Dewey & LeBoeuf has taken the highly unusual step of raising money — $125 million — in a bond offering designed to refinance its existing bank debt, according to sources at the firm and this report from Bloomberg, which broke the news.
A source at the firm says Dewey was refinancing existing bank debt. “With [our] bankers we looked at the rates and thought this was a good time to lock in,” says one partner. “Essentially we think the current rates are the lowest we’re going to see.” The partner adds that bonds were investment grade, carried three- to 10-year terms, and, he adds with some pride, oversubscribed. “We suspect that other firms will pursue this route,” he says.
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