Ms. Kaufmann Belkhayat’s experience includes advising on issuances of investment grade and high-yield indebtedness for both issuers and underwriters.
Ms. Kaufmann Belkhayat counsels numerous REIT clients and underwriters of REIT securities in a wide variety of transactions. Among others, she has advised:
the joint bookrunning managers in the $650 million IPO of Extended Stay America’s paired shares, as well as the subsequent debt and equity offerings by Extended Stay America and ESH Hospitality;
the co-lead managers in the high-yield notes offerings by Ryman Hotel Properties, LP and RHP Finance Corporation;
SL Green Realty Corp. in a number of financings, including offerings of senior notes, exchangeable notes and common and preferred stock, as well as debt tender offers and issuances of units for property acquisitions;
Darden Restaurants in the separation of a portion of its real estate assets into a separate, publicly traded REIT called Four Corners Property Trust; and
HCP, Inc. in its spin-off of a portion of its real estate assets into a split publically traded REIT called Quality Care Properties, Inc.
Ms. Kaufmann Belkhayat advises on M&A-related matters, particularly private equity financings and strategic investments and financial arrangements, including preferred stock and debt instruments. Her experience in this area has included advising Permira Funds in the equity received as part of the consideration for its $3.5 billion disposition of Arysta LifeScience and its $2.8 billion sale of its portfolio company Iglo Food Holdings. She also handles acquisition financings, including for Becton Dickinson and Company in its $12.2 billion acquisition of CareFusion Corporation, as well as its post acquisition recapitalization of CareFusion’s indebtedness; Centene Corporation’s acquisition of Fidelis Care and Maple Parent Holdings, Inc.; and the parent company of Keurig Green Mountain in its acquisition of Dr. Pepper Snapple Group, Inc.
Ms. Kaufmann Belkhayat’s practice also focuses on representing financial institutions in connection with a variety of securities offerings, such as BlackRock, Inc. in numerous transactions, including the secondary offerings of its common stock by Bank of America, PNC and Barclays, multiple offerings of senior notes and its equity exchanges with Bank of America and PNC. She also has counseled HSBC as lead underwriter in more than $10 billion in senior notes offerings and the underwriters for Stifel, Nicolaus & Company in numerous offerings.
Her experience with complex capital restructurings has included Marsico Parent Company LLC and affiliates in a private placement of multiple tranches of debt and equity securities to fund the repurchase of its equity from Bank of America and subsequent restructuring transactions. She also represented iPayment Holdings, Inc. and iPayment, Inc. in the exchange of $509 million of senior notes for a combination of debt, common stock and warrants.