Cravath’s London Office Moves to 100 Cheapside
Cravath represented the underwriters, led by Credit Suisse, J.P. Morgan Securities, BofA Merrill Lynch, Citigroup and UBS Investment Bank, in connection with the US$1.1 billion registered high-yield debt offering of Raytheon Company, a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. The transaction closed on December 4, 2012.
The Cravath team included partner Kris F. Heinzelman and senior attorney G. Douglas Johnson. Spencer K. Kirton also worked on the offering.
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Ripple Labs, Inc.’s Private Placement of Class A Common Stock
Cravath represented funds managed by affiliates of Brevan Howard in connection with an investment in Ripple Labs, Inc., consisting of a private placement of Class A Common Stock, as part of Ripple’s $500 million strategic investment at a $40 billion valuation, led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. The transaction closed on November 4, 2025.
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Danaos Corporation’s High‑Yield Senior Notes Offering
Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S high‑yield senior notes offering of Danaos Corporation, a global shipping company that operates one of the world's largest fleets of containerships. The transaction closed on October 17, 2025.
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Cleveland‑Cliffs Inc.’s High‑Yield Senior Guaranteed Notes Offering
Cravath represented the initial purchaser in connection with the $275 million 144A/Reg. S high‑yield senior guaranteed notes offering of Cleveland‑Cliffs Inc., a leading North America‑based steel producer. The transaction closed on October 10, 2025.
Deals & Cases
October 15, 2025
Royal Caribbean Cruises Ltd.’s $1.5 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $1.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on October 1, 2025.
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