London Office

Cravath represented the initial purchasers in connection with the $300 million 144A/Reg. S high‑yield senior notes offering of Danaos Corporation, an international owner of containerships which provides seaborne transportation services to the liner companies. The transaction closed on February 11, 2021.

Cravath represented the European Investment Bank in connection with its $5 billion registered notes offering. The European Investment Bank, which functions as the bank of the European Union, supports projects that make a significant contribution to growth, employment, economic and social cohesion, and environmental sustainability, both in the EU and beyond. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on January 12, 2021.

Cravath represented B.A.T Capital Corporation and B.A.T. International Finance p.l.c. in connection with its $6.25 billion registered notes offering. B.A.T Capital Corporation and B.A.T. International Finance p.l.c. are subsidiaries of British American Tobacco, a producer and seller of tobacco products. The transaction closed on September 25, 2020.

Cravath represented Drax Finco plc in connection with its €250 million Regulation S high‑yield senior secured notes offering. Drax Finco is an indirect wholly owned subsidiary of Drax Group, a vertically‑integrated electricity generation and supply business with operations in the United Kingdom and United States. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on November 4, 2020.

Cravath represented the European Investment Bank in connection with its $1 billion registered notes offering of a Sustainability Awareness Bond (SAB). The European Investment Bank, which functions as the bank of the European Union, supports projects that make a significant contribution to growth, employment, economic and social cohesion, and environmental sustainability, both in the EU and beyond. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on October 21, 2020.

On January 27, 2021, Cravath partner Philip J. Boeckman was featured in a Q&A published by Leaders League. In the profile, entitled “An American Law Firm in London,” Philip discussed the integrated practice between the Firm’s London and New York offices, as well as the unique ability of the London office to advise clients on U.S. law in coordination with firms practicing local law in any given jurisdiction. Philip reviewed some of the Firm’s recent cross‑border transactions, including Groupe PSA’s merger with Fiat Chrysler, Just Eat Takeaway.com’s $7.3 billion combination with Grubhub and Richemont’s $1.1 billion global strategic partnership with Alibaba Group and Farfetch, and in discussing current capital markets trends, he underscored the novel issues created by the COVID‑19 pandemic and the ensuing increase in activity in this area for the Firm’s clients. Looking ahead, he also spoke to the potential future impact of Brexit on international markets.

Following a virtual roundtable discussion in the Fall of 2020 with members of Cravath’s Capital Markets Practice, Lawdragon featured the Firm in the article “A Pandemic, a Hot Market and ‘All Systems Go’ for Cravath’s Capital Markets Team,” which published on October 30, 2020. In the piece, Cravath partners Philip J. Boeckman, Andrew J. Pitts, Craig F. Arcella, Alyssa K. Caples and Sasha Rosenthal‑Larrea discuss the trajectory of the COVID‑19 pandemic and its impact on the markets in the United States and Europe, how the Firm’s practice is integrated across the New York and London offices, and the group’s work with companies “assessing risk, liquidity and the future of their businesses in the most uncertain of times.” Lawdragon noted that “[d]espite a global economy that nearly ground to a halt, the Cravath Capital Markets team has had a white‑hot year,” with activity that “is thanks, in part, to the firm’s generalist nature, showcased by its breadth in representing both corporate issuers and investment banks” and “allowing it to pivot” from one potential capital solution to another across the debt and equity spectrum and help Cravath’s clients achieve best execution in a dynamic market.

The 2021 edition of The Legal 500 United Kingdom ranked Cravath in the top tier for Finance (High Yield), noting that, “The firm is regarded as one of the premier advisers to both issuers and underwriters in the execution of complex, cross‑border high yield bonds issued in multiple currencies.”

On February 28, 2020, Cravath partner Alyssa K. Caples spoke at the “Capital Markets in the 21st Century” conference, which was jointly hosted by the American Bar Association International Law Section and The Law Society and held in London, England. Alyssa chaired the “High‑Yield” panel, which discussed the basic structure of high‑yield bonds, key covenants, cross‑over credits and market trends and recent developments.

The 2020 edition of The Legal 500 United Kingdom ranked Cravath in the top tier for Finance (High Yield), noting that, “The firm’s client base is well balanced between representing issuers and underwriters, and it has notable expertise in complex, cross‑border high yield bond issuance in multiple currencies.”