. (2013)
     
  • United Rentals’ (U.S.) $400 million SEC-registered high-yield senior unsecured notes offering. (2012)
     
  • Wellcare Health Plans’ (U.S.) $600 million SEC-registered high-yield notes offering. (2013)