Four Decades for Justice
On July 22, 2014, Energy & Exploration Partners, LLC, an independent exploration and production company focused on the acquisition, exploration and development of unconventional oil and gas resources, closed its acquisition of certain exploration and production assets from Treadstone Energy Partners, LLC. Cravath represented Citigroup in arranging a $775 million term loan to finance the acquisition, to refinance existing indebtedness and to fund drilling capital expenditures and other working capital needs.
On July 31, Cactus Wellhead, an oilfield services provider that specializes in the manufacture and servicing of pressure control equipment used during drilling, completion and production operations, closed a dividend recapitalization transaction. Cravath represented Credit Suisse in arranging a $325 million credit facility to fund the dividend, refinance Cactus Wellhead’s existing credit facilities and provide working capital.
Also on July 31, TexOak Petroflow Holdings LLC closed its acquisition of Equal Energy Ltd., a public company listed on the Toronto Stock Exchange and the NYSE prior to the acquisition. TexOak Petroflow is an oil and natural gas company involved in the exploration, development and production of oil and natural gas, primarily in Oklahoma and Texas. Equal Energy is also an oil and natural gas company involved in the exploration, development and production of oil and natural gas, focusing primarily on the development of the Hunton dewatering play in central Oklahoma. Cravath represented Credit Suisse in arranging a $250 million first‑lien term loan facility that, together with a $103 million second‑lien facility provided by Sankaty Advisors, financed the Equal Energy acquisition, the refinancing of existing debt and future development plans.
Partner Paul H. Zumbro led the Cravath teams on each of these transactions; associate Gillian L. Warmflash worked on the Energy & Exploration Partners matter; practice area attorney Sarah F. Rosen and associate Jacob S. Yormak worked on the Cactus Wellhead matter; and associates C. Daniel Haaren and Thurston J. Hamlette worked on the TexOak Petroflow Holdings matter. Arthur L. Lotz also worked on the Energy & Exploration Partners matter and summer associate Samita T. Khan also worked on the TexOak Petroflow matter.
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.
Deals & Cases
August 30, 2023
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with an $800 million revolving credit facility made available to Albany International Corp. and certain of its subsidiaries. Albany International Corp. is a leading provider in the textile and materials processing business. The transaction closed on August 16, 2023.
Deals & Cases
August 30, 2023
Cravath represented the lead arrangers in connection with senior facilities to finance the pending acquisition of Palex Medical by funds advised by the private equity firms Apax Partners LLP and Fremman Capital. Palex Medical is a leading provider of high value‑added medical technology equipment and solutions in Southern Europe.
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