University of Illinois College of Law, J.D., magna cum laude, 1989

University of Michigan, B.B.A., Accounting, with high distinction, 1986



New York


American College of Investment Counsel

Tony Yager is the Practice Group Leader of the firm’s Corporate Finance Department and has been with Chapman and Cutler LLP since 1989.

Tony’s experience primarily includes representation of financial institutions and strategic investors in connection with investing in and restructuring domestic and international direct placements of debt and equity securities in secured and unsecured financings, including merger and acquisition, mezzanine, venture capital, sports finance, real estate, project finance, hedge and equity funds, and general corporate financings. He has also helped organize, represent, and secure funding for start-up businesses.

Tony spoke as a panelist at the Canadian Cross-Border Private Placements conference sponsored by TD Securities Inc. and Chapman and Cutler, and as a panelist at the spring 2011 ACIC conference. He was also Co-host of the Spring 2014 ACIC conference and has been the Chairman of the annual IIR Private Placement Industry Forum since 2013.


  • Registered Certified Accountant - State of Illinois

Representative Transactions

  • Represented institutional investors in providing mezzanine and equity financing in support of a management buyout
  • Represented institutional investors in purchasing in excess of $450,000,000 of Senior Term Notes of the Major League Baseball Trust as part of a structured finance program established by Major League Baseball to facilitate the financing of member clubs
  • Represented investors in the purchase of trust certificates backed by NFL league-wide revenues
  • Represented venture capital providers to a start-up enterprise which purchased a retired commercial vessel with plans to use the vessel for promotional purposes
  • Represented investors in the purchase of debt securities collateralized by MLB stadium revenues
  • Represented investors in the purchase of secured notes in connection with refinancing NFL stadium financing
  • Represented finance company in the acquisition of $5,000,000 of guaranteed secured revolving debt, $37,300,000 of guaranteed secured senior term debt, $8,700,000 of guaranteed secured subordinated debt, preferred stock and warrants to purchase common stock in connection with the roll up of a series of wireless communications companies
  • Represented investors in purchase of notes issued under NFL G3/G4 programs for stadium financing
  • Represented institutional investors in connection with a short term waiver and ultimate pay off at full make-whole amount including prevailing in litigation where issuer sued for refund of make-whole amount
  • Represented investor in purchase of preferred equity in connection with the construction and operation of a chlor-alkali manufacturing facility
  • Represented a strategic investor in purchasing preferred stock of a company operating an internet based travel site; later represented the same investor in the acquisition of the company
  • Represented one of two joint venturers in structuring and organizing a $515,000,000 CDO fund
  • Represented institutional investors in the acquisition of warrants to purchase common stock and preferred stock of a leading ceiling fan manufacturer in connection with the leveraged buy-out of the company
  • Represented institutional investors in the acquisition of ¥2,100,000,000 senior notes and $45,000,000 floating and fixed rate notes of a leading outdoor equipment manufacturer and retailer
  • Represented institutional investor in multiple restructuring and forbearance agreements including engagement of financial advisors, addition of collateral guarantees, multi-party collateral agency agreement and eventual pay off at full make-whole amount


  • Chairman, 29th Annual IIR Private Placements Industry Forum. January 20 – 22, 2016.
  • Panelist, “Monopoly — Negotiating and Structuring Sports Financing Transactions When Your Borrower May Be the Only Game in Town,” ACIC 2015 Fall Annual Meeting and Education Conference. October 22 – 23, 2015.
  • Co-Chair, 28th Annual IIR Private Placements Industry Forum. January 27 – 29, 2015.
  • Co-Chair, ACIC 2014 Spring Investment Forum. April 2014.
  • Chairman, 27th Annual IIR Private Placements Industry Forum. January 29 – 31, 2014.
  • Panelist, "Covenants 201," ACIC 2011 Spring Investment Forum. April 2011.
  • Co-Chair and Speaker, Practicing Law Institutes Private Placement Conference, 2008 and 2009.
  • Panelist, Canadian Cross-Border Private Placements Conference Sponsored by TD Securities Inc. and Chapman and Cutler.