Atlas Air Worldwide’s Registered Convertible Senior Debt Offering

Cravath represented Atlas Air Worldwide Holdings, Inc. in connection with its US$289 million registered convertible senior debt offering. Cravath also represented Atlas in connection with its concurrent convertible note hedge and warrant transactions that are expected generally to reduce the potential dilution to the Atlas common stock upon conversion of the notes and/or offset potential cash payments Atlas is required to make in excess of the principal amount of the converted notes in the event that the market value per share of Atlas common stock is greater than the strike price of the convertible note hedge transactions. Atlas Air Worldwide Holdings, Inc. is a leading global provider of outsourced aircraft and aviation operating services. The transaction closed on May 23, 2017.

The Cravath team included partner Andrew J. Pitts, senior attorney Elizabeth Albert and associates Samuel P. Niles and Rebecca D. Stacker on securities matters and associate Richard Bohm on tax matters.