By Rebecca Melvin
New York, Oct. 5 - Andrews Kurth LLP, an international law firm based in Houston, jumped to No. 1 legal counsel to convertible issuers for the year to date through September, unseating Simpson Thacher & Bartlett LLP, which moved down to fourth place for the year.
Andrews Kurth ranks first with two deals totaling $1.44 billion and accounting for 5.25% of total volume, according to data compiled by Prospect News.
Sullivan & Cromwell LLP remained in the No. 2 position, with three deals totaling $1.41 billion, accounting for 5.13% of total volume.
Jones Day was the No. 3 legal counsel with three deals, totaling $1.37 billion of volume, for 4.97% of the total.
And Simpson Thacher, in fourth place, was counsel in two deals totaling $1.32 billion, for 4.81% of the total.
Also among top legal counsel names were Weil Gotshal & Manges, Latham & Watkins, K&L Gates, Wilson Sonsini, Cleary Gottlieb Steen & Hamilton and Pietrantoni Mendez & Alvarez.
Details on the legal counsel of all new issues for the year to date weren't available to Prospect News. In all, there have been 67 convertibles deals, totaling $27.49 billion of new issuance for the year to date through September, up from 56 deals, totaling about $24.8 billion of new issuance for the year to date through August.
Year to date, U.S. market
| Counsel | Amount | Number | Share
|
| 1 | Andrews Kurth LLP | 1.442 | 2 | 5.25%
|
| 2 | Sullivan & Cromwell | 1.411 | 3 | 5.13%
|
| 3 | Jones Day | 1.365 | 3 | 4.97%
|
| 4 | Simpson Thacher & Bartlett | 1.323 | 2 | 4.81%
|
| 5 | Weil Gotshal & Manges | 1.150 | 1 | 4.18%
|
| 6 | Shearman & Sterling | 0.789 | 1 | 2.87%
|
| 7 | Latham & Watkins | 0.690 | 1 | 2.51%
|
| 8 | K&L Gates | 0.590 | 2 | 2.15%
|
| 9 | Wilson Sonsini | 0.575 | 1 | 2.09%
|
| 10 | Cleary Gottlieb Steen & Hamilton | 0.575 | 1 | 2.09%
|
| Total | 27.492 | 67 |
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| Prospect News Convertibles Counsel Rankings
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Criteria
• The tables include all underwritten dollar-denominated offerings sold in the United States as public or Rule 144A deals reported to Prospect News.
• Offerings are included in the time period in which they price.
• Amounts are based on the total sales price (face amount multiplied by the offering price). The full amount is credited to the issuer counsel.
• Each tranche is counted as a separate deal.
• Bonds are included that convert into the issuer's or another company's stock or the cash equivalent; bonds that convert into other bonds are excluded.
• Structured products issued by an investment bank and exchangeables for or linked to another company's stock are excluded.
• Units made up of a bond and stock are included; units made up of a bond and warrants are excluded.
• Preferred issues are included using the same criteria as for bonds.
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