A partner in the Capital Markets Group, David Sobel advises public and private companies and financial sponsors on public and private offerings of debt and equity securities, and general corporate and securities law matters. David represents clients in initial public offerings, high-yield and investment-grade debt offerings, convertible debt offerings, rights offerings, and other public and private securities transactions. He also advises on securities aspects of M&A transactions, debt and equity tender offers, debt restructurings and exchange offers, consent solicitations, and disclosure and corporate governance matters.
David’s representative experience includes:
High-Yield Debt Offerings and Acquisition Financing
- Dana in high-yield debt offerings totaling over $4.3 billion
- QXO in high-yield debt offerings totaling $6.25 billion
- Affiliates of Apollo Global Management, Inc. in connection with financing the acquisitions of the following companies: Atlas Air, Arconic, Barnes Group, Cox Media Group, Maxim Crane, Rackspace and U.S. Silica Holdings
Investment Grade Debt Offerings
- Ralph Lauren in investment grade debt offerings totaling over $2.4 billion
- Kyndryl Holdings in its investment grade debt offering totaling $2.4 billion, in connection with its spin-off from IBM
- Atlas Warehouse Lending Company in its investment-grade debt offerings
Other Debt and Hybrid Financings
- Carnival Corporation & plc in its offering of $1 billion of convertible notes
- Elanco Animal Health in its offering of $550 million of tangible equity units
- QXO in its offering of $500 million of mandatory convertible preferred stock
Initial Public Offerings
- European Wax Center in its $207 million initial public offering
- Rackspace Technology in its $703 million initial public offering
- Ply Gem Holdings in its $381 million initial public offering
Equity Offerings
- QXO in registered equity offerings totaling over $4.2 billion and private investments in public equity (PIPEs) totaling over $6.9 billion
- Affiliates of Apollo Global Management in registered secondary equity offerings totaling over $4.5 billion
- RXO in its equity capital markets transactions totaling $1 billion, in connection with its acquisition of Coyote Logistics from UPS
Mergers & Acquisitions
- IBM in its $34 billion acquisition of Red Hat; its acquisition of Confluent for enterprise value of $11 billion and its $6.4 billion acquisition of HashiCorp
- World Wrestling Entertainment in its agreement with Endeavor Group Holdings to merge WWE with UFC to form a new publicly listed company with an enterprise value of $21.4 billion
- KPS Capital Partners in the $4.4 billion sale of its portfolio company Howden to Chart Industries
- Teladoc in its $18.5 billion acquisition of Livongo
- Perspecta in its $7.1 billion sale to Peraton, a portfolio company of Veritas Capital
Spin-Offs
- XPO in its $2 billion spin-off of its tech-enabled brokered transportation business now called RXO
- IBM in the spin-off of Kyndryl Holdings, its managed infrastructure services business into a separate publicly traded company
- Nuance Communications in its spin-off of Cerence, Nuance’s former Automotive Software business
- Trane Technologies in the $15 billion Reverse Morris Trust spin-off and merger of its industrial business with Gardner Denver Holdings
Restructuring & Liability Management
- Diamond Sports Group in its Chapter 11 bankruptcy cases
- Rackspace Technology and Verso Corporation in their recapitalization transactions
- CDK Global in its tender offers and consent solicitations for $1.6 billion of its senior notes
- World Wrestling Entertainment and Nuance Communications in their privately negotiated exchanges of equity for convertible notes
