Hogan Lovells U.S. Capital Markets practice closes three debt offerings worth over US$1.95 billion in two weeks

Washington D.C. / New York, 11 August 2020 -- Global law firm Hogan Lovells advises Choice Hotels International, FLIR Systems, and Reliance Steel & Aluminum on an aggregate of US$1.95 billion of debt issuances between 23 July 2020 and 3 August 2020.

"Despite the economic uncertainties wrought by the COVID-19 pandemic, clients across different sectors have continued to enjoy favorable conditions in the U.S. bond market, with particularly robust activity in investment grade senior notes offerings, often at oversubscribed levels, and often coupled with liability management transactions involving existing debt. We are pleased to have guided numerous issuers, including those in industries most impacted by the pandemic, to market in recent months and look forward to helping our clients continue to navigate a complex financial landscape," said Eve Howard, the Global Head of the firm's Capital Markets practice. 

More details about each of the three offerings can be found below.

On 23 July 2020, the firm represented Choice Hotels International, Inc. in its issuance of US$450 million aggregate principal amount of its 3.7% senior notes due 2031 and concurrent tender offer for US$183.4 million of its 5.750% notes due 2022. Choice Hotels is one of the largest hotel chains in the world. More details about the offering can be found here. The Hogan Lovells team was led by Capital Markets partners John Beckman, Eve Howard and Alex Bahn. Counsel Tiffany Posil, senior associate Liz Graffeo, and associate David Allen also advised on the transaction. Partner Scott Lilienthal advised on tax. 

On 3 August 2020, the firm represented FLIR Systems, Inc. in its issuance of US$500 million aggregate principal amount of its 2.5% senior notes due 2030. FLIR Systems is a world leader in the design, manufacture, and marketing of thermal imaging infrared cameras. More details about the offering can be found here. The Hogan Lovells team was led by Capital Markets partners Lillian Tsu and Stuart Morrissy. Counsel Tiffany Posil, senior associates Catalina Santos Parkinson and Chloe Chung, and associate Yiyang Cheng also advised on the transaction. Partner Scott Lilienthal advised on tax. 

And on 6 August 2020, the firm also represented Reliance Steel & Aluminum Co., a leading diversified metal services supplier, on the issuance and sale of US$900 million in investment grade bonds, consisting of US$400 million aggregate principal amount of its 1.3% senior notes due 2025 and US$500 million aggregate principal amount of its 2.15% senior notes due 2030. about the offering can be found here. The Hogan Lovells team was led by Capital Markets partners John Beckman and Eve Howard. Counsels Andrew Zahn and Tifarah Roberts Allen, senior associates Weston Gaines and Philip Schuster, and associates Brendan Oldham and Jeff Nwagbo also advised on the transaction. Partner Scott Lilienthal advised on tax.

Each of these successful transactions happened on a very short time frames in order to take advantage of favorable market conditions. Our Hogan Lovells U.S. capital markets team regularly advises clients on complex and high-value offerings of debt, equity, and hybrid securities. Our issuer clients include some of the most recognizable corporate names in America. We are able to structure and execute capital markets transactions in order to maximize client goals, including developing innovative transactional structures.


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