Capital Markets Team Closes $17.5 Billion of Domestic and Sovereign Deals in 1Q21

Following the practice’s very active 2020, Arnold & Porter’s Capital Markets Transactions team continued its momentum in the first quarter of 2021 by closing $17.5 billion in deals for corporate and sovereign clients.

The practice’s deep understanding of US and multijurisdictional regulations impacting diverse clients and the generally accepted economic trends in the markets where those clients operate all contributed to the rise in activity, the practice noted. “The debt and equity capital markets remain quite active both as the global economy gradually re-emerges from Covid and as our clients seek to address current issues and prepare for expected opportunities,” practice co-chair Teresa Johnson said.

“We are excited to continue facilitating capital markets transactions that enable our clients to achieve their business objectives,” practice co-chair Christopher Peterson added. “In terms of activity, we are at a pace that already places us well-ahead of a very strong 2020, where our value was up nearly 50 percent from 2019.”

2021 Q1 Deal Highlights

March
The Charles Schwab Corporation

• Two simultaneous offerings of senior notes and depositary shares representing preferred stock
  Gross proceeds: ≈$6.25 billion
• NYSE-listed offering of depositary shares representing preferred stock
  Gross proceeds: ≈$600 million

The team was led by partner Teresa Johnson and included partner Julia Vax, counsel Carlos Pelaez and associate Valentina Garzon.

Enphase Energy | Global energy technology company

• Green senior convertible notes maturing in 2026 and 2028 in a private placement under Rule 144A
  Total: $1.2 billion

The team was led by partner Michael Penney and included counsel Carlos Pelaez, senior associate Robert Fischbeck and associate Torie Levine.

CASI Pharmaceuticals | US biopharmaceutical company

• Public offering of common stock
  Total: $32.5 million

The team was co-led by senior counsel Richard E. Baltz and partner Michael Penney and included senior associate Naomi Hartman and associate Stefan Weidemann.

National Bank of Canada: Underwriters

• Issuance of its 0.01% covered bonds due 2028
  Total: €500 million

The team was led by partner Lawton Camp and included counsel Michael Karol and associate Brady Randall.

February
Taseko Mines Limited | Vancouver-based mining company

• Secured high-yield bond capital raise to redeem outstanding bonds and fund capital expenditures
  Proceeds: $400 million

The team was led by partner Alex Gendzier and included partner Ron Levine, counsel Eric Levine and associates Therese Fox, Brady Randall and Alexis Wanzenberg.

CuriosityStream | Streaming media company

• First common stock offering as a public company following its merger with a SPAC
  Gross proceeds: ≈$100.9 million

The team was led by partner Christopher Peterson and included senior associate Heather Ashour and associates Claire Eaton, Brady Randall and Jae Yang.

January
Republic of Turkey

• Dual-tranche offering of US denominated notes
  Gross proceeds: $3.5 billion

The team was led by partner Christopher Peterson and included associates Eric An and Brady Randall.

Republic of Colombia

• Dual-tranche offering of global bonds due 2031 and 2061; executed concurrently with a tender offer to purchase the Republic's outstanding global bonds due over the next seven years
  Total: ≈$2.84 billion

The team was led by senior counsel Neil Goodman and included partner Gregory Harrington, counsel Carlos Pelaez and associates Mateo Morris and Valentina Garzon.

Republic of Panama

• Dual-tranche offering of global bonds due 2031 and 2060
  Total: $2.45 billion

The team was led by partner Whitney Debevoise and included partner Gregory Harrington, counsel Carlos Pelaez and associates Mateo Morris and Valentina Garzon.