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The Banking side of the US Legal market has remained active throughout 2022; a steady resurgence in restructuring has helped debt finance take centre stage, despite the market pessimism and talks of an impending recession.
We’re expecting buyout-backed deal flow to stay a major driving force in leveraged finance markets this year, as financial sponsors continue to raise, deploy, and distribute capital at unprecedented levels. Most sector outlooks also remain unchanged following the mid-year review among the rising rates and potential stagflation, due to continued recovery from pandemic lows and the ability to offset some cost pressures from higher prices.
Davis Polk and Clearly Gottlieb continued their strong performances from 2021, with Cadwalader joining the ranks after an outstanding first half. Besides these spotlight performances, there were also a handful of big deals in the market you might want to take note of:
White & Case advises lenders on €200 million and US$100 million financings to De Nora
White & Case advises KAP AG on €125 million early syndicated loan refinancing
Dechert advises Crescent Capital Group on closing of US$6 billion Crescent Direct Lending Fund III
Dechert advises One Equity Partners on acquisition of Rosboro
Kirkland advises Colgate Energy on its combination with Centennial Resource Development, creating $7 billion Delaware Basin Pure-Play
Kirkland represents Yunkang Group Limited on Hong Kong Listing and $140 million Global Offering
Kirkland represents Thoma Bravo and Barracuda Networks on sale of Barracuda to KKR
And here are the note-worthy moves that happened in H1 2022:
White & Case strengthens its Private Credit Capabilities with the Addition of Vincenzo P. Lucibello as a Partner in Boston, as well as welcoming Brad Laken as a Partner in Chicago
Dechert continues Global Finance Expansion with William C. Robertson and Edward “Jay” Southgate, who brings considerable experience in Consumer Lending and Fintech
Dechert welcomes Global Finance Partner Alon Goldberger back to its Philadelphia office
Kirkland welcomes Debt Finance Partners Robert Eberhardt and William Nicholson in New York
Inflation is still one of the biggest unknown for 2022, following the resurgence of global economic activities; it will be interesting to see how it comes into play in the remainder of the year, and potentially into 2023.