Sullivan & Cromwell is a market leader in high-yield debt offerings, representing U.S. and non-U.S. issuers and underwriters. What sets our lawyers apart is our particular expertise and experience in structuring high-yield transactions involving large domestic or international corporations with subsidiaries and assets in multiple jurisdictions and complex capital structures.  

Industry and Client Recognition

“'Experienced, thoughtful and practical', the team at Sullivan & Cromwell LLP is 'exceptional on any measure'. The firm houses a diverse high-yield debt practice…. as well an impressive cross-border capability. Lawyers attract praise for their 'outstanding insight' and ability to 'take the right tone with business leaders.'” The Legal 500 US, Capital Markets: High-Yield 2017

Band 1: Capital Markets: Debt & Equity – Nationwide (Chambers USA, 2017)
Band 1: Capital Markets: Debt (The Legal 500 US, 2017)
Band 1: Capital Markets: Global (The Legal 500 US, 2017)
Tier 1: Capital Markets: Debt (U.S.)  (IFLR, 2017)

Top Global Rankings

S&C is ranked as top five issuer's counsel in U.S. high-yield corporate bonds by value in full-year 2017 as reported by Bloomberg. 

Expertise in High-Yield Debt Capital Markets Practice

Our high-yield debt offerings involve finance acquisitions, refinance acquisition-related debt, liability management transactions, and distressed situations. Our experience with these different market participants, including in distressed situations, provides us with insight that further enhances our comprehensive approach to client service. S&C has worked on over 110 high-yield debt offerings worth approximately $100 billion in aggregate value in the past five years. 

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