Hercule Debtco’s High‑Yield Senior Notes Offering

Cravath represented Neoen Finco Plc in connection with its €650 million 144A/Reg. S high‑yield green senior secured notes offering. Neoen Finco Plc is a finance subsidiary of Neoen Limited, one of the world’s leading renewable energy companies with expertise in solar, onshore wind power and battery storage. Neoen is a Brookfield Renewable Partners portfolio company. The transaction closed on June 18, 2026.

Cravath represented the initial purchasers, arrangers and lenders in connection with the offering of €400 million in aggregate principal amount of senior secured notes and new revolving credit facilities of Pasubio, a PAI Partners portfolio company and a leading global supplier of luxury and premium leather and textile materials. Proceeds of the offering were used to redeem Pasubio’s existing senior secured notes, repay drawings under its existing revolving credit facility, pay transaction fees and expenses and for general corporate purposes. The transaction closed on July 27, 2026. 

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S fixed‑to‑floating rate junior subordinated notes offering of Enstar Group Limited (“Enstar”), a leading global (re)insurance group that offers innovative capital release solutions and specialty underwriting capabilities. Cravath also represented the dealer managers in connection with Enstar’s concurrent $500 million cash tender offer for a series of Enstar’s outstanding debt securities. The transactions closed on July 1, 2026.

Cravath represented the initial purchasers in connection with the $3 billion 144A/Reg. S notes offering of ERAC USA Finance LLC, guaranteed by Enterprise Holdings, Inc., a leading global mobility solutions provider operating under the Enterprise Mobility corporate brand. The transaction closed on April 14, 2026.