Cravath Publishes Winter 2026 Issue of Alumni Journal
Craig F. Arcella is Co‑Head of the Finance Practice. Mr. Arcella represents financial institutions and corporate clients in a wide variety of matters, including investment grade, high‑yield and convertible bond offerings; liability management transactions; initial public offerings and other equity financings; syndicated loan, direct lending and other leveraged finance transactions; and mergers and acquisitions. He also regularly advises companies with respect to governance, public disclosure and other corporate matters.
Mr. Arcella has been cited as a leading practitioner in securities and corporate law by Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America, The Legal 500 Latin America and Latin Lawyer 250. He is “undoubtedly a market leader,” demonstrating “a unique balance of sophistication and creativity” (The Legal 500 US). Mr. Arcella is also cited in Best Lawyers “Best Law Firms” as “best‑in‑class” in devising “innovative solutions to difficult problems.”
Mr. Arcella received a B.A. from Duke University in 1995 and a J.D. from Columbia Law School in 1998, where he was a Harlan Fiske Stone Scholar and a member of the Law Review.
Mr. Arcella joined Cravath in 1998 and was elected a partner in 2006. He worked in Cravath’s Hong Kong office in 1999, in the Firm’s London office from 2001 to 2003, and is currently based in the Firm’s New York office.
Mr. Arcella has been cited as a leading practitioner in securities and corporate law by Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America, The Legal 500 Latin America and Latin Lawyer 250. He is “undoubtedly a market leader,” demonstrating “a unique balance of sophistication and creativity” (The Legal 500 US). Mr. Arcella is also cited in Best Lawyers “Best Law Firms” as “best‑in‑class” in devising “innovative solutions to difficult problems.”
Mr. Arcella received a B.A. from Duke University in 1995 and a J.D. from Columbia Law School in 1998, where he was a Harlan Fiske Stone Scholar and a member of the Law Review.
Mr. Arcella joined Cravath in 1998 and was elected a partner in 2006. He worked in Cravath’s Hong Kong office in 1999, in the Firm’s London office from 2001 to 2003, and is currently based in the Firm’s New York office.
Education
-
J.D., 1998, Columbia Law SchoolHarlan Fiske Stone Scholar
-
B.A., 1995, Duke University
Admitted In
- New York
Professional Affiliations
International Bar Association
Rankings
Best Lawyers in America
- Securities/Capital Markets Law (2026-2019)
Chambers Global
- Capital Markets: Debt & Equity - USA (2026‑2011)
Chambers USA
- Capital Markets: Debt & Equity - Nationwide (2025‑2012)
IFLR1000
- Capital Markets - US (2025‑2011)
Latin Lawyer 250: Latin America’s Leading Business Law Firms
- Banking & Finance - International (2020)
- Capital Markets - International (2020, 2019, 2018, 2016‑2010)
- Corporate and M&A - International (2016)
Lawdragon
- 500 Leading Dealmakers in America (2025-2021)
The Legal 500 Hall of Fame
- Capital Markets: Debt Offerings
- Capital Markets: High‑Yield Debt Offerings
The Legal 500 Latin America
- Capital Markets - Latin America: International Firms (2019, 2014, 2013, 2012)
- Corporate and M&A - Latin America: International Firms (2017, 2016, 2013, 2012)
The Legal 500 US
- Capital Markets: Debt Offerings (2025‑2009)
- Capital Markets: Equity Offerings (2025-2019, 2016, 2015, 2013, 2012)
- Capital Markets: Global Offerings (2025-2018, 2016‑2010)
- Capital Markets: High‑Yield Debt Offerings (2025‑2009)
- Telecoms and Broadcast: Transactions (2016‑2010)
Deals & Cases
March 13, 2026
Royal Caribbean Cruises Ltd.’s $2.5 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $2.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The notes were listed on The International Stock Exchange. The transaction closed on February 27, 2026.
Deals & Cases
March 12, 2026
TPG Operating Group II L.P.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered senior notes offering of TPG Operating Group II, L.P. TPG Operating Group II, L.P. is a subsidiary of TPG Inc., a leading global alternative asset manager. The transaction closed on February 26, 2026.
Deals & Cases
January 29, 2026
AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust’s $1.75 Billion Registered Senior Notes Offering
Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust in connection with their $1.75 billion registered senior notes offering. AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust are wholly owned subsidiaries of AerCap Holdings N.V., the global leader in aircraft leasing. The notes were listed on the Irish Stock Exchange. The transaction closed on January 15, 2026.
Deals & Cases
January 28, 2026
Six Flags Entertainment Corporation, Canada’s Wonderland Company and Millennium Operations LLC’s $1 Billion High‑Yield Senior Notes Offering
Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior notes offering of Six Flags Entertainment Corporation, Canada's Wonderland Company and Millennium Operations LLC. Six Flags is North America’s largest regional amusement‑resort operator with 26 amusement parks, 15 water parks and nine resort properties across 16 states in the U.S., Canada and Mexico. The transaction closed on January 14, 2026.
Deals & Cases
January 27, 2026
The State of Israel’s $6 Billion Registered Notes Offering
Cravath represented the underwriters in connection with the $6 billion registered notes offering of the State of Israel. The notes will be listed on the London Stock Exchange. The transaction closed on January 13, 2026.
Publications
March 11, 2026
FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions
On March 11, 2026, Cravath prepared a memo for its clients entitled “FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions.” The memo examines the U.S. Securities and Exchange Commission’s adoption of final rule and form amendments and issuance of a conditional exemptive relief order, as well as the Frequently Asked Questions posted by staff of the Division of Corporation Finance of the SEC, ahead of the March 18, 2026, deadline for compliance with the Holding Foreign Insiders Accountable Act.
Publications
December 29, 2025
Section 16(a) Share Ownership and Transaction Reporting Obligations to Apply to Directors and Officers of Foreign Private Issuers from March 18, 2026
On December 23, 2025, Cravath prepared a memo for its clients entitled “Section 16(a) Share Ownership and Transaction Reporting Obligations to Apply to Directors and Officers of Foreign Private Issuers from March 18, 2026.” The memo examines the Holding Foreign Insiders Accountable Act and how directors and officers of foreign private issuers will be required to comply with the share ownership and transaction reporting obligations of paragraph (a) of Section 16 of the Securities Exchange Act of 1934 within 90 days of the enactment of the 2026 U.S. National Defense Authorization Act.
Publications
June 12, 2025
SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status
On June 11, 2025, Cravath prepared a memo for its clients entitled “SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status.” The memo examines a concept release recently published by the U.S. Securities and Exchange Commission to seek public comment on whether to revise the “foreign private issuer” definition in light of shifting trends in the characteristics of the FPI population.
Craig F. Arcella is Co‑Head of the Finance Practice. Mr. Arcella represents financial institutions and corporate clients in a wide variety of matters, including investment grade, high‑yield and convertible bond offerings; liability management transactions; initial public offerings and other equity financings; syndicated loan, direct lending and other leveraged finance transactions; and mergers and acquisitions. He also regularly advises companies with respect to governance, public disclosure and other corporate matters.
Mr. Arcella has been cited as a leading practitioner in securities and corporate law by Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America, The Legal 500 Latin America and Latin Lawyer 250. He is “undoubtedly a market leader,” demonstrating “a unique balance of sophistication and creativity” (The Legal 500 US). Mr. Arcella is also cited in Best Lawyers “Best Law Firms” as “best‑in‑class” in devising “innovative solutions to difficult problems.”
Mr. Arcella received a B.A. from Duke University in 1995 and a J.D. from Columbia Law School in 1998, where he was a Harlan Fiske Stone Scholar and a member of the Law Review.
Mr. Arcella joined Cravath in 1998 and was elected a partner in 2006. He worked in Cravath’s Hong Kong office in 1999, in the Firm’s London office from 2001 to 2003, and is currently based in the Firm’s New York office.
Mr. Arcella has been cited as a leading practitioner in securities and corporate law by Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America, The Legal 500 Latin America and Latin Lawyer 250. He is “undoubtedly a market leader,” demonstrating “a unique balance of sophistication and creativity” (The Legal 500 US). Mr. Arcella is also cited in Best Lawyers “Best Law Firms” as “best‑in‑class” in devising “innovative solutions to difficult problems.”
Mr. Arcella received a B.A. from Duke University in 1995 and a J.D. from Columbia Law School in 1998, where he was a Harlan Fiske Stone Scholar and a member of the Law Review.
Mr. Arcella joined Cravath in 1998 and was elected a partner in 2006. He worked in Cravath’s Hong Kong office in 1999, in the Firm’s London office from 2001 to 2003, and is currently based in the Firm’s New York office.
Education
-
J.D., 1998, Columbia Law SchoolHarlan Fiske Stone Scholar
-
B.A., 1995, Duke University
Admitted In
- New York
Professional Affiliations
International Bar Association
Rankings
Best Lawyers in America
- Securities/Capital Markets Law (2026-2019)
Chambers Global
- Capital Markets: Debt & Equity - USA (2026‑2011)
Chambers USA
- Capital Markets: Debt & Equity - Nationwide (2025‑2012)
IFLR1000
- Capital Markets - US (2025‑2011)
Latin Lawyer 250: Latin America’s Leading Business Law Firms
- Banking & Finance - International (2020)
- Capital Markets - International (2020, 2019, 2018, 2016‑2010)
- Corporate and M&A - International (2016)
Lawdragon
- 500 Leading Dealmakers in America (2025-2021)
The Legal 500 Hall of Fame
- Capital Markets: Debt Offerings
- Capital Markets: High‑Yield Debt Offerings
The Legal 500 Latin America
- Capital Markets - Latin America: International Firms (2019, 2014, 2013, 2012)
- Corporate and M&A - Latin America: International Firms (2017, 2016, 2013, 2012)
The Legal 500 US
- Capital Markets: Debt Offerings (2025‑2009)
- Capital Markets: Equity Offerings (2025-2019, 2016, 2015, 2013, 2012)
- Capital Markets: Global Offerings (2025-2018, 2016‑2010)
- Capital Markets: High‑Yield Debt Offerings (2025‑2009)
- Telecoms and Broadcast: Transactions (2016‑2010)
Deals & Cases
March 13, 2026
Royal Caribbean Cruises Ltd.’s $2.5 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $2.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The notes were listed on The International Stock Exchange. The transaction closed on February 27, 2026.
Deals & Cases
March 12, 2026
TPG Operating Group II L.P.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered senior notes offering of TPG Operating Group II, L.P. TPG Operating Group II, L.P. is a subsidiary of TPG Inc., a leading global alternative asset manager. The transaction closed on February 26, 2026.
Deals & Cases
January 29, 2026
AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust’s $1.75 Billion Registered Senior Notes Offering
Cravath represented AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust in connection with their $1.75 billion registered senior notes offering. AerCap Ireland Capital Designated Activity Company and AerCap Global Aviation Trust are wholly owned subsidiaries of AerCap Holdings N.V., the global leader in aircraft leasing. The notes were listed on the Irish Stock Exchange. The transaction closed on January 15, 2026.
Deals & Cases
January 28, 2026
Six Flags Entertainment Corporation, Canada’s Wonderland Company and Millennium Operations LLC’s $1 Billion High‑Yield Senior Notes Offering
Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior notes offering of Six Flags Entertainment Corporation, Canada's Wonderland Company and Millennium Operations LLC. Six Flags is North America’s largest regional amusement‑resort operator with 26 amusement parks, 15 water parks and nine resort properties across 16 states in the U.S., Canada and Mexico. The transaction closed on January 14, 2026.
Deals & Cases
January 27, 2026
The State of Israel’s $6 Billion Registered Notes Offering
Cravath represented the underwriters in connection with the $6 billion registered notes offering of the State of Israel. The notes will be listed on the London Stock Exchange. The transaction closed on January 13, 2026.
Publications
March 11, 2026
FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions
On March 11, 2026, Cravath prepared a memo for its clients entitled “FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions.” The memo examines the U.S. Securities and Exchange Commission’s adoption of final rule and form amendments and issuance of a conditional exemptive relief order, as well as the Frequently Asked Questions posted by staff of the Division of Corporation Finance of the SEC, ahead of the March 18, 2026, deadline for compliance with the Holding Foreign Insiders Accountable Act.
Publications
December 29, 2025
Section 16(a) Share Ownership and Transaction Reporting Obligations to Apply to Directors and Officers of Foreign Private Issuers from March 18, 2026
On December 23, 2025, Cravath prepared a memo for its clients entitled “Section 16(a) Share Ownership and Transaction Reporting Obligations to Apply to Directors and Officers of Foreign Private Issuers from March 18, 2026.” The memo examines the Holding Foreign Insiders Accountable Act and how directors and officers of foreign private issuers will be required to comply with the share ownership and transaction reporting obligations of paragraph (a) of Section 16 of the Securities Exchange Act of 1934 within 90 days of the enactment of the 2026 U.S. National Defense Authorization Act.
Publications
June 12, 2025
SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status
On June 11, 2025, Cravath prepared a memo for its clients entitled “SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status.” The memo examines a concept release recently published by the U.S. Securities and Exchange Commission to seek public comment on whether to revise the “foreign private issuer” definition in light of shifting trends in the characteristics of the FPI population.
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