Ryan J.
Patrone

Cravath represented the initial purchasers in connection with the $2 billion 144A/Reg. S high-yield first lien notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities‑based technology and communications company that provides a broad array of integrated products and services. The transaction closed on August 18, 2025.

Cravath represented the underwriters in connection with the $4.5 billion registered senior notes offering of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon-based products. The transaction closed on August 11, 2025.

Cravath represented the underwriters in connection with the $500 million senior notes offering of Essential Utilities, Inc., a holding company for regulated utilities providing water, wastewater or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia and Kentucky under the Aqua and Peoples brands. The transaction closed on August 7, 2025. 

Cravath represented American National Group Inc. in connection with its $700 million registered senior notes offering. American National Group Inc. is a leading insurance company that offers a broad portfolio of insurance products, including annuities, pension risk transfer, individual and group life insurance and property and casualty insurance. The transaction closed on June 27, 2025.

Cravath represented the initial purchasers in connection with the $600 million 144A/Reg. S high-yield senior notes offering of Uniti Group LP, Uniti Fiber Holdings, Inc., Uniti Group Finance 2019 Inc. and CSL Capital, LLC. Uniti Group Inc., the issuers' parent company, is an internally-managed REIT engaged in the acquisition and construction of mission critical infrastructure in the communications industry. The transaction closed on June 24, 2025.

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2025 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.

Cravath partners John W. White, Michael L. Arnold, Helam Gebremariam and Ryan J. Patrone participated in the 41st Annual Federal Securities Institute, which was hosted by the Business Law Section of the Florida Bar in Tampa, Florida from February 24‑25, 2025 and brought together corporate, M&A and securities practitioners, in‑house counsel, executives and advisors to discuss various topics in corporate law, including structuring acquisitions and capital‑raising transactions, navigating regulatory enforcement issues and corporate governance.

On October 25, 2024, Cravath published an article by partners D. Scott Bennett, Benjamin Gruenstein, David J. Kappos, Evan Norris, Ryan J. Patrone, Elad Roisman and Sasha Rosenthal‑Larrea, in collaboration with Jason Trager, Senior Director of Blockchain & Digital Assets at FTI Technology, entitled “Bringing Blockchain Due Diligence into Focus Alongside Uptick in Strategic Dealmaking.” The article discusses the renewed momentum around blockchain and digital assets, predicting an increase in deal activity including M&A transactions and joint ventures going into 2025, and explores the key elements that dealmaking teams should consider when conducting due diligence for these transactions.

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2024 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone and Kelly M. Smercina and European Counsel Margaret R. M. Rallings, the U.S. chapter of the guide.

On March 14, 2024, Cravath hosted its 2024 Web3 Regulatory Forum at its offices in New York. The event brought together lawyers from the Firm, market participants, executives, investors and others for presentations by practitioners, current and former regulators, and interactive roundtables examining the most significant regulatory developments in the digital assets and Web3 space.