Paycor’s $384 Million Common Stock Offering

Kirkland & Ellis represented Paycor HCM in the transaction. Simpson Thacher represented the underwriters, led by Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.

Apax Partners portfolio company Paycor HCM, Inc. announced its 12 million share secondary follow-on offering by Apax Partners and certain other selling stockholders. The offering priced on Oct. 15, 2021, at $32 per share, which represented virtually no discount to the stock’s trading price at the time of pricing. Paycor currently trades on Nasdaq under the ticker symbol “PYCR.”

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as lead bookrunning managers for the Offering. Jefferies LLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are also acting as book-running managers for the Offering. Robert W. Baird & Co. Incorporated, Cowen and Company, LLC, JMP Securities, LLC, Needham & Company, LLC, Raymond James & Associates, Inc., Stifel, Nicolaus & Company, Incorporated and Truist Securities, Inc. are acting as book-running managers for the Offering. Fifth Third Securities, Inc. and Roberts & Ryan Investments, Inc. are acting as co-managers for the Offering.

Paycor creates Human Capital Management (HCM) software for leaders who want to make a difference. Our HCM platform modernizes every aspect of people management, from the way you recruit, onboard and develop people, to the way you pay and retain them. 

The Kirkland team was led by capital markets partners Bob Hayward (Picture), Bob Goedert and Kevin Frank and associates Cot Eversole, Anna LeGrett, Kate Vandenberg and Caleb Pilukas. 

The Simpson Thacher team for this transaction included Art Robinson, Hui Lin, Ben Heriaud and Asha Amin (Capital Markets); Andrew Blau and Garrick Ehlers (Executive Compensation and Employee Benefits); Sophie Staples (Tax); Jennie Getsin (FINRA & Blue Sky); Michael Isby (Environmental); Genevieve Dorment and Corina McIntyre (IP); and Vanessa Burrows (Healthcare).

Involved fees earner: Cot Eversole – Kirkland & Ellis; Kevin Frank – Kirkland & Ellis; Robert Goedert – Kirkland & Ellis; Robert Hayward – Kirkland & Ellis; Anna LeGrett – Kirkland & Ellis; Kate Vandenberg – Kirkland & Ellis; Vanessa Burrows – McDermott Will & Emery; Asha Amin – Simpson Thacher & Bartlett; Andrew Blau – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Garrick Ehlers – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Benjamin Heriaud – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Hui Lin – Simpson Thacher & Bartlett; Corina McIntyre – Simpson Thacher & Bartlett; Arthur Robinson – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett;

Law Firms: Kirkland & Ellis; McDermott Will & Emery; Simpson Thacher & Bartlett;

Clients: Cowen and Company; Credit Suisse Securities (USA) LLC; Deutsche Bank Securities; Fifth Third Securities, Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Jefferies; JMP Securities LLC; Needham & Company; Paycor; Raymond James & Associates, Inc.; Robert W. Baird & Co.; Roberts & Ryan Investments, Inc.; Stifel, Nicolaus & Company, Incorporated; Truist Securities Inc. ;