Corporate

Cravath represented the underwriters in connection with the $1 billion registered fixed‑to‑floating rate senior notes offering of State Street Corporation, a provider of a broad range of financial products and services to institutional investors worldwide. The transaction closed on October 23, 2025.

Cravath represented the underwriters in connection with the $5 billion registered fixed‑to‑floating rate notes offering of JPMorgan Chase & Co., a leading global financial services firm. The transaction closed on October 22, 2025.

On November 3, 2025, Kenvue Inc. (“Kenvue”), a global consumer health leader, and Kimberly‑Clark Corporation (“Kimberly‑Clark”), a global personal care leader, announced an agreement under which Kimberly‑Clark will acquire all of the outstanding shares of Kenvue common stock in a cash and stock transaction that values Kenvue at an enterprise value of approximately $48.7 billion, based on the closing price of Kimberly‑Clark common stock on October 31, 2025. Under the terms of the agreement, which has been unanimously approved by each company’s Board of Directors, Kenvue shareholders will receive $3.50 per share in cash as well as 0.14625 Kimberly‑Clark shares for each Kenvue share held at closing. Upon closing of the transaction, current Kenvue shareholders are expected to own approximately 46% and current Kimberly‑Clark shareholders are expected to own approximately 54% of the combined company on a fully diluted basis. Cravath is representing Kenvue in connection with the transaction.

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S high‑yield senior notes offering of Danaos Corporation, a global shipping company that operates one of the world's largest fleets of containerships. The transaction closed on October 17, 2025.

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $4 billion revolving credit facility made available to Valero Energy Corporation, a leading multinational manufacturer and marketer of petroleum‑based and low‑carbon liquid transportation fuels and petrochemical products. The transaction closed on October 16, 2025.

On November 5, 2025, Cravath partner David J. Kappos participated in Asia Society Northern California’s (“ASNC”) “A Workshop on Data Driven Approaches to Understanding Chinese Tech Competitiveness” in Washington, D.C. Hosted as part of ASNC’s Tech Series, the event brought together leading experts and policymakers involved in technology, export controls, trade, intellectual property, talent and education to foster an evidence‑based understanding of China’s evolving technological landscape and to identify actionable insights for U.S. strategy and policy development. Workshop participants discussed topics including patent analytics, intellectual property trends, research output, technology adoption, trade and investment data analysis and the impact of export controls and regulatory tools. Dave spoke on the topic “Uses and Abuses of Intellectual Property to Assess Tech Competitiveness.”

On October 28, 2025, Cravath partner Jelena McWilliams participated in Money20/20 USA conference in Las Vegas. Jelena moderated a fireside chat that explored the evolving priorities of the Office of the Comptroller of the Currency (“OCC”) under the leadership of Comptroller Jonathan Gould. The discussion examined how the OCC is shaping transparency, competition, fair access and digital transformation across the banking industry and how the agency’s growing influence is redefining the future of banking and financial innovation.

On October 28, 2025, Cravath prepared a memo for its clients entitled “Back to the Future: IRS and Treasury Reinstate pre‑2024 Guidelines for Spin‑Off Private Letter Rulings.” The memo examines the Internal Revenue Service’s recently released Rev. Proc. 2025‑30, which provides updated guidelines for taxpayers requesting private letter rulings from the IRS for tax‑free spin‑off and split‑off transactions under Section 355. Rev. Proc. 2025‑30 supersedes Rev. Proc. 2024‑24 and withdraws Notice 2024‑38 (together the “2024 Guidance”).

On October 23, 2025, Cravath partner Isaac C. Beerman participated in the American Bar Association’s NYC Commercial Finance Meeting 2025, which was held in New York. The meeting convened experts to provide insights into the U.S. loan market. Isaac spoke on a panel entitled “What’s Lurking in Your Loan Documents?”, which explored recent trends in loan documentation and the key market dynamics driving them.

The 2025 Chambers UK rankings recognized Cravath across three categories: Leveraged Finance (Lenders – Big Ticket); Leveraged Finance (Big Ticket); and Capital Markets (High‑Yield Products). Chambers noted Cravath among the firms that “excel in sophisticated, high‑value financial deals.” Added a survey respondent, Cravath’s “team impresses with its collaborative spirit and innovative approach. Their strengths lie in effective communication, strategic problem‑solving, along with being diligent and highly commercial.”