Yan Shurin

Mr. Shurin has represented issuers and underwriters in convertible note offerings, including with respect to related call spreads, capped calls, share lending arrangements and concurrent exchanges or repurchases of outstanding convertible notes, and both issuers and investors in issuances of warrants, private convertible notes, convertible credit agreements and convertible preferred stock. He also has significant experience counseling clients in a variety of accelerated share repurchase structures and issuer forwards. Mr. Shurin also has represented borrowers and lenders in margin loan transactions, as well as a broad array of dealers and corporate end-users in ISDA negotiations. Additionally, he has advised on a range of bespoke derivative transactions, including weather derivatives, deal-contingent FX forwards and interest rate swaps, finance-linked hedging transactions and corporate transaction-related total return swaps, and frequently advises on derivatives considerations in M&A contexts.

His representations include:

• over 75 convertible and exchangeable note offerings, many including call spreads or capped calls;
• multinational clients such as Pfizer Inc., Aflac Inc. and Grupo Bimbo, S.A.B. de C.V., and their subsidiaries, in implementing broad hedging programs;
• Stryker in several substantial acquisitions where the targets had outstanding convertible notes and call spreads;
• a $2 billion accelerated share repurchase program for Stanley Black & Decker, Inc.;
• over 20 margin loans, including several with pledges of more than $1 billion in shares;
• the $500 million repurchase of ServiceNow, Inc.’s convertible notes and related unwind of call spreads;
• private equity clients such as Fortress and Permira across a variety of acquisition and disposition-related equity-linked instruments and hedging arrangements; and
• Nasdaq, Inc. in ISDA negotiations, accelerated share repurchase programs and other issuer equity derivative matters.