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High-Yield Offerings

High-Yield Offerings

Our nationally ranked High-Yield Offerings team has represented both the issuers and underwriters in high-yield debt offerings since the inception of the high-yield market. With more than 215 high-yield debt offerings (with a total transactional value exceeding $103 billion) completed since the beginning of 2011, Vinson & Elkins’ High-Yield Offerings practice combines a historical understanding of the market with valuable insight into current market and industry trends gained through constant exposure to deal flow.

V&E’s global leadership in the energy industry gives us particular experience and ability to handle high-yield offerings for energy industry participants, including upstream oil and gas companies, midstream companies, and oilfield service companies. Beyond the energy industry, we also work on high-yield offerings in a wide range of other industries.

With active involvement of our debt partners, we handle the negotiation and structuring of the security terms, covenants, and documentation, as well as preparation of the offering disclosure documents and related agreements. Our experience includes a full range of high-yield products and offering structures, including first- and second-lien secured notes, senior unsecured notes, subordinated notes, PIK toggle notes, and high-yield unit offerings, and includes offerings by foreign and domestic issuers, both public and private, in U.S. dollars and other currencies. Beyond the initial offering, our High-Yield Offerings team provides assistance with ongoing covenant compliance and analysis in the context of material acquisitions, dispositions, investments, and other significant transactions. Additionally, V&E has extensive experience in liability management matters, including exchange offers, tender offers, redemptions, and consent solicitations.

Additional Information

Practice Highlights

  • Targa Resources Partners LP in its $1 billion offering of senior notes 
  • Anadarko Petroleum Corporation in its $3 billion investment grade offering of senior notes 
  • Underwriters to Weatherford International plc in its $1.5 billion offering of senior notes 
  • Underwriters to NGL Energy Partners, LP in its $700 million offering of senior notes 

Issuer's Counsel

  • Crestwood Midstream Partners LP in its $500 million offering of senior notes 
  • N&W Global Vending S.p.A. in its €70 million offering of senior notes 
  • HTA Group Ltd on its $600 million issuance of senior notes
  • Parsley Energy, Inc. in its $450 million offering of senior notes 
  • WildHorse Resource Development Corporation in its $350 million offering of senior notes 
  • RSP Permian, Inc. in its $450 million offering of senior notes
  • Antero Resources Corporation in its $600 million offering of senior notes 
  • Enviva Partners, LP in its $300 million offering of senior notes 
  • Belden Inc. in its €200 million offering of senior subordinated notes 
  • Great Western Petroleum, LLC in its $300 million offering of senior notes 

Underwriters' Counsel

  • Underwriters to Pattern Energy Group Inc. in its $350 offering of senior notes 
  • Underwriters to American Midstream Partners LP in its $300 million offering of senior notes 
  • Underwriters to Alta Mesa Holdings, LP in its $500 million offering of senior notes 
  • Underwriters to Weatherford International plc in its $540 million offering of senior notes 
  • Underwriters to Tallgrass Energy Partners, LP in its $400 million offering of senior notes 
  • Underwriters to Sunoco LP in its $800 million offering of senior notes 
  • Underwriters to Teekay Corporation in its $200 million offering of senior notes
  • Underwriters to Halcon Resources Corporation in its $700 million offering of senior notes 
  • Underwriters to Helmerich & Payne, Inc. in its $500 million offering of senior notes 
  • Underwriters to Cheniere Energy, Inc. in its $625 million offering of convertible senior notes