Paul Tropp is a co-head of Ropes & Gray’s capital markets group in New York. He represents issuers and underwriters in a wide range of corporate finance transactions, including initial and follow-on public offerings; transactions involving convertible, high-yield and investment-grade bonds; debt tenders and consents; private placements; and selling-shareholder deals. In addition, Paul advises independent boards of directors and financial advisors.
Paul’s practice has a particular focus on financial companies, asset managers, fintech companies and specialty finance enterprises such as business development companies (BDCs), special purpose acquisition companies (SPACs) and mortgage REITs.
Consistently recognized as a leading lawyer by sources such as Chambers USA, Chambers Global, IFLR and The Legal 500, Paul headed the New York capital markets practice of a global law firm before joining Ropes & Gray in 2018.
Experience
- Represented the underwriters in the $500 million IPO for Ares Acquisition Corp. II, a special purpose acquisition company.
- Represented the underwriters in the IPO, debut bond offering and multiple subsequent debt offerings for Blackstone Secured Lending Fund worth an aggregate of over $1 billion, and the sales agents in the company’s $200 million ATM program.
- Represented the underwriters in numerous USD-, GBP-, and EUR-denominated 144A bond offerings for Blackstone Private Credit Fund, raising an aggregate of over $5.5 billion.
- Represented the underwriters in the debut $425 million bond offering for Morgan Stanley Direct Lending Fund.
- Represented the underwriters in numerous investment grade bond offerings for Dollar General Corporation, raising an aggregate of over $3.5 billion.
- Represented KKR Acquisition Holdings I Corp. in its $1.38 billion IPO.
- Represented TCV Acquisition Corp. in its $400 million IPO.
- Represented the underwriters in the $87 million IPO for Silver Spike Investment Corp.
- Represented the underwriters in the $575 million IPO for Liberty Media Acquisition Corporation, a special purpose acquisition company.
- Represented the lead underwriters in numerous debt and equity offerings worth an aggregate of $2.9 billion for Hannon Armstrong Sustainable Infrastructure Capital.
- Represented the lead underwriters in the $4 billion IPO for Pershing Square Tontine Holdings, a special purpose acquisition company.
- Represented the lead underwriters in the IPO for nCino, a software-as-a-service company for financial institutions.
- Represented the lead underwriters in the IPO for Nuvei Corporation, a global provider of payment technology solutions, and in multiple follow-on offerings.
- Represented Dragoneer Growth Opportunities Corp., a special purpose acquisition company, in its $690 million IPO.
- Represented Altimeter Growth Corp., a special purpose acquisition company, in its $500 million IPO.
- Represented the lead underwriters in the $150 million IPO and numerous bond offerings worth an aggregate of over $3.5 billion for Owl Rock Capital Corporation, a business development company.
- Represented the underwriters in six debt and follow-on equity offerings worth an aggregate of over $1 billion for Two Harbors Investment Corp., a mortgage REIT in the United States.
- Represented the underwriters in two senior unsecured notes offerings worth an aggregate of $350 million for Sixth Street Specialty Lending, a business development company.
- Represented the lead underwriters in the $125 million convertibles notes offering for Granite Point Mortgage Trust, a commercial real estate debt investor in the United States.
- Represented the underwriters in the $100 million offering of fixed-to-floating rate cumulative preferred stock for Ellington Financial, a mortgage REIT in the United States.