Four Decades for Justice
Cravath has one of the most respected capital markets practices in the world. We hold a distinctive reputation for devising and executing the innovative, sophisticated deal structures underlying landmark financing transactions, including the first simultaneous cross‑border tender offer, direct listings, high‑profile IPOs and acquisition financings for many of the largest U.S. and cross‑border transactions.
Since 2017, Cravath has been involved in more than 1,100 SEC‑registered or Rule 144A offerings with an aggregate deal value of over $1.5 trillion.
Our practice is balanced between representing issuers and underwriters on debt, equity and hybrid offerings, both domestically and internationally. Cravath’s substantial presence in London, where we have one of the largest contingents of U.S. lawyers in the city, enhances our ability to provide seamless, round‑the‑clock coverage.
We execute complex, cross-border deals issued in multiple currencies, as well as IPOs and other high‑profile transactions for companies ranging from emerging startups to leading multinational corporations in the United States and abroad. Our lawyers have led offerings in a broad range of industries, including aerospace and defense, financial services and insurance, fintech, industrials, life sciences, media and entertainment, natural resources, pharmaceuticals, technology and transportation. We also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities, including the European Investment Bank, Ghana, Hungary, Israel, Argentina and Poland.
Our U.S. and foreign private issuer clients rely on Cravath’s expertise to resolve their most challenging issues before the SEC, including on difficult accounting or other disclosure matters, as well as potential reporting and compliance issues. Cravath lawyers maintain strong relationships with members of the SEC staff and our representation includes alerting our clients to newly enacted U.S. securities laws and SEC and exchange rules and regulations, as well as advising them with respect to compliance with these requirements. We also counsel clients on how U.S. securities laws and regulations interact with evolving areas such as crypto and data privacy.
Our lawyers’ ability to execute all offering types, our client-targeted expertise and our commercial understanding of business situations are highly recommended by clients and peers:
Our practice is balanced between representing issuers and underwriters on debt, equity and hybrid offerings, both domestically and internationally. Cravath’s substantial presence in London, where we have one of the largest contingents of U.S. lawyers in the city, enhances our ability to provide seamless, round‑the‑clock coverage.
We execute complex, cross-border deals issued in multiple currencies, as well as IPOs and other high‑profile transactions for companies ranging from emerging startups to leading multinational corporations in the United States and abroad. Our lawyers have led offerings in a broad range of industries, including aerospace and defense, financial services and insurance, fintech, industrials, life sciences, media and entertainment, natural resources, pharmaceuticals, technology and transportation. We also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities, including the European Investment Bank, Ghana, Hungary, Israel, Argentina and Poland.
Our U.S. and foreign private issuer clients rely on Cravath’s expertise to resolve their most challenging issues before the SEC, including on difficult accounting or other disclosure matters, as well as potential reporting and compliance issues. Cravath lawyers maintain strong relationships with members of the SEC staff and our representation includes alerting our clients to newly enacted U.S. securities laws and SEC and exchange rules and regulations, as well as advising them with respect to compliance with these requirements. We also counsel clients on how U.S. securities laws and regulations interact with evolving areas such as crypto and data privacy.
Our lawyers’ ability to execute all offering types, our client-targeted expertise and our commercial understanding of business situations are highly recommended by clients and peers:
Deals & Cases
March 18, 2024
Cravath represented the underwriters in connection with the $1.5 billion registered notes offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on March 4, 2024.
Deals & Cases
March 15, 2024
Cravath represented Booking Holdings Inc. in connection with its €2.75 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on March 1, 2024.
Deals & Cases
March 15, 2024
Cravath represented the underwriters in connection with the €550 million registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. The transaction closed on March 1, 2024.
Deals & Cases
March 15, 2024
Cravath represented SEGRO plc in connection with its private placement of approximately £907 million of new ordinary shares. SEGRO plc is a UK Real Estate Investment Trust (“REIT”) and a leading owner, manager and developer of modern warehouses and industrial property. The shares will be listed on the London Stock Exchange and Euronext Paris. The transaction closed on March 1, 2024.
Deals & Cases
March 14, 2024
Cravath represented the initial purchasers in connection with the $4.4 billion 144A/Reg. S high‑yield senior secured notes offering of TransDigm Inc., a leading global designer, producer and supplier of highly engineered aircraft components. The transaction closed on February 27, 2024.
Activities & Publications
March 18, 2024
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.
Activities & Publications
March 15, 2024
On March 14, 2024, Cravath partner Alyssa K. Caples participated in the 23rd Annual Institute on Securities Regulation in Europe, which was presented in London by the Practising Law Institute from March 13‑14, 2024. Alyssa co‑chaired a panel entitled “Capital Markets Developments – Future Trends & Practical Implications,” which reviewed best practices for reacting and responding to key capital markets developments such as proposed United Kingdom and European Union reforms to the listing regimes and digital bonds.
Activities & Publications
March 12, 2024
On March 12, 2024, Cravath partner Jeffrey T. Dinwoodie published a short essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “A Way Forward for the SEC and Crypto: The SEC’s History of Tailoring Regulatory Frameworks for Nontraditional Securities.” It discusses the SEC’s history of tailoring the securities regulatory framework to the structural features, uses and risks of nontraditional securities—e.g., asset-backed securities, options and security-based swaps. The essay argues that “investors and the market generally would benefit if the SEC would begin the necessary—and inevitable—work of systematically evaluating and developing a regulatory regime for cryptoasset securities.”
Activities & Publications
February 14, 2024
Cravath partners G.J. Ligelis Jr., Alyssa K. Caples, Christopher K. Fargo and Margaret T. Segall co‑authored the U.S. Law & Practice chapter of the fourth edition of Chambers “Investing In… 2024” Guide, which was published in January 2024. The guide, which is part of the publisher’s Global Practice Guides series, examines country‑specific legal issues that arise from foreign direct investment (“FDI”) and cross‑border transactions in the more than 30 jurisdictions covered. The U.S. Law & Practice chapter surveys the legal system and regulatory framework for FDI in the country, analyzing the economic climate, as well as considerations related to mergers and acquisitions, corporate governance, capital markets, antitrust, national security, tax, employment and intellectual property.
Accolades
February 08, 2024
On January 24, 2024, Cravath was featured by Law360 as a “Capital Markets Practice Group of the Year.” The profile highlighted the Capital Markets Practice’s representation of clients, including AngloGold Ashanti in its corporate restructuring and change to its domicile and primary listing location, the underwriters of L3Harris Technologies, Inc.’s $3.25 billion registered notes offering and the underwriter and the dealers of AmerisourceBergen’s $1.6 billion registered secondary common stock offering.
Deals & Cases
March 18, 2024
Cravath represented the underwriters in connection with the $1.5 billion registered notes offering of HSBC USA Inc., an indirect wholly owned subsidiary of HSBC Holdings plc, a global financial services company. The transaction closed on March 4, 2024.
Deals & Cases
March 15, 2024
Cravath represented Booking Holdings Inc. in connection with its €2.75 billion registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel‑related reservation and search services. The transaction closed on March 1, 2024.
Deals & Cases
March 15, 2024
Cravath represented the underwriters in connection with the €550 million registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. The transaction closed on March 1, 2024.
Deals & Cases
March 15, 2024
Cravath represented SEGRO plc in connection with its private placement of approximately £907 million of new ordinary shares. SEGRO plc is a UK Real Estate Investment Trust (“REIT”) and a leading owner, manager and developer of modern warehouses and industrial property. The shares will be listed on the London Stock Exchange and Euronext Paris. The transaction closed on March 1, 2024.
Deals & Cases
March 14, 2024
Cravath represented the initial purchasers in connection with the $4.4 billion 144A/Reg. S high‑yield senior secured notes offering of TransDigm Inc., a leading global designer, producer and supplier of highly engineered aircraft components. The transaction closed on February 27, 2024.
Activities & Publications
March 18, 2024
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.
Activities & Publications
March 15, 2024
On March 14, 2024, Cravath partner Alyssa K. Caples participated in the 23rd Annual Institute on Securities Regulation in Europe, which was presented in London by the Practising Law Institute from March 13‑14, 2024. Alyssa co‑chaired a panel entitled “Capital Markets Developments – Future Trends & Practical Implications,” which reviewed best practices for reacting and responding to key capital markets developments such as proposed United Kingdom and European Union reforms to the listing regimes and digital bonds.
Activities & Publications
March 12, 2024
On March 12, 2024, Cravath partner Jeffrey T. Dinwoodie published a short essay in the Yale Journal on Regulation’s Notice & Comment blog entitled “A Way Forward for the SEC and Crypto: The SEC’s History of Tailoring Regulatory Frameworks for Nontraditional Securities.” It discusses the SEC’s history of tailoring the securities regulatory framework to the structural features, uses and risks of nontraditional securities—e.g., asset-backed securities, options and security-based swaps. The essay argues that “investors and the market generally would benefit if the SEC would begin the necessary—and inevitable—work of systematically evaluating and developing a regulatory regime for cryptoasset securities.”
Activities & Publications
February 14, 2024
Cravath partners G.J. Ligelis Jr., Alyssa K. Caples, Christopher K. Fargo and Margaret T. Segall co‑authored the U.S. Law & Practice chapter of the fourth edition of Chambers “Investing In… 2024” Guide, which was published in January 2024. The guide, which is part of the publisher’s Global Practice Guides series, examines country‑specific legal issues that arise from foreign direct investment (“FDI”) and cross‑border transactions in the more than 30 jurisdictions covered. The U.S. Law & Practice chapter surveys the legal system and regulatory framework for FDI in the country, analyzing the economic climate, as well as considerations related to mergers and acquisitions, corporate governance, capital markets, antitrust, national security, tax, employment and intellectual property.
Accolades
February 08, 2024
On January 24, 2024, Cravath was featured by Law360 as a “Capital Markets Practice Group of the Year.” The profile highlighted the Capital Markets Practice’s representation of clients, including AngloGold Ashanti in its corporate restructuring and change to its domicile and primary listing location, the underwriters of L3Harris Technologies, Inc.’s $3.25 billion registered notes offering and the underwriter and the dealers of AmerisourceBergen’s $1.6 billion registered secondary common stock offering.
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