By Rebecca Melvin
New York, Jan. 5 - Jenner & Block LLP, a national law firm based in Chicago, not only jumped onto the league tables for legal counsel to convertible issuers near the end of 2010, but it leap-frogged to the top of the list by helping General Motors Co. bring its $5 billion offering of mandatory preferred convertibles in November.
With the GM deal, Jenner & Block took an 11.7% share of total convertibles volume, knocking New York-based law firm Simpson Thacher & Bartlett down a peg to No. 2 1egal counsel to convertible issuers for 2010, given that firm's three deals, totaling $1.72 billion of volume, for 4% of the total.
Adding another deal to its tally, Jones Day rose to No. 3 rank from fourth place as counsel in four deals, totaling $1.72 billion, for 4% of the total, according to data compiled by Prospect News.
Andrews Kurth LLP dropped to fourth place from No. 2, with its three deals totaling $1.55 billion and accounting for 3.6% of the total.
Sullivan & Cromwell LLP was in fifth place with three deals totaling $1.44 billion, accounting for 3.4% of total volume.
Also among top legal counsel names were Weil Gotshal & Manges, Latham & Watkins, Shearman & Sterling, K&L Gates, and Wilson Sonsini.
Details on the legal counsel of all new issues for the year to date weren't available to Prospect News. In all, there were 100 convertibles deals totaling $42.47 billion of new issuance for 2010, down from 120 convertibles deals totaling $59.62 billion for 2009.
Year to date, U.S. market
| Counsel | Amount | Number | Share
|
| 1 | Jenner & Block LLP | 5.000 | 1 | 11.70%
|
| 2 | Simpson Thacher & Bartlett LLP | 1.722 | 3 | 4.03%
|
| 3 | Jones Day | 1.715 | 4 | 4.01%
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| 4 | Andrews Kurth LLP | 1.552 | 3 | 3.63%
|
| 5 | Sullivan & Cromwell | 1.435 | 3 | 3.36%
|
| 6 | Weil Gotshal & Manges | 1.150 | 1 | 2.69%
|
| 7 | Shearman & Sterling | 0.933 | 2 | 2.19%
|
| 8 | Latham & Watkins | 0.825 | 2 | 1.93%
|
| 9 | K&L Gates | 0.590 | 2 | 1.38%
|
| 10 | Wilson Sonsini | 0.575 | 1 | 1.35%
|
| Total | 42.750 | 100
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| Average size: | 0.428
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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 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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