Four Decades for Justice
Cravath’s banking and credit lawyers are highly regarded for crafting sophisticated and business‑oriented financing solutions for lenders and borrowers in all industries and regions. Our lawyers, including our English law‑qualified lawyers based in London, have significant experience advising on European and cross‑border bank financings. We draw upon a depth of financing expertise and extensive knowledge across our corporate practice to structure innovative and market‑clearing deals that are uniquely tailored to the needs of borrowers and lenders.
Cravath has been consistently ranked a leading firm for banking and credit by numerous third‑party publications. The Firm is a five‑time winner of the Chambers USA Award for Excellence in Finance and has been named a Banking Practice Group of the Year by Law360 for three of the past five years. Our banking and credit lawyers regularly earn plaudits from their clients and peers in the market:
The range of financing transactions we lead includes:
Cravath represents borrowers, lenders, private equity firms and other participants in complex leveraged financing transactions in connection with acquisitions, recapitalizations and refinancings. We advise on syndicated loans, bank‑to‑bond financings and mezzanine financing arrangements, and provide strategic, bespoke advice to help borrowers achieve their financing objectives while ensuring lender protections.
We represent U.S. and non‑U.S. corporate borrowers and financial institutions in connection with high‑grade lending transactions ranging from routine revolving credit facilities to some of the largest acquisition financings in history.
We represent credit funds and other alternative lenders in structuring, documenting and executing direct lending and private credit transactions. We leverage our deep knowledge of broadly syndicated markets, as well as the collective experience of our capital markets, private equity and financial restructuring and reorganization practices, to provide a significant advantage to our direct lending clients.
Cravath has advised on the financing transactions underpinning some of the most notable spin‑off and separation transactions in recent history. Our banking and credit lawyers work closely with the Firm’s preeminent tax and other corporate practices to provide seamless advice in connection with the financing of these complex transactions. We serve as a trusted partner throughout all stages of a transaction, from initial planning and structuring to closing and post‑closing considerations, and work efficiently with all parties to ensure the financings and other related spin‑off transactions remain on the timeline set forth at announcement.
The Firm’s expertise in asset-based lending (ABL) facilitates our application of ABL structures to novel asset categories. We have advised on both customary ABL financings, such as loans backed by inventory and trade receivables, and less common financings, including loans backed by automobile loans, student loans, revenues from the broadcast of professional sports events, pharmaceutical royalties, revenues associated with wireless communication sites and government contracts.
Cravath’s substantial experience in restructuring transactions spans debtor‑in‑possession (DIP) and exit financings and all aspects of balance sheet restructurings, including liability management transactions (exchange and tender offers) and out‑of‑court workout transactions, recapitalizations and debt‑for‑equity exchanges. We collaborate with our highly regarded financial restructuring and reorganization practice to find ways to raise debt within existing covenants and the borrower’s capital structure.
Deals & Cases
April 02, 2024
On April 2, 2024, Endeavor Group Holdings, Inc. (“Endeavor”), a global sports and entertainment company, announced that it has entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with the Endeavor management team and additional anchor investors. Cravath is representing the independent Special Committee of Endeavor’s board of directors in connection with the transaction.
Deals & Cases
March 29, 2024
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
February 12, 2024
On February 12, 2024, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that on February 11, 2024, it entered into a definitive agreement to acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (“BWI Southeast”) for $2.05 billion in cash. Additionally, on February 9, 2024, Martin Marietta completed its previously announced divestiture of its South Texas cement and related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transactions.
Deals & Cases
February 06, 2024
On February 6, 2024, altafiber, provider of integrated communications solutions over its fiber‑optic network to residential and business customers in Ohio, Kentucky, and Indiana, and TowerBrook Capital Partners (“TowerBrook”), the New York and London‑based international investment firm, announced that TowerBrook has agreed to acquire CBTS, a leading North American provider of IT solutions and services, from altafiber. Cravath is representing altafiber in connection with the transaction.
Deals & Cases
February 05, 2024
Cravath represented Artivion, Inc. in connection with $350 million of credit facilities obtained from Ares Management Credit funds to comprehensively address its debt maturities. Artivion is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons’ most difficult challenges in treating patients with aortic diseases. The facilities consisted of a $190 million secured term loan facility, a $100 million secured delayed draw term loan facility and a $60 million secured revolving credit facility. The transaction closed on January 18, 2024.
Activities & Publications
April 18, 2024
On April 18, 2024, Cravath partner Jelena McWilliams participated in part II of the virtual SIFMA Basel III Endgame Roundtable. Jelena moderated a roundtable discussion entitled “Overall Reflections on the Proposal and an Evaluation of the Proposal’s Impacts on End Users, U.S. Capital Markets, and the Broader Economy,” which examined the impacts of the Basel Endgame proposal on specific end users, capital market products and segments, as well as its impacts on economic growth and financial stability.
Activities & Publications
February 07, 2024
On February 6, 2024, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the fourth quarter of 2023. This edition also examines several recent litigation decisions, including in bankruptcy court, notable developments on digital asset regulation, updates on interest rate benchmarks and a variety of SEC rulemaking, comment and enforcement updates.
Accolades
February 06, 2024
On January 24, 2024, Cravath was featured by Law360 as a “Banking Practice Group of the Year.” The article highlights the breadth of the Firm’s work on banking matters across corporate, litigation and regulatory practice areas, including its role representing clients Silvergate in its voluntary self‑liquidation, Morgan Stanley in winning the dismissal of consolidated antitrust suits against it and other major banks and the administrative agent, joint lead arranger and joint bookrunner in connection with the arrangement of $1.33 billion of credit facilities made available to Concentrix Corporation.
Activities & Publications
February 02, 2024
On February 2, 2024, Cravath published the latest edition of its Cravath Emerging Company and Venture Capital Insights newsletter, entitled “2023 Recap and 2024 Outlook,” which provides an overview of global venture capital activity during the second half of 2023. The newsletter also examines key exit trends, including limited IPOs with M&A still providing stronger exit opportunities, and offers insights on artificial intelligence investment and updates to the National Venture Capital Association model legal documents.
Accolades
January 22, 2024
On January 19, 2024, Cravath was named among Law360’s “Practice Groups of the Year” in four categories: Banking, Capital Markets, Mergers & Acquisitions and Tax.
Deals & Cases
April 02, 2024
On April 2, 2024, Endeavor Group Holdings, Inc. (“Endeavor”), a global sports and entertainment company, announced that it has entered into a definitive agreement to be acquired by Silver Lake, the global leader in technology investing, in partnership with the Endeavor management team and additional anchor investors. Cravath is representing the independent Special Committee of Endeavor’s board of directors in connection with the transaction.
Deals & Cases
March 29, 2024
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
February 12, 2024
On February 12, 2024, Martin Marietta Materials, Inc. (“Martin Marietta”) announced that on February 11, 2024, it entered into a definitive agreement to acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (“BWI Southeast”) for $2.05 billion in cash. Additionally, on February 9, 2024, Martin Marietta completed its previously announced divestiture of its South Texas cement and related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. Cravath is representing Martin Marietta in connection with the transactions.
Deals & Cases
February 06, 2024
On February 6, 2024, altafiber, provider of integrated communications solutions over its fiber‑optic network to residential and business customers in Ohio, Kentucky, and Indiana, and TowerBrook Capital Partners (“TowerBrook”), the New York and London‑based international investment firm, announced that TowerBrook has agreed to acquire CBTS, a leading North American provider of IT solutions and services, from altafiber. Cravath is representing altafiber in connection with the transaction.
Deals & Cases
February 05, 2024
Cravath represented Artivion, Inc. in connection with $350 million of credit facilities obtained from Ares Management Credit funds to comprehensively address its debt maturities. Artivion is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons’ most difficult challenges in treating patients with aortic diseases. The facilities consisted of a $190 million secured term loan facility, a $100 million secured delayed draw term loan facility and a $60 million secured revolving credit facility. The transaction closed on January 18, 2024.
Activities & Publications
April 18, 2024
On April 18, 2024, Cravath partner Jelena McWilliams participated in part II of the virtual SIFMA Basel III Endgame Roundtable. Jelena moderated a roundtable discussion entitled “Overall Reflections on the Proposal and an Evaluation of the Proposal’s Impacts on End Users, U.S. Capital Markets, and the Broader Economy,” which examined the impacts of the Basel Endgame proposal on specific end users, capital market products and segments, as well as its impacts on economic growth and financial stability.
Activities & Publications
February 07, 2024
On February 6, 2024, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides an update on the bond, equity and loan markets and on restructuring activity during the fourth quarter of 2023. This edition also examines several recent litigation decisions, including in bankruptcy court, notable developments on digital asset regulation, updates on interest rate benchmarks and a variety of SEC rulemaking, comment and enforcement updates.
Accolades
February 06, 2024
On January 24, 2024, Cravath was featured by Law360 as a “Banking Practice Group of the Year.” The article highlights the breadth of the Firm’s work on banking matters across corporate, litigation and regulatory practice areas, including its role representing clients Silvergate in its voluntary self‑liquidation, Morgan Stanley in winning the dismissal of consolidated antitrust suits against it and other major banks and the administrative agent, joint lead arranger and joint bookrunner in connection with the arrangement of $1.33 billion of credit facilities made available to Concentrix Corporation.
Activities & Publications
February 02, 2024
On February 2, 2024, Cravath published the latest edition of its Cravath Emerging Company and Venture Capital Insights newsletter, entitled “2023 Recap and 2024 Outlook,” which provides an overview of global venture capital activity during the second half of 2023. The newsletter also examines key exit trends, including limited IPOs with M&A still providing stronger exit opportunities, and offers insights on artificial intelligence investment and updates to the National Venture Capital Association model legal documents.
Accolades
January 22, 2024
On January 19, 2024, Cravath was named among Law360’s “Practice Groups of the Year” in four categories: Banking, Capital Markets, Mergers & Acquisitions and Tax.
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