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Cravath’s London Office Moves to 100 Cheapside

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Philip
Stopford

Partner, Corporate

pstopford@cravath.com
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Philip Stopford focuses his practice on leveraged finance, acquisition finance, corporate finance and restructuring transactions, with a particular emphasis on cross-border financings.

Mr. Stopford represents investment banks, commercial banks, private equity sponsors, corporate borrowers and alternative lenders on super senior, senior and subordinated financing arrangements, in Europe and internationally.

Mr. Stopford has been repeatedly recognized as a leading lawyer by Chambers Europe, Chambers Global, Chambers UK and The Legal 500 UK. He is ranked in the Banking & Finance: Big Ticket category by Chambers UK and in the Acquisition Finance category by The Legal 500 UK. Mr. Stopford’s role in the financing for the acquisition of Applus+ by TDR Capital and I Squared Capital was featured as the “Loan Deal of the Year” by IFLR in its Europe Awards.

Mr. Stopford has been identified as “a consummate professional who provides good, clear, reliable, actionable advice.” He “is a true trusted advisor with a great delivery and a sense of humor that makes him a great communicator” and “has the ability to advise on both legal and commercial issues, combined with pragmatism and an ability to find solutions.”

Mr. Stopford’s notable transactions include representing the debt providers in connection with:

  • The financing for the €1.65 billion public‑to‑private acquisition of Applus+ by TDR Capital and I Squared Capital;
  • The $4.6 billion financing supporting American Axle & Manufacturing’s public‑to‑private acquisition of LSE‑listed Dowlais;
  • The £1.35 billion financing for the public‑to‑private acquisition of LSE‑listed Spirent Communications by Keysight;
  • The financing for the £534 million public‑to‑private acquisition of LSE‑listed Hotel Chocolat by Mars; 
  • The amendment and extension, and upsizing, of the $3 billion term, revolving and bonding facilities made available to Aggreko, a portfolio company of TDR Capital and I Squared Capital;
  • The amendment and extension, and upsizing, of Boluda’s existing €1.2 billion debt facilities;
  • The €4.1 billion amend‑and‑extend refinancing transaction for EG Group and the repricing and upsize of EG Group’s Euro and U.S. Dollar term facilities, in one of the largest and most successful repricing transactions at the time;
  • The unitranche credit facilities to finance the acquisition of Immedica Pharma by KKR;
  • The senior credit facilities to finance the acquisition of Nexeye by KKR; and
  • The credit facilities made available to finance the acquisition by Warburg Pincus of its stake in Aztec Group.

Prior to joining Cravath, Mr. Stopford’s notable transactions include representing the lenders in connection with financing the acquisition of T-Mobile Netherlands by Apax and Warburg Pincus, the £2.3 billion public‑to‑private acquisition of Aggreko by I Squared Capital and TDR Capital, the £30 billion public‑to‑private acquisition of Sky by Comcast, the €3.1 billion public‑to‑private acquisition of Iliad Group by Xavier Niel, the £563 million public-to-private acquisition of Arrow Global by TDR Capital and the acquisition of Acqua & Sapone by HIG Capital. His borrower-side representations prior to joining the Firm include various financing transactions for DBAY, GlobalFoundries, Mubadala and Bridgepoint

Mr. Stopford was born in Washington, D.C. He received a B.A. in 2004 in mathematics with honors from Oxford University, a PGDL in 2005 with merit from Oxford Brookes University and an LPC in 2006 with distinction from the Oxford Institute of Legal Practice.

Mr. Stopford represents investment banks, commercial banks, private equity sponsors, corporate borrowers and alternative lenders on super senior, senior and subordinated financing arrangements, in Europe and internationally.

Mr. Stopford has been repeatedly recognized as a leading lawyer by Chambers Europe, Chambers Global, Chambers UK and The Legal 500 UK. He is ranked in the Banking & Finance: Big Ticket category by Chambers UK and in the Acquisition Finance category by The Legal 500 UK. Mr. Stopford’s role in the financing for the acquisition of Applus+ by TDR Capital and I Squared Capital was featured as the “Loan Deal of the Year” by IFLR in its Europe Awards.

Mr. Stopford has been identified as “a consummate professional who provides good, clear, reliable, actionable advice.” He “is a true trusted advisor with a great delivery and a sense of humor that makes him a great communicator” and “has the ability to advise on both legal and commercial issues, combined with pragmatism and an ability to find solutions.”

Mr. Stopford’s notable transactions include representing the debt providers in connection with:

  • The financing for the €1.65 billion public‑to‑private acquisition of Applus+ by TDR Capital and I Squared Capital;
  • The $4.6 billion financing supporting American Axle & Manufacturing’s public‑to‑private acquisition of LSE‑listed Dowlais;
  • The £1.35 billion financing for the public‑to‑private acquisition of LSE‑listed Spirent Communications by Keysight;
  • The financing for the £534 million public‑to‑private acquisition of LSE‑listed Hotel Chocolat by Mars; 
  • The amendment and extension, and upsizing, of the $3 billion term, revolving and bonding facilities made available to Aggreko, a portfolio company of TDR Capital and I Squared Capital;
  • The amendment and extension, and upsizing, of Boluda’s existing €1.2 billion debt facilities;
  • The €4.1 billion amend‑and‑extend refinancing transaction for EG Group and the repricing and upsize of EG Group’s Euro and U.S. Dollar term facilities, in one of the largest and most successful repricing transactions at the time;
  • The unitranche credit facilities to finance the acquisition of Immedica Pharma by KKR;
  • The senior credit facilities to finance the acquisition of Nexeye by KKR; and
  • The credit facilities made available to finance the acquisition by Warburg Pincus of its stake in Aztec Group.

Prior to joining Cravath, Mr. Stopford’s notable transactions include representing the lenders in connection with financing the acquisition of T-Mobile Netherlands by Apax and Warburg Pincus, the £2.3 billion public‑to‑private acquisition of Aggreko by I Squared Capital and TDR Capital, the £30 billion public‑to‑private acquisition of Sky by Comcast, the €3.1 billion public‑to‑private acquisition of Iliad Group by Xavier Niel, the £563 million public-to-private acquisition of Arrow Global by TDR Capital and the acquisition of Acqua & Sapone by HIG Capital. His borrower-side representations prior to joining the Firm include various financing transactions for DBAY, GlobalFoundries, Mubadala and Bridgepoint

Mr. Stopford was born in Washington, D.C. He received a B.A. in 2004 in mathematics with honors from Oxford University, a PGDL in 2005 with merit from Oxford Brookes University and an LPC in 2006 with distinction from the Oxford Institute of Legal Practice.

Education

  • LPC, 2006, Oxford Institute of Legal Practice
    with Distinction
  • PGDL, 2005, Oxford Brookes University
    with Merit
  • B.A., 2004, University of Oxford
    with Honors

Admitted In

  • England & Wales

Rankings

Chambers Europe

  • Banking & Finance - UK (2025, 2024)

Chambers Global

  • Banking & Finance - UK (2025, 2024)

Chambers UK

  • Banking & Finance: Big-Ticket - London (2025, 2024, 2023)

The Legal 500 UK

  • Acquisition Finance (2025-2020)
  • Bank Lending: Investment Grade Debt and Syndicated Loans (2025-2022, 2020)

Deals & Cases

December 19, 2024

Iliad Holding S.A.S.’s High‑Yield Senior Secured Notes Offering

Cravath represented the initial purchasers in connection with the €600 million and $850 million 144A/Reg. S high‑yield senior secured notes offering of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange. The transaction closed on December 3, 2024.

Deals & Cases

June 11, 2024

Iliad Holding S.A.S.’s High‑Yield Senior Secured Notes Offerings and Concurrent Cash Tender Offer

Cravath represented the initial purchasers in connection with the €600 million and $750 million 144A/Reg. S high‑yield senior secured notes offering and the €150 million and $200 million 144A/Reg. S high‑yield additional senior secured notes offering of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange. The transactions closed on May 14, 2024, and May 16, 2024, respectively.

Deals & Cases

March 29, 2024

Keysight Technologies, Inc.’s £1.35 Billion Bridge Facility

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a £1.35 billion bridge facility made available to fund the proposed acquisition of Spirent Communications by Keysight Technologies, Inc., outbidding a previous proposal by Viavi Solutions. Keysight Technologies, Inc. is a global innovator in the computing, communications and electronics market. The transaction announced on March 28, 2024.

Deals & Cases

November 30, 2023

Mars, Incorporated’s Term Loan Facility

Cravath represented the administrative agent, sole lead arranger and sole bookrunner in connection with a £375 million term loan facility made available to Mars, Incorporated to finance the recommended acquisition of Hotel Chocolat Group plc. Mars, Incorporated is one of the world’s largest privately-held, family-owned businesses with a history of successfully building and growing market-leading consumer brands for over 100 years. The transaction closed on November 16, 2023.

Philip Stopford focuses his practice on leveraged finance, acquisition finance, corporate finance and restructuring transactions, with a particular emphasis on cross-border financings.

Mr. Stopford represents investment banks, commercial banks, private equity sponsors, corporate borrowers and alternative lenders on super senior, senior and subordinated financing arrangements, in Europe and internationally.

Mr. Stopford has been repeatedly recognized as a leading lawyer by Chambers Europe, Chambers Global, Chambers UK and The Legal 500 UK. He is ranked in the Banking & Finance: Big Ticket category by Chambers UK and in the Acquisition Finance category by The Legal 500 UK. Mr. Stopford’s role in the financing for the acquisition of Applus+ by TDR Capital and I Squared Capital was featured as the “Loan Deal of the Year” by IFLR in its Europe Awards.

Mr. Stopford has been identified as “a consummate professional who provides good, clear, reliable, actionable advice.” He “is a true trusted advisor with a great delivery and a sense of humor that makes him a great communicator” and “has the ability to advise on both legal and commercial issues, combined with pragmatism and an ability to find solutions.”

Mr. Stopford’s notable transactions include representing the debt providers in connection with:

  • The financing for the €1.65 billion public‑to‑private acquisition of Applus+ by TDR Capital and I Squared Capital;
  • The $4.6 billion financing supporting American Axle & Manufacturing’s public‑to‑private acquisition of LSE‑listed Dowlais;
  • The £1.35 billion financing for the public‑to‑private acquisition of LSE‑listed Spirent Communications by Keysight;
  • The financing for the £534 million public‑to‑private acquisition of LSE‑listed Hotel Chocolat by Mars; 
  • The amendment and extension, and upsizing, of the $3 billion term, revolving and bonding facilities made available to Aggreko, a portfolio company of TDR Capital and I Squared Capital;
  • The amendment and extension, and upsizing, of Boluda’s existing €1.2 billion debt facilities;
  • The €4.1 billion amend‑and‑extend refinancing transaction for EG Group and the repricing and upsize of EG Group’s Euro and U.S. Dollar term facilities, in one of the largest and most successful repricing transactions at the time;
  • The unitranche credit facilities to finance the acquisition of Immedica Pharma by KKR;
  • The senior credit facilities to finance the acquisition of Nexeye by KKR; and
  • The credit facilities made available to finance the acquisition by Warburg Pincus of its stake in Aztec Group.

Prior to joining Cravath, Mr. Stopford’s notable transactions include representing the lenders in connection with financing the acquisition of T-Mobile Netherlands by Apax and Warburg Pincus, the £2.3 billion public‑to‑private acquisition of Aggreko by I Squared Capital and TDR Capital, the £30 billion public‑to‑private acquisition of Sky by Comcast, the €3.1 billion public‑to‑private acquisition of Iliad Group by Xavier Niel, the £563 million public-to-private acquisition of Arrow Global by TDR Capital and the acquisition of Acqua & Sapone by HIG Capital. His borrower-side representations prior to joining the Firm include various financing transactions for DBAY, GlobalFoundries, Mubadala and Bridgepoint

Mr. Stopford was born in Washington, D.C. He received a B.A. in 2004 in mathematics with honors from Oxford University, a PGDL in 2005 with merit from Oxford Brookes University and an LPC in 2006 with distinction from the Oxford Institute of Legal Practice.

Mr. Stopford represents investment banks, commercial banks, private equity sponsors, corporate borrowers and alternative lenders on super senior, senior and subordinated financing arrangements, in Europe and internationally.

Mr. Stopford has been repeatedly recognized as a leading lawyer by Chambers Europe, Chambers Global, Chambers UK and The Legal 500 UK. He is ranked in the Banking & Finance: Big Ticket category by Chambers UK and in the Acquisition Finance category by The Legal 500 UK. Mr. Stopford’s role in the financing for the acquisition of Applus+ by TDR Capital and I Squared Capital was featured as the “Loan Deal of the Year” by IFLR in its Europe Awards.

Mr. Stopford has been identified as “a consummate professional who provides good, clear, reliable, actionable advice.” He “is a true trusted advisor with a great delivery and a sense of humor that makes him a great communicator” and “has the ability to advise on both legal and commercial issues, combined with pragmatism and an ability to find solutions.”

Mr. Stopford’s notable transactions include representing the debt providers in connection with:

  • The financing for the €1.65 billion public‑to‑private acquisition of Applus+ by TDR Capital and I Squared Capital;
  • The $4.6 billion financing supporting American Axle & Manufacturing’s public‑to‑private acquisition of LSE‑listed Dowlais;
  • The £1.35 billion financing for the public‑to‑private acquisition of LSE‑listed Spirent Communications by Keysight;
  • The financing for the £534 million public‑to‑private acquisition of LSE‑listed Hotel Chocolat by Mars; 
  • The amendment and extension, and upsizing, of the $3 billion term, revolving and bonding facilities made available to Aggreko, a portfolio company of TDR Capital and I Squared Capital;
  • The amendment and extension, and upsizing, of Boluda’s existing €1.2 billion debt facilities;
  • The €4.1 billion amend‑and‑extend refinancing transaction for EG Group and the repricing and upsize of EG Group’s Euro and U.S. Dollar term facilities, in one of the largest and most successful repricing transactions at the time;
  • The unitranche credit facilities to finance the acquisition of Immedica Pharma by KKR;
  • The senior credit facilities to finance the acquisition of Nexeye by KKR; and
  • The credit facilities made available to finance the acquisition by Warburg Pincus of its stake in Aztec Group.

Prior to joining Cravath, Mr. Stopford’s notable transactions include representing the lenders in connection with financing the acquisition of T-Mobile Netherlands by Apax and Warburg Pincus, the £2.3 billion public‑to‑private acquisition of Aggreko by I Squared Capital and TDR Capital, the £30 billion public‑to‑private acquisition of Sky by Comcast, the €3.1 billion public‑to‑private acquisition of Iliad Group by Xavier Niel, the £563 million public-to-private acquisition of Arrow Global by TDR Capital and the acquisition of Acqua & Sapone by HIG Capital. His borrower-side representations prior to joining the Firm include various financing transactions for DBAY, GlobalFoundries, Mubadala and Bridgepoint

Mr. Stopford was born in Washington, D.C. He received a B.A. in 2004 in mathematics with honors from Oxford University, a PGDL in 2005 with merit from Oxford Brookes University and an LPC in 2006 with distinction from the Oxford Institute of Legal Practice.

Education

  • LPC, 2006, Oxford Institute of Legal Practice
    with Distinction
  • PGDL, 2005, Oxford Brookes University
    with Merit
  • B.A., 2004, University of Oxford
    with Honors

Admitted In

  • England & Wales

Rankings

Chambers Europe

  • Banking & Finance - UK (2025, 2024)

Chambers Global

  • Banking & Finance - UK (2025, 2024)

Chambers UK

  • Banking & Finance: Big-Ticket - London (2025, 2024, 2023)

The Legal 500 UK

  • Acquisition Finance (2025-2020)
  • Bank Lending: Investment Grade Debt and Syndicated Loans (2025-2022, 2020)

Deals & Cases

December 19, 2024

Iliad Holding S.A.S.’s High‑Yield Senior Secured Notes Offering

Cravath represented the initial purchasers in connection with the €600 million and $850 million 144A/Reg. S high‑yield senior secured notes offering of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange. The transaction closed on December 3, 2024.

Deals & Cases

June 11, 2024

Iliad Holding S.A.S.’s High‑Yield Senior Secured Notes Offerings and Concurrent Cash Tender Offer

Cravath represented the initial purchasers in connection with the €600 million and $750 million 144A/Reg. S high‑yield senior secured notes offering and the €150 million and $200 million 144A/Reg. S high‑yield additional senior secured notes offering of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange. The transactions closed on May 14, 2024, and May 16, 2024, respectively.

Deals & Cases

March 29, 2024

Keysight Technologies, Inc.’s £1.35 Billion Bridge Facility

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a £1.35 billion bridge facility made available to fund the proposed acquisition of Spirent Communications by Keysight Technologies, Inc., outbidding a previous proposal by Viavi Solutions. Keysight Technologies, Inc. is a global innovator in the computing, communications and electronics market. The transaction announced on March 28, 2024.

Deals & Cases

November 30, 2023

Mars, Incorporated’s Term Loan Facility

Cravath represented the administrative agent, sole lead arranger and sole bookrunner in connection with a £375 million term loan facility made available to Mars, Incorporated to finance the recommended acquisition of Hotel Chocolat Group plc. Mars, Incorporated is one of the world’s largest privately-held, family-owned businesses with a history of successfully building and growing market-leading consumer brands for over 100 years. The transaction closed on November 16, 2023.

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