Cravath represented the initial purchasers, led by Morgan Stanley, J.P. Morgan Securities, BofA Merrill Lynch, Citi and RBS, in connection with the US$3 billion 144A/Reg. S senior debt offering of Marathon Petroleum Corporation. The offering was undertaken in connection with the proposed separation of Marathon Petroleum, one of the largest petroleum product refiners, transporters and marketers in the United States, from Marathon Oil Corporation. The transaction closed on February 1, 2011.
The Cravath team included partner Andrew J. Pitts and associates Brandon R. DeFrehn and Scott Abramowitz on corporate matters and partner Michael L. Schler on tax matters.