Cravath, Swaine & Moore is one of the premier New York firms operating in London. The firm is recognised for its lender-side finance practice and has acted on some of the biggest leveraged finance transactions in the European market this year. Its London team is also sought after for complex capital markets mandates, including high yield, SEC-registered offerings and Rule 144A transactions.
Key clients
Key clients include European Investment Bank, BAE Systems, British American Tobacco, INEOS, IWG, Goldstory, Drax, Picard, AngloGold Ashanti, Campari, Lifezone Metals, Tata Technologies, Investcorp, Marlin Equity Partners, Francisco Partners and Altamir
Highlights
Cravath represented the lead arrangers and initial purchasers in the €1.9 billion bank/bond financing supporting the public-to-private acquisition of Applus+ by TDR Capital and I Squared Capital. This transaction won “Loan Deal of the Year” at the IFLR Europe Awards in 2025.
The finance team, led by Philip Stopford, acted as lead counsel to the arrangers (Belron) in connection with one of the most widely followed leveraged finance transactions of 2024: a $4.7 billion term loan facility and a €2 billion term loan facility made available to Belron Finance 2019 LLC and Belron UK Finance PLC, indirect wholly-owned subsidiaries of Belron Group SCA.
Cravath represented the initial purchasers in connection with the 144A/Reg. S high-yield senior secured notes offering and concurrent cash tender offer of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange.
Personnel Changes
Jackson Lam and Margaret Rallings were promoted to partner effective January 2025. Jackson, formerly European counsel, focuses on complex cross-border leveraged finance transactions, syndicated lending, and alternative and subordinated financing products. Margaret represents leading financial institutions, private credit funds, and corporate issuers and borrowers in capital markets and leveraged finance transactions. Joji Ozawa joined as European counsel in January 2025 from Milbank.
Testimonials
“While historically a bonds practice, Cravath have built out their loan capabilities in recent years and are now a go-to firm for both bonds and loans” – Banking and finance
“Cravath has one of the most experienced teams in the high yield market” – High yield
“Outstanding lawyers in the team” – High yield
“The Cravath team are capable of handling high-value, complex and sophisticated corporate, capital markets, and financing work” – Corporate and finance
“George Stephanakis is highly regarded and has unparalleled expertise in bonds” – Banking and finance
