'It's Booming Right Now': Biglaw Firms Better Get In On These Corporate Debt Offerings
Biglaw firms are really cashing in right now.
Ed. note: Welcome to our daily feature, Quote of the Day.
Liability management is continuing with its fast pace from last year. All of that work was driven by market challenges. But in the last month, we saw the first sustained optimistic period in debt in at least 18 months.
Companies that were already over-levered or facing difficulties were already looking at liability management. Now that capital markets have started to open up, we are seeing companies that are doing well seeing the first opportunity to reprice their debt or extend debt maturities in some time.
— John Sobolewski, a partner in Wachtell’s restructuring and finance practice, in comments given to the American Lawyer concerning the liability management market. As noted by Am Law, last week’s corporate debt offerings added up to about 12, a high mark compared to the weekly count over the course of the past several months. “There will be new issuances and refinancing and repricing types of transactions,” Sobolewski said. “That stays hot as long as the markets stay open.” In addition to Wachtell, other firms active in this area right now include Cleary Gottlieb; Davis Polk; and Skadden.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
