Four Decades for Justice
On October 31, 2008, the New York Supreme Court, Commercial Division, denied Hexion Specialty Chemicals, Inc.’s motion for a temporary restraining order and a preliminary injunction against Cravath’s clients, Credit Suisse and Deutsche Bank. Hexion sued the two banks on October 29, 2008, seeking to postpone the expiration of the banks’ commitment letter that provided for the financing of the proposed merger between Hexion and Huntsman Corporation. The commitment letter expired by its terms on November 1, 2008. Hexion claimed that the banks breached the commitment letter, which they entered into, subject to certain conditions, in July 2007.
Justice Eileen Bransten denied Hexion’s motion, holding that Hexion was not entitled to injunctive relief because it had not demonstrated irreparable harm or a probability of success on the merits of its breach of contract claim and because the equities weighed in favor of the banks. Justice Bransten held that the banks were entitled to have the court enforce the commitment letter, including its expiration provisions, as written and bargained for by the parties.
This was the third time in as many weeks that the Cravath team defeated attempts made by Hexion or Huntsman in three different courts to prevent or extend the expiration of the commitment letter. The Cravath attorneys involved in this matter include partners Richard W. Clary, Robert H. Baron, Julie A. North and Gary A. Bornstein, senior attorney Lillian S. Grossbard and associates Martin J. Crisp, Jonathan M. Watkins, Misty L. Archambault, William B. Brady, Lauren P. Rubin, Isaac B. Zaur, Edward A. Imperatore, Erin C. Trenda and Benjamin R. Rossen.
Deals & Cases
February 27, 2024
Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on February 13, 2024.
Deals & Cases
January 31, 2024
Cravath represented the European Investment Bank (“EIB”) in connection with its $5 billion registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on January 11, 2024.
Deals & Cases
November 27, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $14 billion of credit facilities made available to RTX Corporation, an aerospace and defense company that provides systems and services for commercial, military, and government customers worldwide. The facilities consisted of a $10 billion bridge credit facility and a $4 billion term loan facility. The transactions closed on October 24, 2023 and November 7, 2023.
Deals & Cases
October 06, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $2.4 billion of credit facilities made available to Cencora, Inc., a leading global pharmaceutical solutions organization committed to improving patient access to products and enhance patient care. The facilities consisted of a $355 million tranche one revolving credit facility and a $2.045 billion tranche two revolving credit facility. The transaction closed on October 6, 2023.
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