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Cravath’s London Office Moves to 100 Cheapside

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News & Insights

Automatic Data Processing, Inc.’s $7.55 Billion of Credit Facilities

June 13, 2018

Cravath represented JPMorgan Chase Bank, N.A. in connection with the arrangement of a $3.8 billion 364‑day credit facility and a $3.75 billion five‑year credit facility made available to Automatic Data Processing, Inc., a provider of business process outsourcing services worldwide. The credit facilities will be used for general corporate purposes. The transaction closed on June 13, 2018.

The Cravath team included partner Stephen M. Kessing and associate James J. Valenza on banking matters, associate Rory M. Minnis on tax matters and associate Philip F. Schreiber on executive compensation and benefits matters.

Related Practices & Industries

  • Corporate
  • Banking and Credit
  • Tax
  • Executive Compensation and Benefits
  • Technology
  • Professional Services

People

Photo
Name
Stephen M. Kessing
Title
Corporate
Title
Partner
Email
skessing@cravath.com
Phone
+1-212-474-1152
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    Education

    • J.D., 2005, Duke Law School
      Order of the Coif, magna cum laude
    • M.B.A., 2001, University of Southern California
    • B.S., 1995, Miami University of Ohio

    Admitted In

    • New York

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    Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Otis Worldwide Corporation, a leading elevator and escalator manufacturing, installation and service company. The transaction closed on August 8, 2025.

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    Cravath represented the administrative agent, lead arrangers and bookrunners in connection with $2 billion of credit facilities made available to Verisk Analytics, Inc. (“Verisk”), as part of the financing transactions undertaken in connection with its pending acquisition of Exactlogix, Inc. (“AccuLynx.com”). Verisk is a leading data, analytics and technology provider serving clients in the insurance ecosystem. The credit facilities consisted of a $750 million term loan facility and a $1.25 billion revolving credit facility. The transaction closed on August 15, 2025.

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    Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Coupang, Inc., a leading global technology and commerce company providing retail, restaurant delivery, video streaming and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. The transaction closed on June 2, 2025.

    Cravath Bicentennial

    Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.

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