Full-service firm
Cravath Swaine & Moore was founded in 1819. Since then, it has emerged as one of United States’ top firms for banking, M&A and debt and equity capital markets. The firm has two
offices: one in New York, as well as
its newly opened office in Washington DC. The firm also boasts an international presence with an office in London.
The firm is well known for its outstanding work in M&A,
banking and capital markets, specifically debt,
equity and high yield. However, it also has notable teams in structured finance and securitization, financial services regulatory and restructuring and insolvency.
The banking team
advises borrowers and lenders in bridge, revolving, DIP, term loan and credit facilities, acquisition financing and ABLs.
In debt capital markets work the firm
represents both issuers and underwriters in high value corporate and sovereign bond offerings. It also advises on a plethora of high yield bond offerings, representing
largely underwriters and initial purchasers.
On the equity side the firm again
represents both issuers and underwriters in public spin offs, investments, share offerings, secondary
offerings and IPOs.
In M&A the firm
represents private equity and strategic buyers and sellers across all industries in mergers, joint
ventures and acquisition related matters.
The restructuring and insolvency team can
represent all sides, but mostly
advises debtors and lenders in billion-dollar Chapter 11 cases.
Key clients for the firm include Disney, Mylan, Barrick Gold, Viacom, IBM, AerCap, Hasbro, Novartis, CyrusOne, Transdigm, PG&E, Citigroup Global Markets, and Bank of America.
Research period review: 33rd edition (2022/2023)
Throughout the most recent research period, the banking team acted for borrowers, administrative agents, arrangers and bookrunners in billion-dollar financings. The
financings were
largely for acquisitions and general corporate
financings.
In capital markets, the team were active on both the debt and equity side. For debt capital markets transactions, the team represented initial purchasers, underwriters and issuers in investment grade, high
yield and sustainability bond offerings. On the equity side, the team represented issuers and underwriters in common share offerings, IPOs and secondary offerings. Representation skewed slightly more towards underwriters in both debt and equity capital markets.
The M&A team acted for acquirers,
sellers and targets in many of the
most high profile private and public acquisitions across a variety of industries. Most of the team’s clients were either on the acquirer or seller side. It also represented companies in spinoffs,
mergers and asset acquisitions. Several acquisitions were related to distressed companies.
The restructuring and insolvency practice saw
substantial Chapter 11 proceedings, as well as out of court insolvencies. The team represented creditors and debtors equally.
Regarding lateral moves, capital markets partner Johnny Skumpija left the firm to join Sidley Austin while fellow partner David Mercado retired. M&A partner Damien Zoubek moved to Freshfields Bruckhaus Deringer.
In 2022 the firm opened their second US location with an office in Washington DC.
Deal highlights: 33rd edition (2022/2023)
Analog Devices
$4 billion sustainability linked bond offering
Square
$29 billion acquisition of
Afterpay
Victoria’s Secret
$1.15 billion financing
The Weinstein Company Chapter 11
