SNAI S.p.A.’s High‑Yield Senior Secured Debt Offering

Cravath represented the underwriters in connection with the $800 million registered senior notes offering of Smurfit Westrock Financing DAC and the €500 million registered senior notes offering of Smurfit Kappa Treasury Unlimited Company, each a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products. The notes are expected to be listed on Euronext Dublin. The transactions closed on November 21, 2025, and November 24, 2025, respectively.

Cravath represented Graham Holdings Company in connection with its $500 million 144A/Reg. S senior notes offering. Graham Holdings Company is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, automotive dealerships and other businesses. The transaction closed on November 24, 2025.

Cravath represented Enerflex Inc. in connection with its $400 million 144A/Reg. S high‑yield senior notes offering. Enerflex is a premier integrated global provider of energy infrastructure and energy transition solutions, deploying natural gas, low‑carbon and treated water solutions – from individual, modularized products and services to integrated custom solutions. The transaction closed on December 11, 2025.

Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Polaris Inc. Polaris Inc. designs, engineers, manufactures and markets powersport vehicles and also designs and manufactures or sources parts, garments and accessories. The transaction closed on November 13, 2025.