Banking and Credit
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:
- Clients praise our “knowledge of current market terms and precedents” and our ability to “come up with creative ideas not seen at any other firm.” Chambers USA
- “What [Cravath does] is very complex, sophisticated high‑value work . . . it’s what they are known for.” Chambers Global
- “Cravath is always at the top of their game. They are a ‘go‑to’ firm in all respects, with an incredibly deep bench. I have been involved with them on both sides, and the overriding principle is to provide the right answer and do the right thing.” Best Lawyers Best Law Firms
- “Their work stands out on every deal. They always excel—it is truly remarkable that they have the capability to perform to that standard. They offer sound business advice and excellent work quality.” Chambers USA
- Cravath is “the best law firm on Wall Street, providing the highest‑quality thorough, thoughtful advice and service.” Chambers USA
The range of financing transactions we lead includes:
Leveraged Finance
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.
Investment Grade Finance
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.
Direct Lending and Private Credit
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.
Spin-off Financings
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.
Asset-Based Lending
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.
Workout and Restructuring Facilities
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.
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