Lia Toback

Partner in the Firm’s Capital Markets Practice and Alternative Capital and Private Credit team, Lia Toback has deep experience advising private equity sponsors, hedge funds, institutional holders, investment banks and companies on equity-linked offerings, complex structured equity, private capital transactions, high yield financings, debt restructurings, liability management transactions and other domestic and international capital raising transactions. Lia has a particular focus on the structuring, negotiation and execution of equity and equity-related transactions, including public and private convertible debt and equity, preferred stock issuances and control and minority equity investments, PIPE transactions and other equity-linked instruments.

Representative transactions on which Lia has worked include:

• Blackstone and Silver Lake Partners in various PIPEs and private placements of convertible debt and equity and preferred stock; 
• A multinational hedge fund in numerous minority investments in public companies in the form of common stock, preferred stock or warrants; 
• The issuers in convertible notes and/or convertible preferred offerings of KKR, Axon Enterprise, Bentley Systems and Progress Software;
• The investment banks in convertible notes and/or convertible preferred offerings of Apollo, Shift4 Payments, Semtech Corporation, Carnival Corporation, Marriott Vacations Worldwide, TechTarget and Boston Scientific;
• Corporate issuers, such as Sirius XM Holdings and Community Health Systems, in acquisition financing matters, debt offerings totaling over $25 billion, and corporate governance; 
• BrightSpring Health Services, GFL Environmental and Change Healthcare in tangible equity unit offerings done concurrently with their IPO of common stock;
• PSP Investments in its conversion of second lien loans into preferred and common equity of Transcendia Holdings, Inc. in its out-of-court restructuring;
• CWT Travel Holdings in a series of recapitalization transactions effectuated in an out-of-court process; and
• Centerbridge Partners, GenNx360, the Wychwood Trust and certain of their affiliates in their capacities as the equityholders and the largest secured and unsecured creditors in the global financial restructuring of the syncreon Group B.V.

Lia has also advised on the capital markets aspects of major deals, including the SiriusXM and Liberty Media transaction to simplify the ownership structure of SiriusXM, Cisco’s $28 billion acquisition of Splunk, Stonepeak’s $3.1 billion acquisition of Air Transport Services Group, and Blackstone’s $4.6 billion acquisition of Cvent.

Lia received her B.A. from the University of Pennsylvania, magna cum laude, and her J.D. from George Washington University, magna cum laude, where she was a member of the Order of the Coif. She is admitted to practice in New York.