Cravath Publishes Winter 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
June 04, 2026
European Investment Bank’s $1.5 Billion SEC Registered Notes Offering
Cravath represented the European Investment Bank (“EIB”) in connection with its $1.5 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 May 21, 2026.
Deals & Cases
June 04, 2026
Kraft Heinz Foods Company’s €1 Billion Registered Senior Notes Offering and Concurrent $1.1 Billion Cash Tender Offer
Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. Cravath also represented the dealer managers in connection with Kraft Heinz Foods Company's concurrent $1.1 billion cash tender offer. The transactions closed on May 21, 2026.
Deals & Cases
June 04, 2026
Level 3 Financing, Inc.’s $1 Billion High‑Yield Senior Notes Offering and Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.’s Concurrent $750 Million Cash Tender Offers
Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities-based technology and communications company that provides a broad array of integrated products and services. Cravath also represented the dealer managers in connection with Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.'s concurrent $750 million cash tender offers. The transactions closed on May 21, 2026.
Deals & Cases
May 27, 2026
Booking Holdings Inc.’s €1.9 Billion Registered Senior Notes Offering and Concurrent $750 Million Registered Senior Notes Offering
Cravath represented Booking Holdings Inc. in connection with its €1.9 billion registered senior notes offering and concurrent $750 million registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel-related reservation and search services. The transactions closed on May 11, 2026 and May 7, 2026, respectively.
Deals & Cases
May 19, 2026
Canadian National Railway Company’s Registered Notes Offering
Cravath represented the underwriters in connection with the $750 million registered notes offering of Canadian National Railway Company. Canadian National Railway Company engages in the rail and related transportation business. The transaction closed on May 12, 2026.
Activities
June 04, 2026
Chambers USA Ranks Cravath in Top Tier for 2026 Across Corporate, Litigation and Tax Practice Areas
The 2026 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 Crime & Investigations (Highly Regarded); Corporate/M&A (The Elite); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eleven areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Employee Benefits & Executive Compensation; Environment (Mainly Transactional); Intellectual Property (Patent: Transactional); Media & Entertainment (Corporate); Litigation (General Commercial: The Elite); Litigation (Securities); Tax; and White‑Collar Crime & Government Investigations (Highly Regarded). Fifty‑one Cravath lawyers were ranked across nineteen practice categories.
Publications
May 22, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2026
On May 22, 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 first quarter of 2026. Highlights from this edition include:
Activities
April 06, 2026
Law360 Selects Four Cravath Attorneys for 2026 Editorial Advisory Boards
Four Cravath attorneys were selected to serve on Law360’s 2026 Editorial Advisory Boards: partners Ryan J. Patrone (Capital Markets), Claudia J. Ricciardi (Mergers & Acquisitions) and Jihyun Chung (Private Equity) and of counsel Scott B. Reents (Legal Tech). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Activities
April 01, 2026
Three Cravath Partners Featured in Vault’s 2026 Guide to Legal Practice Areas
Cravath partners Jin‑Kyu Baek, Nicholas A. Dorsey and Lauren Roberta Kennedy were featured in the 2026 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.
Publications
March 23, 2026
SEC Issues Interpretation on Application of Securities Laws to Crypto Assets
On March 23, 2026, Cravath prepared a memo for its clients entitled “SEC Issues Interpretation on Application of Securities Laws to Crypto Assets.” The memo examines an interpretation and guidance issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission clarifying the application of federal securities laws to certain crypto assets and transactions involving crypto assets.
Deals & Cases
June 04, 2026
European Investment Bank’s $1.5 Billion SEC Registered Notes Offering
Cravath represented the European Investment Bank (“EIB”) in connection with its $1.5 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 May 21, 2026.
Deals & Cases
June 04, 2026
Kraft Heinz Foods Company’s €1 Billion Registered Senior Notes Offering and Concurrent $1.1 Billion Cash Tender Offer
Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Kraft Heinz Foods Company, one of the largest food and beverage companies in the world at the time of the offering. Cravath also represented the dealer managers in connection with Kraft Heinz Foods Company's concurrent $1.1 billion cash tender offer. The transactions closed on May 21, 2026.
Deals & Cases
June 04, 2026
Level 3 Financing, Inc.’s $1 Billion High‑Yield Senior Notes Offering and Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.’s Concurrent $750 Million Cash Tender Offers
Cravath represented the initial purchasers in connection with the $1 billion 144A/Reg. S high‑yield senior notes offering of Level 3 Financing, Inc., guaranteed by Level 3 Parent, LLC. Level 3 Financing, Inc. is a direct wholly‑owned subsidiary of Level 3 Parent, LLC and indirect wholly‑owned subsidiary of Lumen Technologies, Inc., a facilities-based technology and communications company that provides a broad array of integrated products and services. Cravath also represented the dealer managers in connection with Level 3 Financing, Inc., Lumen Technologies, Inc. and Qwest Capital Funding, Inc.'s concurrent $750 million cash tender offers. The transactions closed on May 21, 2026.
Deals & Cases
May 27, 2026
Booking Holdings Inc.’s €1.9 Billion Registered Senior Notes Offering and Concurrent $750 Million Registered Senior Notes Offering
Cravath represented Booking Holdings Inc. in connection with its €1.9 billion registered senior notes offering and concurrent $750 million registered senior notes offering. Booking Holdings Inc. is a leading provider of online travel and travel-related reservation and search services. The transactions closed on May 11, 2026 and May 7, 2026, respectively.
Deals & Cases
May 19, 2026
Canadian National Railway Company’s Registered Notes Offering
Cravath represented the underwriters in connection with the $750 million registered notes offering of Canadian National Railway Company. Canadian National Railway Company engages in the rail and related transportation business. The transaction closed on May 12, 2026.
Activities
June 04, 2026
Chambers USA Ranks Cravath in Top Tier for 2026 Across Corporate, Litigation and Tax Practice Areas
The 2026 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 Crime & Investigations (Highly Regarded); Corporate/M&A (The Elite); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eleven areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Employee Benefits & Executive Compensation; Environment (Mainly Transactional); Intellectual Property (Patent: Transactional); Media & Entertainment (Corporate); Litigation (General Commercial: The Elite); Litigation (Securities); Tax; and White‑Collar Crime & Government Investigations (Highly Regarded). Fifty‑one Cravath lawyers were ranked across nineteen practice categories.
Publications
May 22, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q1 2026
On May 22, 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 first quarter of 2026. Highlights from this edition include:
Activities
April 06, 2026
Law360 Selects Four Cravath Attorneys for 2026 Editorial Advisory Boards
Four Cravath attorneys were selected to serve on Law360’s 2026 Editorial Advisory Boards: partners Ryan J. Patrone (Capital Markets), Claudia J. Ricciardi (Mergers & Acquisitions) and Jihyun Chung (Private Equity) and of counsel Scott B. Reents (Legal Tech). As Editorial Advisory Board members, they will provide feedback on Law360’s coverage and expert insight on how best to shape future coverage.
Activities
April 01, 2026
Three Cravath Partners Featured in Vault’s 2026 Guide to Legal Practice Areas
Cravath partners Jin‑Kyu Baek, Nicholas A. Dorsey and Lauren Roberta Kennedy were featured in the 2026 edition of “Practice Perspectives: Vault’s Guide to Legal Practice Areas,” which highlights the experiences of practicing lawyers in more than 20 different areas of the law and is published annually.
Publications
March 23, 2026
SEC Issues Interpretation on Application of Securities Laws to Crypto Assets
On March 23, 2026, Cravath prepared a memo for its clients entitled “SEC Issues Interpretation on Application of Securities Laws to Crypto Assets.” The memo examines an interpretation and guidance issued by the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission clarifying the application of federal securities laws to certain crypto assets and transactions involving crypto assets.
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Cravath Bicentennial
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