In our transaction-focused practice, our corporate lawyers regularly participate in some of the most significant deals in the marketplace. We have acted as counsel to the financing sources in many of the recent major acquisitions featuring significant debt financings, including Harrah's, US Foodservice, BCE, Alltel, Avaya, Tribune Co., ServiceMaster, TXU, First Data Corp., VWR, Thomson Learning, and Kinder Morgan. Cahill is widely recognized for its participation in the capital markets, particularly with respect to mergers and acquisitions, leveraged lending, high yield debt, investment grade debt, IPOs and other equity related financings. Our practice is recommended by Chambers USA, Chambers Global, IFLR 1000, Legal500 and Global Counsel.
Cahill is the most active law firm representing underwriters of high-yield debt offerings, and in 2007 was top-ranked for the fifth consecutive year (by vol. and # deals) with 54 issues and approximately $26.4 billion in proceeds. We also ranked among the top ten law firms representing underwriters in convertible and straight debt offerings. (Thomson Financial, 2008). On the bank side, Cahill ranked first for the second consecutive year representing lead arrangers (by vol. and # deals) in leveraged loan transactions, with 89 reported deals and $115.7 billion in proceeds, and was the most active firm representing lead arrangers in M&A loan transactions (by volume) with 49 reported deals and $89 billion in proceeds. (Reuters Loan Pricing Corporation, 2008).
On the equity side, Cahill regularly serves as underwriters' counsel such as in the recent IPOs by Approach Resources, Concho Resources, Insulet, RSC Holdings, PNA Group, PGT, Inc., and Coinmach Service Corporation. We ranked among the top fifteen law firms representing underwriters in global and U.S. IPOs, global and U.S. equity offerings and U.S. common stock offerings in 2007 (Thomson Financial, 2008), and have a long track record as issuer's counsel in IPOs and other equity offerings for companies such as Forbes, Security Capital Assurance, Koppers Holdings, TriMas Corp., Arch Capital, Icon, XL Capital, Reddy Ice Holdings, Nelnet, USI Holdings, Energy Partners, and First Industrial Realty Trust. We represented Forbes in transactions related to the sale of equity interests to Elevation Partners. We also represent mezzanine lenders such as GoldenTree Asset Management, Apollo Investment Corp., Falcon Mezzanine Partners and Audax Mezzanine Fund, L.P. and private equity investors such as Trimaran Capital Partners, Ares Corporate Opportunities Fund, L.P. and Heartland Industrial Partners in leveraged and strategic transactions.
We understand how important it is for companies involved in mergers, acquisitions or joint ventures, often worth billions to the participants, to move efficiently towards closing with a minimum of surprise and delay. We have substantial experience in M&A transactions having recently represented the Special Committee of WebMD in its merger with HLTH Corporation; ICON plc in its acquisition of Healthcare Discoveries; an investor group led by Peter M. Brant in its acquisition of SP Newsprint; The Great Atlantic & Pacific Tea Co. (A&P) in its acquisition of Pathmark Stores, Inc; Metaldyne Corporation in its acquisition by Asahi Tec; Engelhard Corporation in its acquisition by BASF, U.S.; Energy Partners Ltd. in its defense against the unsolicited tender offer by Woodside Petroleum; U.S. Unwired in its acquisition by Sprint; Sola International in its cash merger with Carl Zeiss Group; and Mitsubishi in the formation of its Metal One joint venture with Nissho Iwai. Our client base in the M&A area is very diversified ranging from the clients listed above to Élan Corporation, General Electric, Consolidated Natural Gas, XL Capital, Vail Resorts, XOMA Corporation, Fairchild Corp, White Birch Paper Company and 1-800-Flowers.com.
Leading commercial and investment banking firms trust our experience and ability to deliver comprehensive advice and deal execution, no matter how difficult the factual and legal issues may be or how complex the financing structures are. That is one reason why we have long and close working relationships with top investment and commercial banking firms such as Bank of America, CIBC, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan, Merrill Lynch, UBS and Wachovia. We are also designated underwriters' counsel for dozens of companies.
Our practice also includes debt restructuring work such as the exchange offers by Charter Communications for over $8 billion of its debt and the exchange offers by Qwest Communications for about $13 billion of its debt. In addition, we act as counsel to various clients in connection with restructuring and bankruptcy work, including the consummation of reorganization plans by Foamex, Anchor Glass Container Corporation and Atlas Air. We create deal structures for joint ventures, consult in the development of distribution, marketing and pricing arrangements and handle critical negotiations such as those conducted on behalf of NBC Sports for the broadcast rights to 10 different Olympic Games.
In the insurance area, our lawyers have extensive experience in the formation and capitalization of new insurance ventures. We have acted and continue to act as chief legal counsel in the formation of new offshore companies, including ACE, XL Capital, Mid-Ocean and Arch, which were all formed to address capacity shortages and required innovative structuring in condensed time frames. We represented Ironshore, Inc., a Bermuda-based global insurance company formed in response to the crisis conditions in the U.S. property catastrophe insurance markets, in its formation and initial capitalization of over $1 billion.
