Cravath’s London Office Moves to 100 Cheapside
Cravath’s banking and credit lawyers are highly regarded for crafting sophisticated and business‑oriented financing solutions. 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 a four‑time winner of Law360’s Banking Practice Group of the Year award. 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
June 18, 2025
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4.5 billion revolving credit facility made available to Cencora, Inc., a leading global pharmaceutical sourcing and distribution services company, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. The transaction closed on June 4, 2025.
Deals & Cases
June 17, 2025
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Coupang, Inc., a leading global technology and commerce company providing retail, restaurant delivery, video streaming and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. The transaction closed on June 2, 2025.
Deals & Cases
June 13, 2025
Cravath represented the initial purchasers in connection with the $1.4 billion and €850 million Rule 144A/Reg. S high yield senior secured notes offering of Albion Financing 1 S.à r.l and Aggreko Holdings Inc., subsidiaries of Albion Holdco Limited (“Aggreko”), for the purpose of repaying all of Aggreko’s outstanding senior secured notes and senior notes, paying a dividend and repaying certain preference shares. The offering closed on May 21, 2025.
Deals & Cases
May 20, 2025
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $7 billion of credit facilities made available to The Home Depot, Inc., the world’s largest home improvement retailer. The transaction closed on May 6, 2025.
Deals & Cases
May 09, 2025
On May 9, 2025, TaskUs, Inc. (“TaskUs”), a leading provider of outsourced digital services and next‑generation customer experience to companies, announced it has entered into a definitive agreement to become a privately held company. Under the terms of the agreement, an affiliate of Blackstone, TaskUs Co‑Founder and Chief Executive Officer Bryce Maddock and TaskUs Co‑Founder and President Jaspar Weir (collectively the “Buyer Group”) will acquire 100% of the outstanding shares of Class A common stock they do not already own for $16.50 per share in an all-cash transaction. Upon completion of the transaction, the Company’s Class A common stock will no longer be listed on any public market. The TaskUs Board of Directors has approved the transaction upon the unanimous recommendation of a special committee of independent directors (the “Special Committee”), which was formed on March 20, 2025, in response to interest expressed by the Buyer Group in exploring a possible transaction. Cravath is representing the Special Committee in connection with the transaction.
Activities
June 12, 2025
The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Publications
June 06, 2025
Cravath partners D. Scott Bennett and Nicholas A. Dorsey and of counsels Virginia M. Anderson and Ellen H. Park co‑authored the U.S. Law and Practice chapter of the Chambers Venture Capital Guide, which was published in May 2025. The guide, which is part of the publisher’s Global Practice Guides series, provides the latest legal information on trends in the venture capital market; fund structures, economics and regulation; investments in VC companies; government subsidies and tax; employee incentivization and exits in the 26 jurisdictions covered. The U.S. Law and Practice chapter examines how the artificial intelligence sector drove momentum in the venture capital market throughout the past year; the continued prevalence of “down round” raises, bridge financing solutions and alternative financing solutions for companies that have faced financing challenges; typical venture capital fund structure in the United States and more.
Publications
May 13, 2025
On May 12, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2025. Highlights from this edition include:
Activities
April 07, 2025
On April 3, 2025, IFLR honored Cravath as an advisor of the “Loan Deal of the Year” at the publication’s 2025 Europe Awards, in connection with the Firm’s representation of the lead arrangers and initial purchasers in the financing for TDR Capital and I Squared Capital’s €1.9 billion acquisition of Applus. In announcing the award, IFLR highlighted the “bespoke innovative English law financing arrangements” involved in the deal as well as the nine global jurisdictions it spanned. The publication also noted how “the deal teams navigated untested regulatory and other deal‑specific requirements that contained a number of firsts in the Spanish market.”
Activities
February 24, 2025
On February 13, 2025, Cravath was featured by Law360 as an “Energy Practice Group of the Year.” The profile highlighted the Firm’s “groundbreaking legal wins” for prominent companies in the energy sector, including its representation of The Williams Companies, Inc. in its Delaware Supreme Court victory affirming a trial win with $600 million judgment and PG&E in a victory before the California Supreme Court shielding the company from liability for public safety power shutoffs. The profile also recognized Cravath’s consistent work on multibillion‑dollar M&A and project finance deals across the sector, including the Firm’s representation of Brookfield Renewable in its and Cameco’s $7.875 billion acquisition of Westinghouse and its $2.8 billion acquisition of Duke Energy Renewables.
Deals & Cases
June 18, 2025
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4.5 billion revolving credit facility made available to Cencora, Inc., a leading global pharmaceutical sourcing and distribution services company, helping both healthcare providers and pharmaceutical and biotech manufacturers improve patient access to products and enhance patient care. The transaction closed on June 4, 2025.
Deals & Cases
June 17, 2025
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Coupang, Inc., a leading global technology and commerce company providing retail, restaurant delivery, video streaming and fintech services to customers around the world under brands that include Coupang, Coupang Eats, Coupang Play and Farfetch. The transaction closed on June 2, 2025.
Deals & Cases
June 13, 2025
Cravath represented the initial purchasers in connection with the $1.4 billion and €850 million Rule 144A/Reg. S high yield senior secured notes offering of Albion Financing 1 S.à r.l and Aggreko Holdings Inc., subsidiaries of Albion Holdco Limited (“Aggreko”), for the purpose of repaying all of Aggreko’s outstanding senior secured notes and senior notes, paying a dividend and repaying certain preference shares. The offering closed on May 21, 2025.
Deals & Cases
May 20, 2025
Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with $7 billion of credit facilities made available to The Home Depot, Inc., the world’s largest home improvement retailer. The transaction closed on May 6, 2025.
Deals & Cases
May 09, 2025
On May 9, 2025, TaskUs, Inc. (“TaskUs”), a leading provider of outsourced digital services and next‑generation customer experience to companies, announced it has entered into a definitive agreement to become a privately held company. Under the terms of the agreement, an affiliate of Blackstone, TaskUs Co‑Founder and Chief Executive Officer Bryce Maddock and TaskUs Co‑Founder and President Jaspar Weir (collectively the “Buyer Group”) will acquire 100% of the outstanding shares of Class A common stock they do not already own for $16.50 per share in an all-cash transaction. Upon completion of the transaction, the Company’s Class A common stock will no longer be listed on any public market. The TaskUs Board of Directors has approved the transaction upon the unanimous recommendation of a special committee of independent directors (the “Special Committee”), which was formed on March 20, 2025, in response to interest expressed by the Buyer Group in exploring a possible transaction. Cravath is representing the Special Committee in connection with the transaction.
Activities
June 12, 2025
The 2025 edition of the Legal 500 United States ranked Cravath in the top tier nationally in 15 areas: Antitrust - Civil Litigation/Class Actions: Defense; Capital Markets: Debt Offerings (Advice to Issuers); Capital Markets: Debt Offerings (Advice to Underwriters); Capital Markets: Global Offerings (Advice to Issuers); Capital Markets: Global Offerings (Advice to Underwriters); Commercial Lending (Advice to Lenders); Employee Benefits, Executive Compensation and Retirement Plans: Transactional; Environment: Transactional; Financial Services Litigation; General Commercial Disputes; International Tax; M&A: Large Deals ($1bn+); M&A Litigation: Defense; Securities Litigation: Defense; and U.S. Taxes: Non‑contentious. In addition, 79 Cravath attorneys were individually recognized by The Legal 500 United States this year.
Publications
June 06, 2025
Cravath partners D. Scott Bennett and Nicholas A. Dorsey and of counsels Virginia M. Anderson and Ellen H. Park co‑authored the U.S. Law and Practice chapter of the Chambers Venture Capital Guide, which was published in May 2025. The guide, which is part of the publisher’s Global Practice Guides series, provides the latest legal information on trends in the venture capital market; fund structures, economics and regulation; investments in VC companies; government subsidies and tax; employee incentivization and exits in the 26 jurisdictions covered. The U.S. Law and Practice chapter examines how the artificial intelligence sector drove momentum in the venture capital market throughout the past year; the continued prevalence of “down round” raises, bridge financing solutions and alternative financing solutions for companies that have faced financing challenges; typical venture capital fund structure in the United States and more.
Publications
May 13, 2025
On May 12, 2025, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which has been redesigned for the Q1 2025 edition to provide greater insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the first quarter of 2025. Highlights from this edition include:
Activities
April 07, 2025
On April 3, 2025, IFLR honored Cravath as an advisor of the “Loan Deal of the Year” at the publication’s 2025 Europe Awards, in connection with the Firm’s representation of the lead arrangers and initial purchasers in the financing for TDR Capital and I Squared Capital’s €1.9 billion acquisition of Applus. In announcing the award, IFLR highlighted the “bespoke innovative English law financing arrangements” involved in the deal as well as the nine global jurisdictions it spanned. The publication also noted how “the deal teams navigated untested regulatory and other deal‑specific requirements that contained a number of firsts in the Spanish market.”
Activities
February 24, 2025
On February 13, 2025, Cravath was featured by Law360 as an “Energy Practice Group of the Year.” The profile highlighted the Firm’s “groundbreaking legal wins” for prominent companies in the energy sector, including its representation of The Williams Companies, Inc. in its Delaware Supreme Court victory affirming a trial win with $600 million judgment and PG&E in a victory before the California Supreme Court shielding the company from liability for public safety power shutoffs. The profile also recognized Cravath’s consistent work on multibillion‑dollar M&A and project finance deals across the sector, including the Firm’s representation of Brookfield Renewable in its and Cameco’s $7.875 billion acquisition of Westinghouse and its $2.8 billion acquisition of Duke Energy Renewables.
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