Equity and Debt Capital Markets
Andrews Kurth has an active Capital Markets practice. Since 2010, we have represented issuers or underwriters in more than 400 securities offerings, including more than 40 IPOs, raising over $218 billion in capital. Known for creating the first publicly traded limited partnerships, or master limited partnerships (MLPs), in the early 1980s, we advise companies of all sizes and the nation’s major investment banks in a wide variety of capital markets transactions.
Top Ranked Issuers and Underwriters Counsel
We earn consistently high rankings on Capital Markets League Tables as legal advisors to issuers and underwriters in both equity and debt offerings. Thomson Financial U.S. Capital Markets Review and Bloomberg regularly recognize us as top-tier counsel in deals involving:
- Global Equity Issuance by U.S. Issuers
- Global IPOs by U.S. Issuers
- U.S. Common Stock
- U.S. Equity & Equity-Related Issuances
- U.S. High-Yield Corporate Debt
- U.S. Investment Grade Debt
- U.S. IPOs
Our capital markets team is experienced in efficiently handling every phase of the equity offering process. We advise clients on all types of equity offerings, including:
- Initial public offerings (IPOs)
- Secondary and follow-on offerings
- At-the-market offerings
- Bought deals
- Private placements, including PIPEs and 144A offerings
Our capital markets team advises clients on all types of debt offerings, both public and private, including convertible and mortgage debt, hybrid debt/equity structures and bridge financings. We have significant experience with high-yield debt securities and investment grade debt securities. In order to attend to issues of New York law, the law of choice for both investment grade and high-yield debt securities, our New York licensed practitioners are involved in every Andrews Kurth participation in a debt securities offering. For non-investment grade companies, we can advise on credit enhancement structures.
High-Yield Debt Securities
Our high-yield practitioners have been instrumental in developing industry standard covenant features for MLPs and oil and gas exploration and production companies, and are skilled in negotiation of covenant, subordination, lien and intercreditor issues, pertaining to offerings of both unsecured and secured high-yield notes. Representing both issuers and underwriters allows us to achieve a market-based balance between the protections demanded by institutional investors and the flexibility needed to effectively manage an issuer's business.
Our high-yield finance experience also includes all aspects of restructuring, refinancing and debt security modification issues, gained through representation of issuers and dealer-managers in tender offers, exchange offers and consent solicitations.
We have also participated in complex, innovative project financings completed through the issuance of high-yield notes. In connection with our high-yield practice, we have also developed broad experience with bridge financings, which routinely precede high-yield securities offerings.
Investment Grade Debt Securities
Our capital markets practitioners are skilled in the efficient execution of investment grade notes offerings, which are often accomplished virtually overnight. We regularly represent both issuers and underwriters, and because of our proficiency in this area, we are often requested by issuers to serve as designated counsel to their underwriters. In such role, we continuously maintain current knowledge of these issuers' businesses and disclosure issues.
#16 Manager Advisor, U.S. Equity and Equity-related, by volume (9 deals), Full Year 2016
#8 in PIPE Placement Agent Legal Counsel by number of deals advised, Q4 2016
#16 in PIPE Issuer Legal Counsel by number of deals advised, Q4 2016
#10 in U.S. Equity Linked, Issuer Advisor, by deal count (1 issue), Full Year 2016
#14 in U.S. Equity Offerings, Manager Advisor, by volume ($2.434 billion), Full Year 2016
- 11/1/2016Andrews Kurth Kenyon Named Among Best Law Firms for 2017
- 6/20/2016The 2016 Legal 500 Guide Ranks Andrews Kurth in 14 Practice Areas
- 5/27/2016Andrews Kurth Receives High Marks from 2016 Chambers & Partners USA Guide
- 11/2/2015Andrews Kurth Named Among Best Law Firms for 2016
- 6/4/2015The 2015 Legal 500 Guide Ranks Andrews Kurth in 14 Practice Areas
- Texas Bar CLE – Essentials of Business Law: Four Modules for a Robust Practice – Distinguishing Between "Financing" and "Fundraising"March 10, 2017
- Proxy Statement Interactive Roundtable — Corporate Governance Communications Strategies for Shareholder EngagementDecember 14, 2016
- Finance Leadership SummitOctober 25, 2016
- Moderator, “Brainstorm for Institutional Investors,” Capital Link’s 3rd Annual Master Limited Partnership Investing ForumMarch 3, 2016
- KPMG IPO BootcampNovember 4, 2015
- SEC Issues Guidance on Crowdfunding RulesMay 24, 2016
- Expanded NYSE MKT Material News Notification Policy Now EffectiveApril 1, 2016
- Applying Omnicare: The Second Circuit Weighs in on Statement of Opinion Liability Post-OmnicareMarch 23, 2016
- FAST Act Amends JOBS Act and Creates New Private Resale ExemptionDecember 15, 2015
- SEC Adopts Rules to Allow Crowdfunding Beginning May 16, 2016December 2, 2015