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Corporate

Banking and Credit

Banking and Credit

Cravath’s banking and credit lawyers are highly regarded for crafting sophisticated and business‑oriented financing solutions. Our lawyers, including our English law‑qualified lawyers based in London, have significant experience advising on European and cross‑border bank financings. We draw upon a depth of financing expertise and extensive knowledge across our corporate practice to structure innovative and market‑clearing deals that are uniquely tailored to the needs of borrowers and lenders.

Cravath has been consistently ranked a leading firm for banking and credit by numerous third‑party publications. The Firm is a five‑time winner of the Chambers USA Award for Excellence in Finance and a four‑time winner of Law360’s Banking Practice Group of the Year award. Our banking and credit lawyers regularly earn plaudits from their clients and peers in the market:

  • Clients praise our “knowledge of current market terms and precedents” and our ability to “come up with creative ideas not seen at any other firm.” Chambers USA
  • “What [Cravath does] is very complex, sophisticated high‑value work . . . it’s what they are known for.” Chambers Global
  • “Cravath is always at the top of their game. They are a ‘go‑to’ firm in all respects, with an incredibly deep bench. I have been involved with them on both sides, and the overriding principle is to provide the right answer and do the right thing.” Best Lawyers Best Law Firms
  • “Their work stands out on every deal. They always excel—it is truly remarkable that they have the capability to perform to that standard. They offer sound business advice and excellent work quality.” Chambers USA
  • Cravath is “the best law firm on Wall Street, providing the highest‑quality thorough, thoughtful advice and service.” Chambers USA

The range of financing transactions we lead includes:

Leveraged Finance

Cravath represents borrowers, lenders, private equity firms and other participants in complex leveraged financing transactions in connection with acquisitions, recapitalizations and refinancings. We advise on syndicated loans, bank‑to‑bond financings and mezzanine financing arrangements, and provide strategic, bespoke advice to help borrowers achieve their financing objectives while ensuring lender protections.

Investment Grade Finance

We represent U.S. and non‑U.S. corporate borrowers and financial institutions in connection with high‑grade lending transactions ranging from routine revolving credit facilities to some of the largest acquisition financings in history.

Direct Lending and Private Credit

We represent credit funds and other alternative lenders in structuring, documenting and executing direct lending and private credit transactions. We leverage our deep knowledge of broadly syndicated markets, as well as the collective experience of our capital markets, private equity and financial restructuring and reorganization practices, to provide a significant advantage to our direct lending clients.

Spin-off Financings

Cravath has advised on the financing transactions underpinning some of the most notable spin‑off and separation transactions in recent history. Our banking and credit lawyers work closely with the Firm’s preeminent tax and other corporate practices to provide seamless advice in connection with the financing of these complex transactions. We serve as a trusted partner throughout all stages of a transaction, from initial planning and structuring to closing and post‑closing considerations, and work efficiently with all parties to ensure the financings and other related spin‑off transactions remain on the timeline set forth at announcement.

Asset-Based Lending

The Firm’s expertise in asset-based lending (ABL) facilitates our application of ABL structures to novel asset categories. We have advised on both customary ABL financings, such as loans backed by inventory and trade receivables, and less common financings, including loans backed by automobile loans, student loans, revenues from the broadcast of professional sports events, pharmaceutical royalties, revenues associated with wireless communication sites and government contracts.

Workout and Restructuring Facilities

Cravath’s substantial experience in restructuring transactions spans debtor‑in‑possession (DIP) and exit financings and all aspects of balance sheet restructurings, including liability management transactions (exchange and tender offers) and out‑of‑court workout transactions, recapitalizations and debt‑for‑equity exchanges. We collaborate with our highly regarded financial restructuring and reorganization practice to find ways to raise debt within existing covenants and the borrower’s capital structure.

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

September 22, 2025

Premier’s $2.6 Billion Acquisition by Patient Square

On September 22, 2025, Premier, Inc. (“Premier”), a leading technology‑driven health care improvement company, announced that it has entered into a definitive agreement to be acquired by an affiliate of Patient Square Capital (“Patient Square”) in a transaction valued at $2.6 billion. Under the terms of the agreement, which has been unanimously approved by Premier’s Board of Directors, Premier stockholders will receive $28.25 in cash per share. Cravath is representing the Transaction Committee of Premier’s Board of Directors in connection with the transaction.

Deals & Cases

September 11, 2025

Weyerhaeuser’s Term Loan Facility

Cravath represented Weyerhaeuser Company (“Weyerhaeuser”) and its subsidiary, Weyerhaeuser NR Company, in connection with its $800 million term loan facility. The proceeds were used to finance the partial redemption of Weyerhaeuser’s 4.75% senior unsecured notes due in 2026 and for general corporate purposes. Weyerhaeuser is one of the world’s largest private owners of timberlands. The transaction closed on August 25, 2025.

Deals & Cases

September 02, 2025

Otis Worldwide Corporation’s $1.5 Billion Revolving Credit Facility

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Otis Worldwide Corporation, a leading elevator and escalator manufacturing, installation and service company. The transaction closed on August 8, 2025.

Deals & Cases

September 02, 2025

Verisk’s $2 Billion of Credit Facilities in Connection with its Pending Acquisition of AccuLynx.com

Cravath represented the administrative agent, lead arrangers and bookrunners in connection with $2 billion of credit facilities made available to Verisk Analytics, Inc. (“Verisk”), as part of the financing transactions undertaken in connection with its pending acquisition of Exactlogix, Inc. (“AccuLynx.com”). Verisk is a leading data, analytics and technology provider serving clients in the insurance ecosystem. The credit facilities consisted of a $750 million term loan facility and a $1.25 billion revolving credit facility. The transaction closed on August 15, 2025.

Deals & Cases

August 29, 2025

Marcura’s Senior Credit Facilities in Connection with its Acquisition of Brightwell Navigator

Cravath represented Marcura Equities Ltd (“Marcura”), a leading maritime technology provider, in connection with the amendment and restatement of its senior credit facilities. The proceeds were used to finance Marcura’s acquisition of Brightwell Payments, Inc. (“Brightwell Navigator”), the maritime crew payroll and payment services division of Brightwell, an Atlanta-based financial technology company. Marlin Equity Partners is a shareholder of Marcura. The transaction closed on August 1, 2025.

Activities

September 19, 2025

Financial Times Recognizes Cravath with “Innovative Lawyers in Dealmaking” Award at Innovative Lawyer Europe Awards 2025

On September 18, 2025, the Financial Times recognized Cravath at the publication’s Innovative Lawyer Europe Awards 2025, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Dealmaking” category in recognition of the Firm’s representation of the lead arrangers and initial purchasers in the €1.9 billion financing supporting TDR Capital and I Squared Capital’s public-to-private acquisition of Applus+.

Publications

August 11, 2025

Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2025

On August 11, 2025, 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 2025. Highlights from this edition include:

Activities

July 02, 2025

Financial News Names Korey Fevzi to its 2025 List of Fifty Most Influential Lawyers

On June 30, 2025, Cravath partner Korey Fevzi was named to Financial News’ “Fifty Most Influential Lawyers” list for 2025, which recognizes “senior lawyers in private practice in M&A, capital markets, financial regulation, and private markets across Europe, including the UK.” Honorees were selected through “extensive research,” considering candidates’ “influence in their respective fields, leadership within the sector, performance over the past year, and their potential to shape their businesses and/or the industry in the years ahead.”

Publications

June 25, 2025

Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2025 Chambers Acquisition Finance Guide

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2025 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.

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.

Deals & Cases

September 22, 2025

Premier’s $2.6 Billion Acquisition by Patient Square

On September 22, 2025, Premier, Inc. (“Premier”), a leading technology‑driven health care improvement company, announced that it has entered into a definitive agreement to be acquired by an affiliate of Patient Square Capital (“Patient Square”) in a transaction valued at $2.6 billion. Under the terms of the agreement, which has been unanimously approved by Premier’s Board of Directors, Premier stockholders will receive $28.25 in cash per share. Cravath is representing the Transaction Committee of Premier’s Board of Directors in connection with the transaction.

Deals & Cases

September 11, 2025

Weyerhaeuser’s Term Loan Facility

Cravath represented Weyerhaeuser Company (“Weyerhaeuser”) and its subsidiary, Weyerhaeuser NR Company, in connection with its $800 million term loan facility. The proceeds were used to finance the partial redemption of Weyerhaeuser’s 4.75% senior unsecured notes due in 2026 and for general corporate purposes. Weyerhaeuser is one of the world’s largest private owners of timberlands. The transaction closed on August 25, 2025.

Deals & Cases

September 02, 2025

Otis Worldwide Corporation’s $1.5 Billion Revolving Credit Facility

Cravath represented the administrative agent, joint lead arranger and joint bookrunner in connection with a $1.5 billion revolving credit facility made available to Otis Worldwide Corporation, a leading elevator and escalator manufacturing, installation and service company. The transaction closed on August 8, 2025.

Deals & Cases

September 02, 2025

Verisk’s $2 Billion of Credit Facilities in Connection with its Pending Acquisition of AccuLynx.com

Cravath represented the administrative agent, lead arrangers and bookrunners in connection with $2 billion of credit facilities made available to Verisk Analytics, Inc. (“Verisk”), as part of the financing transactions undertaken in connection with its pending acquisition of Exactlogix, Inc. (“AccuLynx.com”). Verisk is a leading data, analytics and technology provider serving clients in the insurance ecosystem. The credit facilities consisted of a $750 million term loan facility and a $1.25 billion revolving credit facility. The transaction closed on August 15, 2025.

Deals & Cases

August 29, 2025

Marcura’s Senior Credit Facilities in Connection with its Acquisition of Brightwell Navigator

Cravath represented Marcura Equities Ltd (“Marcura”), a leading maritime technology provider, in connection with the amendment and restatement of its senior credit facilities. The proceeds were used to finance Marcura’s acquisition of Brightwell Payments, Inc. (“Brightwell Navigator”), the maritime crew payroll and payment services division of Brightwell, an Atlanta-based financial technology company. Marlin Equity Partners is a shareholder of Marcura. The transaction closed on August 1, 2025.

Activities

September 19, 2025

Financial Times Recognizes Cravath with “Innovative Lawyers in Dealmaking” Award at Innovative Lawyer Europe Awards 2025

On September 18, 2025, the Financial Times recognized Cravath at the publication’s Innovative Lawyer Europe Awards 2025, which recognize the most innovative work and legal service lawyers have developed for their clients in Europe. Cravath was chosen as the winner in the “Dealmaking” category in recognition of the Firm’s representation of the lead arrangers and initial purchasers in the €1.9 billion financing supporting TDR Capital and I Squared Capital’s public-to-private acquisition of Applus+.

Publications

August 11, 2025

Cravath Publishes Finance & Capital Markets Quarterly Review for Q2 2025

On August 11, 2025, 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 2025. Highlights from this edition include:

Activities

July 02, 2025

Financial News Names Korey Fevzi to its 2025 List of Fifty Most Influential Lawyers

On June 30, 2025, Cravath partner Korey Fevzi was named to Financial News’ “Fifty Most Influential Lawyers” list for 2025, which recognizes “senior lawyers in private practice in M&A, capital markets, financial regulation, and private markets across Europe, including the UK.” Honorees were selected through “extensive research,” considering candidates’ “influence in their respective fields, leadership within the sector, performance over the past year, and their potential to shape their businesses and/or the industry in the years ahead.”

Publications

June 25, 2025

Nick Dorsey, Ryan Patrone, Kelly Smercina and Margaret Rallings Contribute to the 2025 Chambers Acquisition Finance Guide

Cravath partner Nicholas A. Dorsey served as the co‑editor of the 2025 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.

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.

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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.

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