Covington represents foreign and domestic companies, underwriters, placement agents, funds, and other investors in all aspects of securities transactions and related corporate finance. Our representations include public and private offerings of debt and equity securities and advice regarding ongoing reporting and disclosure obligations, governance procedures and practices, and other compliance matters. Our clients are active in all stages of capital formation and asset management. Our securities practice group is headed by the immediate past Director of the Division of Corporation Finance of the Securities and Exchange Commission.
Covington also regularly advises corporate borrowers, financial advisers, commercial banks, investment banks, and other financial institutions in structured finance, acquisition finance, project finance, derivative transactions, and commercial loans. Our finance group represents international banks and institutions in cross-border financings, including structured financings and innovative specialized financings involving a variety of asset classes. As non-credit supported project finance gained acceptance in the capital markets, we have participated in both registered and Rule 144A offerings and the securitization of project interests.
Representative Matters
- Pepco Holdings, Inc. and its subsidiaries, for which we have served as corporate and securities counsel for over 25 years, in over $3.0 billion in debt and equity securities in the period since 2003. In addition, we have handled for this client a commercial paper program aggregating $1.0 billion, syndicated credit facilities aggregating $2.6 billion, a drawn loan for a subsidiary aggregating $100 million, and a bridge acquisition financing aggregating $1.0 billion.
- Kerr-McGee Corporation in over $7.5 billion of capital markets transactions and bank financings, including a recent $650 million senior notes offering and $6.75 billion of senior bank financings comprised of a senior secured multi-tranche credit facility and a senior unsecured revolving credit facility.
- Calpine Corporation and its subsidiaries in more than $22.0 billion of capital markets financings. One transaction on which we worked in 2004 and two transactions from 2003 were named "deals of the year" by a Euromoney project finance publication. In addition, we handled for Calpine and its subsidiaries construction financing credit agreements aggregating over $3.5 billion, senior secured working capital credit agreements aggregating over $3.0 billion, senior unsecured bridge financings aggregating $1.2 billion, and secured non-recourse credit agreements aggregating over $1.5 billion, and several successful bondholder consent solicitations.
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