First Horizon Corporation’s Fixed Rate/Floating Rate Senior Notes Offering

Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg S. high‑yield senior notes offering of Alumina Pty Ltd, a wholly owned subsidiary of Alcoa Corporation, a global industry leader in the production of bauxite, alumina and aluminum products. Cravath also represented the dealer managers in connection with the concurrent cash tender offers for notes of Alcoa Nederland Holding B.V., a wholly owned subsidiary of Alcoa Corporation, with an aggregate principal amount of up to $1 billion. The transactions closed on March 17, 2025.

Cravath represented the initial purchasers in connection with the $500 million Rule 144A high‑yield senior notes offering of Credit Acceptance Corporation, a leading independent auto finance company. The transaction closed on February 28, 2025.

Cravath represented the underwriters in connection with the $1 billion registered senior notes offering of Expedia Group, Inc., an online travel company. The transaction closed on February 21, 2025.

Cravath represented the initial purchasers in connection with the €325 million 144A/Reg. S high‑yield senior secured notes offering of Flora Food Management B.V. (f/k/a Upfield B.V.). Flora Food Management B.V. operates as a plant‑based consumer product company. The transaction closed on February 3, 2025.