Canyon Partners’ $600M PIPE Transaction

Sullivan & Cromwell LLP advised Canyon Partners.

Canyon Partners structured and led a $600 million private investment in public equity (PIPE) for New Residential Investment Corp., a publicly traded mortgage real estate investment trust. This capital raise marks the first large PIPE transaction in the financial services sector since the outbreak of the COVID-19 pandemic.

Canyon Partners, LLC operates as an investment management firm. The Company provides hedge fund and invests across asset classes ranging from bank debt, high yield and distressed securities, securitized assets, direct investments, convertible arbitrage, risk arbitrage, and equities and special situation securities.

The S&C team advising Canyon Partners was led by firm chairman Joe Shenker (Picture) and corporate partners Ari Blaut and Bob Downes.

Involved fees earner: Ari Blaut – Sullivan & Cromwell; Robert Downes – Sullivan & Cromwell; Joseph Shenker – Sullivan & Cromwell;

Law Firms: Sullivan & Cromwell;

Clients: Canyon Partners, LLC ;

Author: Ambrogio Visconti