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
August 18, 2026
Martin Marietta’s $5.5 Billion Registered Senior Notes Offering
Cravath represented Martin Marietta Materials, Inc. (“Martin Marietta”) in connection with its $5.5 billion registered senior notes offering. Martin Marietta is a leading supplier of aggregates and heavy building materials for the construction industry in the United States. Proceeds of the offering will be used to finance the acquisition of Lhoist North America, Inc. The transaction closed on August 14, 2026.
Deals & Cases
August 04, 2026
PNC Financial Services Group’s $2 Billion Registered Fixed Rate/Floating Rate Senior Notes Offering
Cravath represented the underwriters in connection with the $2 billion registered fixed rate/floating rate senior notes offering of The PNC Financial Services Group, Inc., one of the largest diversified financial services companies in the United States. The transaction closed on July 21, 2026.
Deals & Cases
August 03, 2026
Neoen Finco Plc’s High‑Yield Green Senior Secured Notes Offering
Cravath represented Neoen Finco Plc in connection with its €650 million 144A/Reg. S high‑yield green senior secured notes offering. Neoen Finco Plc is a finance subsidiary of Neoen Limited, one of the world’s leading renewable energy companies with expertise in solar, onshore wind power and battery storage. Neoen is a Brookfield Renewable Partners portfolio company. The transaction closed on June 18, 2026.
Deals & Cases
July 29, 2026
Pasubio’s Senior Secured Notes Offering and New Revolving Credit Facilities
Cravath represented the initial purchasers, arrangers and lenders in connection with the offering of €400 million in aggregate principal amount of senior secured notes and new revolving credit facilities of Pasubio, a PAI Partners portfolio company and a leading global supplier of luxury and premium leather and textile materials. Proceeds of the offering were used to redeem Pasubio’s existing senior secured notes, repay drawings under its existing revolving credit facility, pay transaction fees and expenses and for general corporate purposes. The transaction closed on July 27, 2026.
Deals & Cases
July 21, 2026
AerCap Funding Designated Activity Company’s Registered Senior Notes Offering
Cravath represented AerCap Funding Designated Activity Company in connection with its $900 million registered senior notes offering. AerCap Funding Designated Activity Company is a wholly owned subsidiary of AerCap Holdings N.V., the global leader in aircraft leasing. The transaction closed on July 7, 2026.
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.
Activities
June 25, 2026
Nick Dorsey Leads Discussion at The L-Suite’s Late Stage GC Leadership Dinner: Navigating Capital Optionality
On June 23, 2026, Cravath partner Nicholas A. Dorsey participated in The L Suite’s Late Stage General Counsel Leadership Dinner in Mountain View, California. The L Suite is an invitation-only executive peer community of CLOs, GCs and their teams. Nick co-led the discussion around navigating capital optionality, which explored paths to IPO, M&A and fundraising.
Publications
June 15, 2026
Cravath Publishes Two Memos on SEC’s Proposed Filer Status and Registered Offering Reforms and Request for Comment on IPO Modernization
On June 15, 2026, Cravath prepared two companion memos for its clients entitled “The Bold and the Creative (Part I): SEC Proposes to Rationalize Filer Status Framework and Extend Accommodations to Significantly More Registrants” and “The Bold and the Creative (Part II): SEC Proposes Significant Registered Offering Reforms Designed to Incentivize Companies to Go and Stay Public and Seeks Public Comment on Further Modernization.”
Publications
June 12, 2026
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2026 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2026 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.
Deals & Cases
August 18, 2026
Martin Marietta’s $5.5 Billion Registered Senior Notes Offering
Cravath represented Martin Marietta Materials, Inc. (“Martin Marietta”) in connection with its $5.5 billion registered senior notes offering. Martin Marietta is a leading supplier of aggregates and heavy building materials for the construction industry in the United States. Proceeds of the offering will be used to finance the acquisition of Lhoist North America, Inc. The transaction closed on August 14, 2026.
Deals & Cases
August 04, 2026
PNC Financial Services Group’s $2 Billion Registered Fixed Rate/Floating Rate Senior Notes Offering
Cravath represented the underwriters in connection with the $2 billion registered fixed rate/floating rate senior notes offering of The PNC Financial Services Group, Inc., one of the largest diversified financial services companies in the United States. The transaction closed on July 21, 2026.
Deals & Cases
August 03, 2026
Neoen Finco Plc’s High‑Yield Green Senior Secured Notes Offering
Cravath represented Neoen Finco Plc in connection with its €650 million 144A/Reg. S high‑yield green senior secured notes offering. Neoen Finco Plc is a finance subsidiary of Neoen Limited, one of the world’s leading renewable energy companies with expertise in solar, onshore wind power and battery storage. Neoen is a Brookfield Renewable Partners portfolio company. The transaction closed on June 18, 2026.
Deals & Cases
July 29, 2026
Pasubio’s Senior Secured Notes Offering and New Revolving Credit Facilities
Cravath represented the initial purchasers, arrangers and lenders in connection with the offering of €400 million in aggregate principal amount of senior secured notes and new revolving credit facilities of Pasubio, a PAI Partners portfolio company and a leading global supplier of luxury and premium leather and textile materials. Proceeds of the offering were used to redeem Pasubio’s existing senior secured notes, repay drawings under its existing revolving credit facility, pay transaction fees and expenses and for general corporate purposes. The transaction closed on July 27, 2026.
Deals & Cases
July 21, 2026
AerCap Funding Designated Activity Company’s Registered Senior Notes Offering
Cravath represented AerCap Funding Designated Activity Company in connection with its $900 million registered senior notes offering. AerCap Funding Designated Activity Company is a wholly owned subsidiary of AerCap Holdings N.V., the global leader in aircraft leasing. The transaction closed on July 7, 2026.
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.
Activities
June 25, 2026
Nick Dorsey Leads Discussion at The L-Suite’s Late Stage GC Leadership Dinner: Navigating Capital Optionality
On June 23, 2026, Cravath partner Nicholas A. Dorsey participated in The L Suite’s Late Stage General Counsel Leadership Dinner in Mountain View, California. The L Suite is an invitation-only executive peer community of CLOs, GCs and their teams. Nick co-led the discussion around navigating capital optionality, which explored paths to IPO, M&A and fundraising.
Publications
June 15, 2026
Cravath Publishes Two Memos on SEC’s Proposed Filer Status and Registered Offering Reforms and Request for Comment on IPO Modernization
On June 15, 2026, Cravath prepared two companion memos for its clients entitled “The Bold and the Creative (Part I): SEC Proposes to Rationalize Filer Status Framework and Extend Accommodations to Significantly More Registrants” and “The Bold and the Creative (Part II): SEC Proposes Significant Registered Offering Reforms Designed to Incentivize Companies to Go and Stay Public and Seeks Public Comment on Further Modernization.”
Publications
June 12, 2026
Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2026 Chambers Acquisition Finance Guide
Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2026 edition of the Chambers Acquisition Finance Guide, which is part of the publisher’s Global Practice Guide series. Nick also co‑authored, along with Cravath partners Ryan J. Patrone, Kelly M. Smercina and Margaret R. M. Rallings, the U.S. chapter of the guide.
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