Our lawyers routinely rank among the leading advisers of U.S. and non-U.S. issuers and underwriters on the issuance of high-yield debt, both SEC-registered and under Rule 144A/Regulation S. Clients regularly retain our lawyers in this area because of the creativity and insight we bring to high-yield transactions. For example, Davis Polk helped pioneer the technique of privately placing notes under Rule 144A and following with a registered exchange offer, a strategy now used in a majority of all high-yield financings.
We have advised the:
- Largest high-yield debt offering in history (Freeport McMoran)
- Largest-ever high-yield debt offering by a European issuer (NXP)
- Largest high-yield debt offering by a Latin American issuer (OGX)
- Largest-ever high-yield debt offering by an Asian issuer (Evergrande Real Estate)
- Largest-ever high-yield debt offering by a Caribbean issuer (Digicel)