Jones Day joins NY elite on $7bn fundraising
Jones Day has bagged a role alongside a clutch of leading New York firms on a $7bn (£3.5m) fundraising by US lender National City. Sullivan & Cromwell advised Cleveland-based National City alongside Jones Day, while Simpson Thacher & Bartlett advised Corsair Capital, the largest single investor. Cleary Gottlieb Steen & Hamilton also landed a role advising Axon, another of the investors.
April 22, 2008 at 04:33 AM
2 minute read
Jones Day has bagged a role alongside a clutch of leading New York firms on a $7bn (£3.5m) fundraising by US lender National City.
Sullivan & Cromwell advised Cleveland-based National City alongside Jones Day, while Simpson Thacher & Bartlett advised Corsair Capital, the largest single investor. Cleary Gottlieb Steen & Hamilton also landed a role advising Axon, another of the investors.
The Sullivan team was led by chairman Rodgin Cohen, financial institutions partners Donald Toumey and Mark Welshimer and tax partner Ronald Creamer. For Simpson Thacher, M&A and capital markets partners Lee Meyerson and Ellen Patterson took the helm.
Cleveland office managing partner Lyle Ganske and corporate partner Chris Hewitt acted for Jones Day.
The Cleary Gottlieb team was led by corporate partners Michael Ryan and Benet O'Reilly, with regulatory advice coming from partners based at the firm's Washington DC arm.
Cravath Swaine & Moore was instructed by Goldman Sachs as financial advisor to National City.
Corsair added $985m (£500m) of equity, with the remaining $6bn (£3.04bn) provided by investors including several of National City's largest current institutional stockholders.
Directors of National City – one of the largest banks in the US – announced the board's approval of the fundraising yesterday (21 April) following the bank's announcement last week of $171m (£86m) losses during the first quarter.
The deal comes after Simpson Thacher and Cleary Gottlieb both picked up roles earlier this month alongside Skadden Arps Slate Meagher & Flom on a $7bn fundraising by Washington Mutual.
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