Cravath’s London Office Moves to 100 Cheapside
Capital Markets
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.
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 and we also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities.
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:
- “Clear leaders in the market, [Cravath] presents the complete package for clients: ‘They know how to move a deal along, and they know the SEC.’” Chambers
- “They are a perennial leader in capital markets transactions in Europe.” Chambers
- “Cravath runs a top-notch U.S. securities practice from its London office and is involved in some of the largest transactions in the U.S. and global equity capital markets.” The Legal 500
- “Cravath has served as one of our primary outside counsels for over 20 years. They’ve helped us in a variety of different matters and transactions including an IPO, secondary equity offerings, and, more recently, a 144A debt offering. I would say that the firm in general, but specifically the capital markets team, provides the highest quality legal services that I think we get from any outside counsel. I’ve found their work to be uniformly excellent. They get some of the brightest people, they have a pretty broad range of expertise, and the quality of the lawyers is uniformly high. They’re very responsive and I think they really meet the client’s needs in pretty much all facets.” IFLR1000
- “They collaborate seamlessly to ensure they deliver their firm’s absolute best on every client matter.” Chambers
- “Absolutely outstanding. Deep technical expertise combined with wide sector knowledge and unbelievable commitment.” IFLR1000
- “Excellent lawyers technically and creative problem-solvers” who are “regularly sought for advice on complex or esoteric capital markets issues.” Chambers
- Cravath is “the best at anticipating and answering our changing legal needs.” Chambers
- “There’s Cravath and then there’s everyone else.” The Legal 500
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 and we also regularly advise on SEC‑registered and Rule 144A offerings by sovereign and supranational entities.
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:
- “Clear leaders in the market, [Cravath] presents the complete package for clients: ‘They know how to move a deal along, and they know the SEC.’” Chambers
- “They are a perennial leader in capital markets transactions in Europe.” Chambers
- “Cravath runs a top-notch U.S. securities practice from its London office and is involved in some of the largest transactions in the U.S. and global equity capital markets.” The Legal 500
- “Cravath has served as one of our primary outside counsels for over 20 years. They’ve helped us in a variety of different matters and transactions including an IPO, secondary equity offerings, and, more recently, a 144A debt offering. I would say that the firm in general, but specifically the capital markets team, provides the highest quality legal services that I think we get from any outside counsel. I’ve found their work to be uniformly excellent. They get some of the brightest people, they have a pretty broad range of expertise, and the quality of the lawyers is uniformly high. They’re very responsive and I think they really meet the client’s needs in pretty much all facets.” IFLR1000
- “They collaborate seamlessly to ensure they deliver their firm’s absolute best on every client matter.” Chambers
- “Absolutely outstanding. Deep technical expertise combined with wide sector knowledge and unbelievable commitment.” IFLR1000
- “Excellent lawyers technically and creative problem-solvers” who are “regularly sought for advice on complex or esoteric capital markets issues.” Chambers
- Cravath is “the best at anticipating and answering our changing legal needs.” Chambers
- “There’s Cravath and then there’s everyone else.” The Legal 500
Deals & Cases
June 20, 2025
Burlington Northern Santa Fe, LLC’s Registered Notes Offering
Cravath represented Burlington Northern Santa Fe, LLC in connection with its $900 million registered notes offering. Burlington Northern Santa Fe, LLC is a holding company engaged primarily in railroad transportation through its ownership of its principal operating subsidiary, BNSF Railway Company. Burlington Northern Santa Fe, LLC is owned by Berkshire Hathaway. The transaction closed on June 6, 2025.
Deals & Cases
June 17, 2025
Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock
Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.
Deals & Cases
June 17, 2025
HSBC USA Inc.’s $1.25 Billion Registered Notes Offering
Cravath represented HSBC Securities and the other underwriters in connection with the $1.25 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 June 3, 2025.
Deals & Cases
June 17, 2025
The Goodyear Tire & Rubber Company’s Registered High‑Yield Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered high‑yield senior notes offering of The Goodyear Tire & Rubber Company, one of the world's leading manufacturers of tires, engaging in operations in most regions of the world. The transaction closed on June 3, 2025.
Deals & Cases
June 13, 2025
Aggreko’s $1.4 Billion and €850 Million High‑Yield Senior Secured Notes Offering and $1.195 Billion Revolving Credit Facility
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.
Activities
June 12, 2025
Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys
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 12, 2025
SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status
On June 11, 2025, Cravath prepared a memo for its clients entitled “SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status.” The memo examines a concept release recently published by the U.S. Securities and Exchange Commission to seek public comment on whether to revise the “foreign private issuer” definition in light of shifting trends in the characteristics of the FPI population.
Activities
June 06, 2025
Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas
The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.
Publications
June 06, 2025
Scott Bennett, Nick Dorsey, Virginia Anderson and Ellen Park Co‑Author U.S. Chapter of 2025 Chambers Venture Capital Guide
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
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 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:
Deals & Cases
June 20, 2025
Burlington Northern Santa Fe, LLC’s Registered Notes Offering
Cravath represented Burlington Northern Santa Fe, LLC in connection with its $900 million registered notes offering. Burlington Northern Santa Fe, LLC is a holding company engaged primarily in railroad transportation through its ownership of its principal operating subsidiary, BNSF Railway Company. Burlington Northern Santa Fe, LLC is owned by Berkshire Hathaway. The transaction closed on June 6, 2025.
Deals & Cases
June 17, 2025
Galaxy Digital Inc.’s First SEC‑Registered Underwritten Offering of Class A Common Stock
Cravath represented the underwriters in connection with the $683.6 million registered underwritten offering of Class A common stock of Galaxy Digital Inc., a global leader in digital assets and artificial intelligence infrastructure, delivering enduring solutions that accelerate the future digital economy. This was Galaxy Digital Inc.’s first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market. The transaction closed on June 3, 2025.
Deals & Cases
June 17, 2025
HSBC USA Inc.’s $1.25 Billion Registered Notes Offering
Cravath represented HSBC Securities and the other underwriters in connection with the $1.25 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 June 3, 2025.
Deals & Cases
June 17, 2025
The Goodyear Tire & Rubber Company’s Registered High‑Yield Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered high‑yield senior notes offering of The Goodyear Tire & Rubber Company, one of the world's leading manufacturers of tires, engaging in operations in most regions of the world. The transaction closed on June 3, 2025.
Deals & Cases
June 13, 2025
Aggreko’s $1.4 Billion and €850 Million High‑Yield Senior Secured Notes Offering and $1.195 Billion Revolving Credit Facility
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.
Activities
June 12, 2025
Legal 500 United States Ranks Cravath in Top Tier Across 15 Practice Areas and Recognizes 79 Cravath Attorneys
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 12, 2025
SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status
On June 11, 2025, Cravath prepared a memo for its clients entitled “SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status.” The memo examines a concept release recently published by the U.S. Securities and Exchange Commission to seek public comment on whether to revise the “foreign private issuer” definition in light of shifting trends in the characteristics of the FPI population.
Activities
June 06, 2025
Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas
The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.
Publications
June 06, 2025
Scott Bennett, Nick Dorsey, Virginia Anderson and Ellen Park Co‑Author U.S. Chapter of 2025 Chambers Venture Capital Guide
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
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 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:
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