Corporate

Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on August 25, 2026.

Cravath represented the underwriters in connection with the $2.25 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 24, 2026.

Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million revolving credit facility made available to Valvoline Inc., a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada. The transaction closed on August 24, 2026.

On September 4, 2026, Stanley Black & Decker, a worldwide leader in Tools and Outdoor, announced that it has entered into a definitive agreement to sell its Excel Industries (“Excel”) business to Bad Boy Mowers. Excel is a leading designer and manufacturer of premium commercial and residential turf‑care equipment under the distinct brand of Hustler Turf Equipment (“Hustler”). Cravath is representing Stanley Black & Decker in connection with the transaction.

Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on August 20, 2026.

On September 2, 2026, Cravath partner and former Under Secretary of Commerce and Director of the United States Patent and Trademark Office David J. Kappos testified before the Subcommittee on Courts, Intellectual Property, Artificial Intelligence, and the Internet of the United States House Judiciary Committee. The hearing, entitled “Renewal of USPTO Fee Setting Authority: Giving Full Effect to the America Invents Act,” considered Congress's role in renewing PTO’s fee setting authority alongside the agency discretion and procedural limits Congress built into the American Invents Act.

On August 28, 2026, Columbia Law School's Blue Sky Blog published an article by Cravath of counsel Lucas E. Beirne entitled "Challenging Examination Results." The article examines how recent shifts in federal banking supervision may create new opportunities for banking organizations to challenge examination findings, ratings downgrades and other material supervisory determinations. It discusses informal advocacy strategies, the role of agency ombudsmen and the formal appeals processes available and offers practical guidance for institutions seeking to challenge supervisory decisions.

On August 25, 2026, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which provides insight into U.S. and global venture capital and related activity during the first half of 2026 and an outlook for the rest of the year. Key takeaways from this edition include:

On August 25, 2026, Cravath prepared a memo for its clients entitled “Federal Reserve Board Proposes Update to Regulation O.” The memo discusses the Federal Reserve Board’s request for comments on a proposed rulemaking to modernize Regulation O, which establishes limits on lending by a bank to individuals and entities that can potentially influence its lending decisions, as well as related governance and recordkeeping requirements for insider lending. 

On August 11, 2026, Bloomberg Law published an article by Cravath partners David J. Kappos, Sasha Rosenthal‑Larrea and Evan Norris, of counsel Dean M. Nickles and associate Lucille D. Finn entitled “Hasty Adoption of Internal AI Tools Can Expose Sensitive Data." The article outlines risks that companies should be aware of when AI tools are rolled out, including the potential for exposure of sensitive company data, and discusses mitigation options such as data access controls, data inventory, data integrity protection and human oversight.