Jonathan Michels
Biography
“He is very constructive, knowledgeable, and demonstrates a commanding knowledge of the law. ”
“Jonathan has a superb understanding of the legal issues, while remaining acutely aware of the commercial implications. ”
Overview
Jonathan Michels is a partner at White & Case, and a member of the Firm's Capital Markets practice group. Based in New York, Jonathan's practice primarily focuses on public and private capital markets transactions, including high-yield and investment grade debt offerings, exchange offers, tender offers, consents solicitations and other liability management transactions, bridge and other acquisition financing commitments and other capital markets transactions representing issuers, sponsors and investment banks in a wide variety of industries in the United States, Latin America and elsewhere abroad.
Jonathan has a proven ability to manage complex, multijurisdictional transactions and works seamlessly alongside teams of the Firm's lawyers from around the world.
Jonathan's experience and extensive knowledge of debt capital markets also allow him to quickly adapt to evolving and challenging market dynamics, and clients often look to Jonathan to find innovative and creative solutions to client and investor concerns. Jonathan has continued to be at the forefront of the high yield, special situations and liability management market, particularly in the face of the global economic challenges that sponsors, issuers, investment banks and hedge funds navigate in a volatile market landscape, including as a result of various economic and industry-specific factors.
Clients also seek Jonathan's advice to tap into his deep knowledge of acquisition financing structures, navigating multiple stages of a complex acquisition transaction and required expertise across the entire life cycle of a high-yield committed acquisition financing structure, from financing commitment, to funding of a bridge loan, to successful execution of a take-out bond financing.
Jonathan is ranked in Chambers and Legal 500 where clients say "Jonathan is exceptional, he produces outstanding work and is very client- oriented." "He is very constructive, knowledgeable, and demonstrates a commanding knowledge of the law." "Jonathan has a superb understanding of the legal issues, while remaining acutely aware of the commercial implications."
"Jonathan Michels is the best in the business. He is an expert who lives the transaction with you. He is a problem solver and is very practical. He is a pleasure to work with every step of the way."
"It is amazing the way partners like Jonathan Michels help to think like our team from a business sense, but guide us through the law to achieve our clients' goals."
"Jonathan Michels has been exceptionally great in being available at all times to handle matters or answer questions with a smile".
"I wouldn't hesitate to take any matter to Jonathan. He is all about getting the best deal, works tirelessly and can crank things out."
"An exceptional attorney."
"He's a great partner, a great team member to work with and very knowledgeable."
"Jonathan Michels is an excellent partner. He has amazing connectivity and insight not only in legal but industry matters. He's consistently available but most importantly, brings a business sense that allows him to be a true partner."
"He is the full package: he is a one-stop shop for capital markets and he is good at solving problems."
Experience
Debt Capital Markets Financings
- Representation of a syndicate of leading financial institutions in connection with Vistra's (i) issuance of $1.75 billion secured and unsecured notes to partially finance its acquisition of Energy Harbor and (ii) issuance of $750 million tack-on notes and related cash tender offers.
- Representation of Transocean Inc. in connection with, among others, its issuance of (i) $750 million senior notes due 2025, (ii) $750 million senior notes due 2026, (iii) $750 million senior notes due 2027 and (iv) $1.175 billion senior secured notes due 2030.
- Representation of a syndicate of leading financial institutions in connection with Burford's issuance of (i) $400 million senior notes due 2028, (ii) $360 million senior notes due 2030, (iii) $400 million senior notes due 2031 and (iv) $275 million tack-on notes due 2031.
- Representation of Hertz in connection with its dual-tranche bond issuance of $500 million of senior notes due 2026 and $1.0 billion senior notes due 2029
- Representation of a syndicate of leading financial institutions in connection with Univision's issuance of US$1.05 billion senior secured notes due 2029, as part of a US$2.1 billion debt financing package for the business combination of the media content business of Televisa with Univision's business.
- Representation of a syndicate of leading financial institutions in connection with Fertitta Entertainment's a dual-tranche bond issuance of $1.0 billion of senior secured notes due 2029 and $1.25 billion senior notes due 2030.
- Representation of a syndicate of leading financial institutions in connection with, among others, CURO's (i) issuance of $750 million senior secured notes due 2028, (ii) issuance of $250 million senior secured notes due 2028 to finance the acquisition of Heights Finance and (iii) SEC-registered IPO and NYSE listing of the common stock of CURO, as well a secondary SEC-registered offering
- Representation of a syndicate of leading financial institutions in connection with R.R. Donnelley & Sons Company issuance of $285 million of junior lien secured notes due 2028.
- Representation of a leading financial institution in connection with High Peak's issuance of $225 million senior notes due 2024.
- Representation of Oi Móvel's issuance of $880 million senior secured notes due 2026.
- Representation of a syndicate of leading financial institutions in connection with Everi's issuance of $400 million of senior notes due 2029.
- Representation of a syndicate of leading financial institutions in connection with HC2's issuance of $330 million of senior secured notes due 2026.
- Representation of a Inspire Brands in connection with its issuance of $750 million of senior secured notes due 2025.
- Representation of a syndicate of leading financial institutions in connection with INTL FCStone's issuance of $350 million of senior secured notes due 2025.
Special Situations/Liability Management
- Representation of an ad hoc group of unsecured noteholders of Carvana on a successful series of liability management transactions, including US$5.7 billion debt exchange offers, a concurrent cash tender offer, an at-the-market equity raise, an equity investment from Carvana's founders and a solicitation of consents to certain amendments to Carvana's existing indentures.
- Representation of Bausch Health in connection with its exchange offer for $5.6 billion of existing senior notes for $3.1 billion new secured notes.
- Representation of Jefferies LLC in connection with FXI Holdings's offer to exchange US$500 million of its existing senior secured notes for a combination of US$471 million of new senior secured notes and US$50 million of cash.
- Representation of Transocean in connection with a series of liability management transactions, including (i) a series of exchange transactions whereby Transocean exchanged US$1.9 billion of existing notes for US$925 million of new structurally senior notes, (ii) private exchanges of US$323 million of Transocean's existing exchangeable notes for US$294 million new senior guaranteed exchangeable bonds due 2025 and (iii) various follow-on exchange transactions to further de-lever Transocean's balance sheet.
- Representation of Oi S.A. in connection with its ongoing debt restructuring in Brazil of more than $20 billion of debt, the largest-ever debt restructuring in Latin America.
- Representation of Boy Scouts of America in connection with its Chapter 11 restructuring and its nearly US$2.5 billion settlement trust to compensate childhood sexual abuse survivors.
- Representation of Hertz in various refinancing transactions and notes offerings, including (i) establishing an omnibus shelf registration statement pursuant to which Hertz executed a $750 million rights offering, (ii) its issuance of $500 million senior notes due 2026 and (iii) its issuance of $900 million of senior notes due 2028, each of which pre-dated our representation of Hertz in connection with it navigation of, and successful emergence from, Chapter 11 bankruptcy protection.
"Kelo v. City of New London: Is the Response to Curb the Effect of the Supreme Court Decision Going Too Far?," 37 Seton Hall L. Rev. 527 (2007).
Ranked, Chambers USA, 2021-2024, Capital Markets: Debt & Equity
Ranked, Chambers Global, 2022-2024, Capital Markets: Debt & Equity
Leading Lawyer, The Legal 500 US, 2024, Capital Markets: High-Yield Debt Offerings
Next Generation Partner, The Legal 500 US, 2019 – 2021, Capital Markets: High-Yield Debt Offerings
Rising Star, Securities & Corporate Finance, New York Metro 2014 – 2021, Super Lawyers
