Cravath Publishes Summer 2026 Issue of Alumni Journal
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
September 08, 2026
European Investment Bank’s $4 Billion SEC Registered Notes Offering
Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on August 25, 2026.
Deals & Cases
September 08, 2026
MPLX LP’s $2.25 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $2.25 billion registered senior notes offering of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon‑based products. The transaction closed on August 24, 2026.
Deals & Cases
September 08, 2026
Valvoline Inc.’s Revolving Credit Facility and High‑Yield Senior Notes Offering
Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million revolving credit facility made available to Valvoline Inc., a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada. The transaction closed on August 24, 2026.
Deals & Cases
September 03, 2026
Royal Caribbean Cruises Ltd.’s $1.25 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on August 20, 2026.
Deals & Cases
September 01, 2026
The Mosaic Company’s $2 Billion Registered Senior Notes Offering and Concurrent $1.4 Billion Cash Tender Offer
Cravath represented the underwriters in connection with the $2 billion registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Cravath also represented the dealer managers in The Mosaic Company's concurrent $1.4 billion cash tender offer. The transactions closed on August 17, 2026 and August 18, 2026, respectively.
Activities
September 11, 2026
Alyssa Caples Speaks at the IBA’s Conference on Key Developments in Latin American Transactions and Their Financing; a Look at the Present and the Future
On September 10, 2026, Cravath partner Alyssa K. Caples participated in the International Bar Association’s “Key Developments in Latin American Transactions and Their Financing; a Look at the Present and the Future” conference, in Rio de Janeiro, Brazil. Alyssa spoke on a panel entitled “Tender Offers and Acquisition Finance,” which discussed the challenges and available guidelines for identifying a transfer of control event and the triggers for mandatory tender offers, whether based on subjective or objective criteria. Panelists covered existing debt pushdown structures and the legal and regulatory limits including disclosure for acquisition finance.
Publications
September 10, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2026
On September 9, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2026. Highlights from this edition include:
Publications
August 26, 2026
Cravath Venture Capital & Growth Equity Insights: H1 2026 and FY 2026 Outlook
On August 25, 2026, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which provides insight into U.S. and global venture capital and related activity during the first half of 2026 and an outlook for the rest of the year. Key takeaways from this edition include:
Publications
July 24, 2026
Jeff Dinwoodie Publishes Essay on Crypto Regulation in Yale Journal on Regulation Blog
On July 22, 2026, Cravath partner Jeffrey T. Dinwoodie published an essay in the Yale Journal on Regulation's Notice & Comment blog entitled "Non‑Security Crypto, Investment Contracts, and SEC Compliance." The essay examines whether the existing securities laws and SEC rules applicable to SEC‑registered entities apply in the context of a non‑security crypto asset that is subject to an investment contract (and is thus a securities transaction).
Publications
July 02, 2026
Artificial Intelligence Developments – June 2026
On July 2, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high-level review of activity across technical, regulatory, legal, and market areas of AI over the last month, highlighting selected new trends.
Deals & Cases
September 08, 2026
European Investment Bank’s $4 Billion SEC Registered Notes Offering
Cravath represented the European Investment Bank (“EIB”) in connection with its $4 billion SEC‑registered notes offering. The purpose of the EIB is to contribute to the balanced and steady development of the internal market among Member States of the European Union. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on August 25, 2026.
Deals & Cases
September 08, 2026
MPLX LP’s $2.25 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $2.25 billion registered senior notes offering of MPLX LP, a master limited partnership formed by Marathon Petroleum Corporation. MPLX LP owns, operates, develops and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined products and other hydrocarbon‑based products. The transaction closed on August 24, 2026.
Deals & Cases
September 08, 2026
Valvoline Inc.’s Revolving Credit Facility and High‑Yield Senior Notes Offering
Cravath represented the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million revolving credit facility made available to Valvoline Inc., a leader in automotive preventive maintenance delivering convenient and trusted services in its retail stores throughout the United States and Canada. The transaction closed on August 24, 2026.
Deals & Cases
September 03, 2026
Royal Caribbean Cruises Ltd.’s $1.25 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The transaction closed on August 20, 2026.
Deals & Cases
September 01, 2026
The Mosaic Company’s $2 Billion Registered Senior Notes Offering and Concurrent $1.4 Billion Cash Tender Offer
Cravath represented the underwriters in connection with the $2 billion registered senior notes offering of The Mosaic Company, the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Cravath also represented the dealer managers in The Mosaic Company's concurrent $1.4 billion cash tender offer. The transactions closed on August 17, 2026 and August 18, 2026, respectively.
Activities
September 11, 2026
Alyssa Caples Speaks at the IBA’s Conference on Key Developments in Latin American Transactions and Their Financing; a Look at the Present and the Future
On September 10, 2026, Cravath partner Alyssa K. Caples participated in the International Bar Association’s “Key Developments in Latin American Transactions and Their Financing; a Look at the Present and the Future” conference, in Rio de Janeiro, Brazil. Alyssa spoke on a panel entitled “Tender Offers and Acquisition Finance,” which discussed the challenges and available guidelines for identifying a transfer of control event and the triggers for mandatory tender offers, whether based on subjective or objective criteria. Panelists covered existing debt pushdown structures and the legal and regulatory limits including disclosure for acquisition finance.
Publications
September 10, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2026
On September 9, 2026, Cravath published the latest edition of its Finance & Capital Markets Quarterly Review, which provides insight into practical points, key takeaways and relevant developments related to the bond, equity and loan markets and restructuring activity during the second quarter of 2026. Highlights from this edition include:
Publications
August 26, 2026
Cravath Venture Capital & Growth Equity Insights: H1 2026 and FY 2026 Outlook
On August 25, 2026, Cravath published the latest edition of its Venture Capital & Growth Equity Insights newsletter, which provides insight into U.S. and global venture capital and related activity during the first half of 2026 and an outlook for the rest of the year. Key takeaways from this edition include:
Publications
July 24, 2026
Jeff Dinwoodie Publishes Essay on Crypto Regulation in Yale Journal on Regulation Blog
On July 22, 2026, Cravath partner Jeffrey T. Dinwoodie published an essay in the Yale Journal on Regulation's Notice & Comment blog entitled "Non‑Security Crypto, Investment Contracts, and SEC Compliance." The essay examines whether the existing securities laws and SEC rules applicable to SEC‑registered entities apply in the context of a non‑security crypto asset that is subject to an investment contract (and is thus a securities transaction).
Publications
July 02, 2026
Artificial Intelligence Developments – June 2026
On July 2, 2026, Cravath published the latest edition of its Artificial Intelligence Developments Newsletter, which includes a high-level review of activity across technical, regulatory, legal, and market areas of AI over the last month, highlighting selected new trends.
Explore
Cravath Bicentennial
Celebrating 200 years of partnership. In 2019, we celebrated our bicentennial. Our history mirrors that of our nation. Integral to our story is our culture.
Attorney Advertising. ©2026 Cravath, Swaine & Moore LLP.