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Attorneys

Members of the Private High Yield Group, working within the Corporate Finance Department of Chapman and Cutler LLP, serve clients in below investment grade, structured, mezzanine and other high yield capital debt transactions involving a wide variety of asset categories along the risk/return spectrum. Included in this complex mix are venture capital financings for start-up entities, later-stage equity transactions and roll-up financings, as well as convertible, exchangeable, secured and subordinated debt and warrant transactions for more established companies.

Our practice group has represented institutional investors, banks, special purpose mezzanine limited partnerships, pension funds and endowment funds involving approximately $5 billion in high yield debt transactions.

The Private High Yield Group represents clients who take a “lending” approach to private debt-equity financing as well as those preferring an “equity” approach to such transactions. Additionally, we have participated in transactions involving buyout and venture funds, sponsors of low income housing programs, real estate, oil and gas investments, and our attorneys have represented domestic and offshore entities formed to invest in foreign businesses located in such jurisdictions as China, India and Eastern Europe. In each case, consideration is given to maximizing tax advantages and enhancing bankruptcy protection.

We consider careful analysis, equity holder rights and exit strategies at the outset of each transaction to be a priority. Thus, we have, over the years, participated in a significant number of transactions which have matured into exit events allowing institutional investors to reap the benefit of strategic sales, initial public offerings and refinancings. Such successful exit transactions underscore the importance of careful strategic exit analysis at the outset of any transaction where private equity is present.

The Private High Yield Group also actively participates with the creditors’ rights group of Chapman and Cutler as part of our signature integrated team approach to provide “full service” representation in connection with amendments, restructurings and work-outs of high yield investments.

Companies seeking representation in this area can expect these types of equity-based transactional assistance when they turn to our group for help: common and preferred equity, membership interests and warrants in traditional C-corporations, S-corporations, limited partnerships, limited liability companies and trusts, as well as equity securities created to address specific issuer and investor requirements. We cover third party rights issues and capital or stock appreciation rights. Our handling of preferred stock issuances incorporates a panoply of features, including convertible, exchangeable and PIK preferred stock.

Representative Transactions