Qualcomm’s $4 Billion Credit Facility
March 24, 2015
Cravath represented the borrower, Qualcomm Incorporated, in connection with its $4 billion five‑year senior unsecured revolving credit facility made available by Bank of America, as agent, to be used for working capital, capital expenditures and other general corporate purposes. Qualcomm is a world leader in 3G, 4G and next‑generation wireless technologies. The transaction closed on February 18, 2015.
The Cravath team included partner George E. Zobitz and associate Katherine M. Stork on banking matters; partner J. Leonard Teti II and associate Ashley N. Elnicki on tax matters; partner Matthew Morreale on environmental matters; and associate Julia L. Onorato on executive compensation and benefits matters. Tara L. Rhoades also worked on tax matters.
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People
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J.D., 1995, New York University School of Lawwith Honors, cum laude
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B.A., 1991, Franklin & Marshall College
- New York
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J.D., 2005, University of Virginia School of LawOrder of the Coif
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A.B., 1999, Princeton Universitywith Honors
- New York
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Admitted In
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J.D., 1997, Columbia Law SchoolHarlan Fiske Stone Scholar
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M.S., 1994, University of Pennsylvania
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B.A., 1990, University of Pennsylvania
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B.A.S., 1990, University of Pennsylvania
- New York
Education
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Qualcomm Directors and Officers Win Dismissal of Shareholder Derivative Suit Related to Purported FCPA Violations
On June 16, 2017, the Delaware Court of Chancery dismissed a stockholder derivative lawsuit brought against current and former directors and officers of Qualcomm Incorporated alleging, among other claims, that defendants breached their fiduciary duties by allegedly failing to prevent purported FCPA violations by the company. In granting the dismissal, Vice Chancellor Tamika R. Montgomery‑Reeves held that the complaint did not plead sufficient facts to infer that the individual defendants had acted in bad faith or that the directors faced a substantial likelihood of personal liability such that plaintiffs’ failure to make a demand on the board to bring a suit was excused.
