Latham & Watkins Named 2024 Americas Law Firm of the Year by Private Debt Investor

Latham & Watkins has been named 2024 Americas Law Firm of the Year — Transactions in Private Debt Investor (PDI)’s annual awards, “which celebrate the managers, institutional investors, and advisers changing the face of this dynamic asset class.” Latham was named Global Law Firm of the Year — Transactions in 2023 and Europe Law Firm of the Year — Transactions in 2022, demonstrating the firm’s prowess in private debt across jurisdictions.

Latham advises the most active lenders, funds, credit platforms, and investment managers, as well as borrowers, in the full range of transactions — from the middle market to large-cap. The firm represents nearly all of the top 50 firms on the PDI 200, the publication’s annual ranking of the leading fundraisers in private debt. Latham is ranked the #1 US direct lending legal adviser, outpacing other law firms by a significant margin. In 2024, Latham represented lenders in 220 US direct lending deals — more than the aggregate number of deals the second- through eighth-ranked lender side firms advised on combined, according to KBRA Direct Lending Deals.

Latham sees more deals than any other law firm, enabling us to provide clients an unmatched 360-degree view of the market, anywhere in the world. With interconnected finance and corporate practices, Latham is the only firm ranked Band 1 in Chambers across each of these categories: US Private Credit; Global Banking & Finance; US Banking & Finance; Global Capital Markets — Equity; and Global Capital Markets — High Yield.

Latham’s landmark private credit transactions in another dominant year include representing:

• Antares Capital as lender on credit facilities and a term loan facility for OEConnection LLC, a company which offers automotive software solutions used by OEMs distributors, auto and car repair shops, and automobile insurance providers, to refinance existing debt.
• Ares Management Corporation in its completed acquisition of GCP International, establishing a US$115 billion-plus global real assets platform.
• Blackstone Credit & Insurance in Dropbox’s new US$2 billion secured credit agreement, one of the largest ever private credit loans to a public company.
• Carlyle in a strategic investment in Entertainment 360, marking the first time the premier talent management company has received outside funding.
• Carlyle Global Credit in providing an US$800 million asset-backed credit facility to Park County, media and entertainment company founded by Matt Stone and Trey Parker that produces “South Park” and “The Book of Mormon.”
• Carlyle Global Credit in providing a US$200 million secured financing to consumer robotics company iRobot.
• Club of private credit funds on the PIK holdco financing for Clayton, Dubilier & Rice’s acquisition of a 50% controlling stake in Opella, the consumer healthcare business of Sanofi.
• D.E. Shaw Group in investments to support the acquisition of Form Technologies by Ares Management.
• Goldman Sachs Alternatives’ Hybrid Capital Group in a financing for Pearce Services’ acquisition of Unified Power.
• Goldman Sachs Alternatives’ Hybrid Capital Group in a financing for Qualus’ completed acquisition of Planet Forward Energy Solutions, LLC.
• Goldman Sachs Private Credit in an investment in holdco PIK notes in Excelitas, a portfolio company of AEA Investors LP and a leading industrial technology platform, to support a partial repayment of the existing senior credit facilities and support a senior credit facility re-pricing. Latham also represented Golub in a unitranche facility in connection with the financing.
• Golub Capital on a cross-border deal entailing term loans, a delayed draw term loan credit facility and a revolving credit facility to support acquisitions and other investments by Risk Strategies (unitranche facility valued at approximately US$5.42 billion). At the time, this was one of the two largest US dollar denominated unitranche facilities in history, with both of the historic facilities led by Golub Capital and advised by Latham. Latham also advised Blackstone Credit in the US$300 million preferred equity financing in tandem with the unitranche facility.
• Golub Capital on a US$3.4 billion unitranche facility for Hyland Software and in increasing the unitranche to US$4.45 billion.
• HPS in connection with the investment in security company GardaWorld by a group led by GardaWorld CEO Stephan Crétier and minority investors HPS, Oak Hill Advisors, One Investment Management, and others, valuing GardaWorld at C$13.5 billion.
• HPS in a financing for Iconic Artists Group, a development and management company for entertainment artists, creators, and brands.
• HPS, as lender, on the £485 million refinancing of Saga plc, the UK's specialist in products and services for people over 50.
• KKR, HPS, and the other credit providers in providing a US$2.344 billion unitranche facility for MB2 Dental Solutions, one of largest jumbo private credit loans in 2024 (KBRA Direct Lending Deals).
• KKR and the other private credit lenders in a debt financing for Clarience Technologies’ acquisition of Safe Fleet.
• Neuberger Berman Capital Solutions in a significant minority investment in Yellowstone Landscape.
• Neuberger Berman Capital Solutions in an investment in Veeam Software, bringing the company’s valuation to US$15 billion.