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
March 27, 2026
Hasbro Inc.’s Registered Notes Offering
Cravath represented Hasbro Inc. in connection with its $400 million registered notes offering. Hasbro, Inc., together with its subsidiaries, operates as a play and entertainment company. The transaction closed on March 12, 2026.
Deals & Cases
March 26, 2026
The Chemours Company’s High‑Yield Senior Notes Offering
Cravath represented the initial purchasers in connection with the $700 million 144A/Reg. S high‑yield senior notes offering of The Chemours Company a leading, global provider of performance chemicals. The transaction closed on March 12, 2026.
Deals & Cases
March 23, 2026
Essential Utilities, Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Essential Utilities, Inc., a holding company for regulated utilities providing water, wastewater or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. The transaction closed on March 9, 2026.
Deals & Cases
March 17, 2026
Howmet Aerospace Inc.’s $1.2 Billion Registered Notes Offering
Cravath represented the underwriters in connection with the $1.2 billion registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. Proceeds of the offering will be used to partially finance Howmet Aerospace Inc.’s acquisition of Consolidated Aerospace Manufacturing, LLC. The transaction closed on March 3, 2026.
Deals & Cases
March 13, 2026
Royal Caribbean Cruises Ltd.’s $2.5 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $2.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The notes were listed on The International Stock Exchange. The transaction closed on February 27, 2026.
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.
Activities
March 23, 2026
Steve Seltzer Speaks at the ISDA’s Introduction to Equity Derivatives Online Conference
On March 17, 2026, Cravath partner Steven Seltzer participated in the International Swaps and Derivatives Association’s (“ISDA”) Introduction to Equity Derivatives – Equity Derivatives Products and ISDA Equity Derivatives Definitions online conference. Steve spoke during a session entitled “ISDA Equity Derivatives Documentation and ISDA Equity Definitions,” which discussed derivatives documentation structures, including master equity confirmation agreements, valuation, payment and delivery and analyzed market disruption events under the ISDA Equity Definitions.
Publications
March 11, 2026
FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions
On March 11, 2026, Cravath prepared a memo for its clients entitled “FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions.” The memo examines the U.S. Securities and Exchange Commission’s adoption of final rule and form amendments and issuance of a conditional exemptive relief order, as well as the Frequently Asked Questions posted by staff of the Division of Corporation Finance of the SEC, ahead of the March 18, 2026, deadline for compliance with the Holding Foreign Insiders Accountable Act.
Activities
February 27, 2026
John White, Scott Bennett and Justin Clarke Participate in the 42nd Annual Federal Securities Institute and M&A Conference
From February 26-27, Cravath partners John W. White, D. Scott Bennett and Justin C. Clarke participated in the Florida Bar’s 42nd Annual Federal Securities Institute and M&A Conference in Tampa, Florida. John moderated a panel entitled “Evolving Accounting and Auditing Focal Points in 2026,” which discussed best practices for interacting with the SEC staff, what lies ahead at the SEC, what’s new from FASB and the PCAOB’s new priorities and leadership. Scott moderated a panel entitled “Recent Developments in Digital Assets and Tokenization,” which explored the impact of tokenization, ETFs and digital asset treasury companies, new crypto legislation and what lies ahead. Justin moderated a panel entitled “Private Securities Litigation – 2025 Developments and Trends,” which analyzed trends in securities class action filings, case law updates and new and developing issues.
Publications
February 13, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q4 2025
On February 13, 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 fourth quarter of 2025. Highlights from this edition include:
Deals & Cases
March 27, 2026
Hasbro Inc.’s Registered Notes Offering
Cravath represented Hasbro Inc. in connection with its $400 million registered notes offering. Hasbro, Inc., together with its subsidiaries, operates as a play and entertainment company. The transaction closed on March 12, 2026.
Deals & Cases
March 26, 2026
The Chemours Company’s High‑Yield Senior Notes Offering
Cravath represented the initial purchasers in connection with the $700 million 144A/Reg. S high‑yield senior notes offering of The Chemours Company a leading, global provider of performance chemicals. The transaction closed on March 12, 2026.
Deals & Cases
March 23, 2026
Essential Utilities, Inc.’s Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $500 million registered senior notes offering of Essential Utilities, Inc., a holding company for regulated utilities providing water, wastewater or natural gas services to an estimated 5.5 million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. The transaction closed on March 9, 2026.
Deals & Cases
March 17, 2026
Howmet Aerospace Inc.’s $1.2 Billion Registered Notes Offering
Cravath represented the underwriters in connection with the $1.2 billion registered notes offering of Howmet Aerospace Inc., a leading global provider of advanced engineered solutions for the aerospace and transportation industries. Proceeds of the offering will be used to partially finance Howmet Aerospace Inc.’s acquisition of Consolidated Aerospace Manufacturing, LLC. The transaction closed on March 3, 2026.
Deals & Cases
March 13, 2026
Royal Caribbean Cruises Ltd.’s $2.5 Billion Registered Senior Notes Offering
Cravath represented the underwriters in connection with the $2.5 billion registered senior notes offering of Royal Caribbean Cruises Ltd., a global cruise company. The notes were listed on The International Stock Exchange. The transaction closed on February 27, 2026.
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.
Activities
March 23, 2026
Steve Seltzer Speaks at the ISDA’s Introduction to Equity Derivatives Online Conference
On March 17, 2026, Cravath partner Steven Seltzer participated in the International Swaps and Derivatives Association’s (“ISDA”) Introduction to Equity Derivatives – Equity Derivatives Products and ISDA Equity Derivatives Definitions online conference. Steve spoke during a session entitled “ISDA Equity Derivatives Documentation and ISDA Equity Definitions,” which discussed derivatives documentation structures, including master equity confirmation agreements, valuation, payment and delivery and analyzed market disruption events under the ISDA Equity Definitions.
Publications
March 11, 2026
FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions
On March 11, 2026, Cravath prepared a memo for its clients entitled “FPI Section 16(a) Reporting Update: Final Rules, Conditional Exemptive Relief Order and Frequently Asked Questions.” The memo examines the U.S. Securities and Exchange Commission’s adoption of final rule and form amendments and issuance of a conditional exemptive relief order, as well as the Frequently Asked Questions posted by staff of the Division of Corporation Finance of the SEC, ahead of the March 18, 2026, deadline for compliance with the Holding Foreign Insiders Accountable Act.
Activities
February 27, 2026
John White, Scott Bennett and Justin Clarke Participate in the 42nd Annual Federal Securities Institute and M&A Conference
From February 26-27, Cravath partners John W. White, D. Scott Bennett and Justin C. Clarke participated in the Florida Bar’s 42nd Annual Federal Securities Institute and M&A Conference in Tampa, Florida. John moderated a panel entitled “Evolving Accounting and Auditing Focal Points in 2026,” which discussed best practices for interacting with the SEC staff, what lies ahead at the SEC, what’s new from FASB and the PCAOB’s new priorities and leadership. Scott moderated a panel entitled “Recent Developments in Digital Assets and Tokenization,” which explored the impact of tokenization, ETFs and digital asset treasury companies, new crypto legislation and what lies ahead. Justin moderated a panel entitled “Private Securities Litigation – 2025 Developments and Trends,” which analyzed trends in securities class action filings, case law updates and new and developing issues.
Publications
February 13, 2026
Cravath Publishes Finance & Capital Markets Quarterly Review for Q4 2025
On February 13, 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 fourth quarter of 2025. Highlights from this edition include:
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