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Cornerstone Chemical Company's High‑Yield Senior Secured Debt Offering

Cravath represented the initial purchasers, Goldman Sachs & Co. LLC, Credit Suisse and KeyBanc Capital Markets, in connection with the $450 million 144A/Reg. S high‑yield senior secured debt offering of CSTN Merger Sub, Inc., the initial issuer to be succeeded by Cornerstone Chemical Company, a market‑leading North American producer of critical intermediate and specialty chemicals. Proceeds of the offering will be used to finance the acquisition of Cornerstone by an affiliate of Littlejohn & Co., LLC. The transaction closed on August 9, 2017.

The Cravath team included partners LizabethAnn R. Eisen, Joseph D. Zavaglia and D. Scott Bennett and associates Steven Y. Li, Elizabeth J. Zhang, Phillip E. Cushing and D. Ana Choi.