概要

Our Hybrid Capital Group is a dedicated practice representing lenders, credit funds, and institutional investors deploying opportunistic and hybrid capital across the credit spectrum, as well as public and private issuers / borrowers seeking to utilize such opportunistic and hybrid capital solutions. We advise on the full range of non-investment grade and structured credit solutions—from first-lien unitranche and second-lien facilities through mezzanine, preferred equity, PIK HoldCo notes, and bespoke structured instruments. We serve as trusted counsel at the forefront of market innovation, regularly advising on the most complex and creatively structured credit opportunities.

経験

Our lawyers represent investors, lenders, issuers and borrowers with products ranging from unitranche facilities to structured equity across the full capital structure. This enables us to advise on layered financings in which multiple instruments interact, helping lenders and borrowers alike understand key capital considerations, intercreditor dynamics, collateral priorities, and enforcement mechanisms from day one.

Direct lending and senior credit, including unitranche and ABL
Second lien and subordinated debt
Mezzanine and junior capital
Preferred equity (HoldCo/OpCo) and convertible debt instrunments
HoldCo PIK
FILO and LIFO structures
Private placements
Private Investment in Public Equity (PIPE)
High-yield bond financings, including private high-yield
Equity co-investments, warrants, and other equity instruments

Deal Velocity and Execution

Our broad market experience enhances our ability to deliver informed, commercially grounded advice. Our team is strategically built for the pace of private capital solutions. We routinely advise on complex multi-instrument documentation on compressed timelines. When market conditions shift or deal terms evolve, we are uniquely positioned to respond swiftly, enabling clients to navigate competitive processes and meet aggressive closing schedules without sacrificing diligence or protective structuring.

Defensive Structuring and Risk Mitigation

Drawing on deep knowledge in leveraged finance, private credit, corporate, restructuring, and capital markets, our team helps clients structure defensively and maximize risk-adjusted returns. We design documentation to protect our client’s economics and control rights in downside scenarios, carefully negotiating key provisions, such as those relating to covenant protections, enforcement rights, governance rights, redemption features and equity mechanics, which we tailor to each transaction’s risk profile.

Sponsor-Backed and Non-Sponsored Transactions

We regularly advise on both sponsor-backed and non-sponsored transactions, giving us unique insight into the differing dynamics, documentation standards, and negotiating leverage in each context. We understand the commercial pressures and relationship considerations that shape hybrid capital investments.

Integrated Global Platform

We have credit (including ABF), corporate, tax, restructuring, and regulatory experience within a single firm, granting clients access to seamless advice on hybrid structures spanning multiple instruments, entities, and jurisdictions. Our global footprint across the Americas, Asia, Europe, and the Middle East ensures that cross-border transactions receive coordinated counsel from professionals who understand local market dynamics and regulatory requirements.