High‑Yield Senior Debt Offering by CS&L and CSL Capital

Cravath represented the initial purchasers, led by Citigroup and Goldman, Sachs & Co., in connection with the US$400 million 144A/Reg. S high‑yield senior debt offering of Communications Sales & Leasing, Inc. (CS&L) and CSL Capital, LLC. CS&L is an internally managed REIT engaged in the acquisition and construction of mission‑critical infrastructure in the communications industry. The transaction closed on December 15, 2016.

The Cravath team included partners Andrew J. Pitts and Joseph D. Zavaglia and associates Elizabeth J. Zhang and Robert C. Warshaw.