United States: Debt Capital Markets

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.

The 2025 restructuring of the Ardagh Group S.A. (Ardagh or the company) capital structure unleashed one of the most controversial—and ultimately consequential—“Restructuring” credit event determination processes...

On Friday, California Office of Health Care Affordability (“OHCA”) published proposed final regulations that implement a 2026 law that significantly expanded OHCA’s review authority over health care transactions involving private equity (“PE”) groups, hedge funds, and management services organizations (“MSOs”). Stakeholders involved in California health care transactions should re-assess whether their ongoing or contemplated transactions are implicated by these regulations, because newly covered transactions will need to comply with the 90-day advance notice requirement established in the original OHCA regulations.

On June 30, 2026, the Division of Corporation Finance (the Division) of the U.S. Securities and Exchange Commission (the SEC) issued an exemptive order (the Order), effective immediately, that materially broadens...

The SEC's Division of Corporation Finance has issued a new exemptive order that significantly expands the framework for abbreviated tender and exchange offers for non-convertible debt securities, moving beyond the constraints of its 2015 guidance. This order introduces greater flexibility by permitting partial offers, consent solicitations, and broader investor participation while streamlining procedural requirements. Companies and their advisers now have access to five-day offering periods for a meaningful

After closing a priced equity round, early-stage companies often find that their runways shrink faster than expected. This article explores venture debt as a strategic tool to extend runway, serve as insurance in uncertain fundraising environments, or fund discrete initiatives without additional equity dilution.

On April 17, the Securities and Exchange Commission (SEC) published with immediate effectiveness a New York Stock Exchange (NYSE) proposed rule change that permits the trading of securities on the exchange in tokenized form.

Jones Day is pleased to provide you with a brief update on developments in international capital markets in the United States and the European Union ("EU").

In Episode 5 of our Debt Sales 101 mini-series, we turn to contracting and closing, where legal structure, regulatory expectations, and commercial terms come together to define the transaction.