Cravath’s London Office Moves to 100 Cheapside
Ryan J. Patrone focuses his practice on representing issuers and investment banking firms in capital markets transactions, including initial public offerings and other primary and secondary equity offerings, as well as investment grade and high‑yield debt offerings. He also has significant experience representing clients in mergers and acquisitions, corporate governance, shareholder activism defense and general corporate matters.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and has been named to the Lawdragon 500 X – The Next Generation list.
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and has been named to the Lawdragon 500 X – The Next Generation list.
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Education
-
J.D., 2015, New York University School of LawOrder of the Coif; Florence Allen Scholar, magna cum laude
-
B.S., 2012, University of Floridasumma cum laude
Admitted In
- New York
Rankings
Lawdragon
- 500 X – The Next Generation (2025, 2024, 2023)
The Legal 500 US
- Capital Markets: Debt Offerings (2024)
- Capital Markets: Global Offerings (2024)
- Capital Markets: High‑Yield Debt Offerings (2025, 2024)
Deals & Cases
September 08, 2025
American National Group Inc.’s Registered Fixed‑Rate Reset Junior Subordinated Notes Offering
Cravath represented American National Group Inc. in connection with its $500 million registered fixed‑rate reset junior subordinated 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 August 22, 2025.
Deals & Cases
September 02, 2025
Level 3 Financing, Inc.’s $2 Billion High‑Yield First Lien Notes Offering
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.
Deals & Cases
August 25, 2025
MPLX LP’s $4.5 Billion Registered Senior Notes Offering
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.
Deals & Cases
August 21, 2025
Essential Utilities, Inc.’s Senior Notes Offering
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.
Deals & Cases
July 11, 2025
American National Group Inc.’s Registered Senior Notes Offering
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.
Publications
June 25, 2025
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2025 Chambers Acquisition Finance Guide
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.
Activities
February 25, 2025
John White, Michael Arnold, Helam Gebremariam and Ryan Patrone Speak at 41st Annual Federal Securities Institute
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.
Publications
October 28, 2024
Cravath and FTI Technology Publish Article on Blockchain Due Diligence in Strategic Dealmaking
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.
Publications
June 25, 2024
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2024 Chambers Acquisition Finance Guide
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.
Activities
March 18, 2024
Cravath Hosts 2024 Web3 Regulatory Forum
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.
Ryan J. Patrone focuses his practice on representing issuers and investment banking firms in capital markets transactions, including initial public offerings and other primary and secondary equity offerings, as well as investment grade and high‑yield debt offerings. He also has significant experience representing clients in mergers and acquisitions, corporate governance, shareholder activism defense and general corporate matters.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and has been named to the Lawdragon 500 X – The Next Generation list.
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Notable work highlights include:
- IPOs and similar new listing transactions for Galaxy Digital, Smithfield Foods and Valvoline, and other equity offerings of Annaly Capital Management, Baker Hughes, Essential Utilities, Fortress Transportation and Infrastructure, Heartland Express, Hess Midstream, NCR, New Fortress Energy and QuidelOrtho
- Investment grade debt offerings of American National, Brown‑Forman, Cencora, Essential Utilities, Fortis, Ingersoll Rand, Keysight, L3Harris, Lazard, Lennar, Marathon Oil, Marathon Petroleum, MPLX, Phillips 66, Viatris, Wabtec and Zimmer Biomet
- High-yield debt offerings of Alcoa, Amentum, American Axle & Manufacturing, Ashland, Burford Capital, Centene, Compass Minerals, Denbury Resources, Fortress Transportation and Infrastructure, Hess Midstream, Lennar, Level 3 Communications, Murphy Oil, NCR, New Fortress Energy, Uniti and Valvoline
- Convertible notes and other equity‑linked offerings of Allegheny Technologies and Essential Utilities
- Debt-for-debt exchange offers of Centene, Denbury Resources, Level 3 Communications and Lumen, and cash tender offers of Ashland, Lazard, Lumen, Murphy Oil and Viatris
- Representing Circle on regulatory matters related to its $1.05 billion IPO
- Representing Citi in the formation of its $25 billion private credit, direct lending program with Apollo
- Representing Disney in ESPN’s strategic alliance with PENN Entertainment to launch ESPN BET, and the related issuance to ESPN of warrants to purchase PENN common shares
- Representing the Snyder family in the $6.05 billion sale of the NFL's Washington Commanders to a partnership led by Josh Harris
- Representing FS Investments (now Future Standard) in its combination with Portfolio Advisors, creating a $75 billion alternative investment firm
- Representing Viatris in the $3.335 billion combination of its biosimilars portfolio with Biocon Biologics
- Representing the independent members of the Neenah board of directors in the $3 billion combination with SWM
- Representing Johnson & Johnson in the $2.8 billion sale of its Advanced Sterilization Products business to Fortive
- Representing Deutsche Börse in its $2.275 billion acquisition of ISS
Mr. Patrone is an author on a range of legal topics impacting capital markets and finance, having contributed to publications such as Chambers’ Acquisition Finance Guide.
Mr. Patrone has been recognized for his work in capital markets by The Legal 500 US and has been named to the Lawdragon 500 X – The Next Generation list.
Mr. Patrone is from Fort Myers, Florida. He received a B.S. summa cum laude from the University of Florida in 2012 and a J.D. magna cum laude from the New York University School of Law in 2015, where he was elected to the Order of the Coif.
Mr. Patrone joined Cravath in 2015 and was elected a partner in 2022.
Education
-
J.D., 2015, New York University School of LawOrder of the Coif; Florence Allen Scholar, magna cum laude
-
B.S., 2012, University of Floridasumma cum laude
Admitted In
- New York
Rankings
Lawdragon
- 500 X – The Next Generation (2025, 2024, 2023)
The Legal 500 US
- Capital Markets: Debt Offerings (2024)
- Capital Markets: Global Offerings (2024)
- Capital Markets: High‑Yield Debt Offerings (2025, 2024)
Deals & Cases
September 08, 2025
American National Group Inc.’s Registered Fixed‑Rate Reset Junior Subordinated Notes Offering
Cravath represented American National Group Inc. in connection with its $500 million registered fixed‑rate reset junior subordinated 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 August 22, 2025.
Deals & Cases
September 02, 2025
Level 3 Financing, Inc.’s $2 Billion High‑Yield First Lien Notes Offering
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.
Deals & Cases
August 25, 2025
MPLX LP’s $4.5 Billion Registered Senior Notes Offering
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.
Deals & Cases
August 21, 2025
Essential Utilities, Inc.’s Senior Notes Offering
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.
Deals & Cases
July 11, 2025
American National Group Inc.’s Registered Senior Notes Offering
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.
Publications
June 25, 2025
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2025 Chambers Acquisition Finance Guide
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.
Activities
February 25, 2025
John White, Michael Arnold, Helam Gebremariam and Ryan Patrone Speak at 41st Annual Federal Securities Institute
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.
Publications
October 28, 2024
Cravath and FTI Technology Publish Article on Blockchain Due Diligence in Strategic Dealmaking
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.
Publications
June 25, 2024
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2024 Chambers Acquisition Finance Guide
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.
Activities
March 18, 2024
Cravath Hosts 2024 Web3 Regulatory Forum
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.
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