Jefferies & Co. has begun to build a senior lending and private placement capability and is looking to hire four bankers in the coming weeks to build out the team. Jefferies has started by bringing on board Andrew Woolford and Neil Wessan from CIBC World Markets, as co-heads of a private placement group. The two will lead Jefferies plans to structure and distribute private debt securities and bank loans.
Ray Minella, director of investment banking capital markets, told LMW last September that one of Jefferies' top priorities was building a senior bank lending arm to complement the other services the firm provides to its middle-market clients (LMW, 9/22).
Woolford and Wessan expect to hire one managing director and several mid-level bankers to focus on capital markets origination, sales and secondary trading. Potential candidates need a background in credit analysis but may have a wide range of industry experience, including research, banking and the buyside.
The new group's target market will include public or private companies that are looking to raise $25-150 million in high-yield private offerings. Jefferies expects these transactions to include a variety of structures, including senior bank loans, senior secured and unsecured paper, preferred stock and mezzanine debt.