Mr Andrew Pitts > Cravath, Swaine & Moore LLP > New York, United States > Lawyer Profile

Cravath, Swaine & Moore LLP has a history of headline and high-value transactions, including market-firsts and novel structures. It has an impressive mix of investment grade, high-yield, convertible and exchangeable debt deals. The firm has close connections to a number of blue-chip issuers and top-tier underwriters. It represented the underwriters in 10 notes offerings by JPMorgan totalling $38.9bn and advised the underwriters on the $2.9bn registered senior notes offering of ConocoPhillips. Craig Arcella and Andrew Pitts are big names in the market, including in investment grade and high-yield debt offerings. William Fogg, Stephen Burns and Scott Bennett are also key names, along with Nicholas Dorsey. Michael Mariani is increasingly prominent.

Cravath, Swaine & Moore LLP has an outstanding record in big-ticket equity offerings for domestic and international issuers. The firm is rated for both issuer and underwriter engagements and has a wealth of senior talent that operates across the debt and equity offering spheres. It is especially well known for industrial IPOs and has further strength in financial services and insurance offerings. With fewer IPOs in the market, the capital markets team has worked more intensively with M&A colleagues, particularly in relation to corporate separations and spin-offs. It represented the underwriters in two registered offerings of depositary shares representing preferred stock of The PNC Financial Services Group, totalling $2.25bn. William Fogg and Andrew Pitts have outstanding reputations, along with Nicholas Dorsey and Scott Bennett. Michael Mariani and Daniel Haaren are also increasingly prominent. Douglas Dolan has been promoted to partner.

Cravath, Swaine & Moore LLP‘s huge reputation extends worldwide, despite having just two offices in New York and London. It advises on many of the most complex and high-value deals in the capital markets arena, and across the debt, equity and hybrid securities segments. The firm attracts engagements from many European issuers and international underwriters, notably recently advising Nestlé on its $4bn 144A/Reg S notes offering and representing the underwriters in an aggregate of $12.9bn of notes issued by Credit Suisse. Andrew Pitts, co-head of capital markets for North America, had another impressive year in 2022 with a string of headline deals for overseas issuers. Nicholas Dorsey impresses in high-value offerings, while Craig Arcella also comes highly recommended.

Cravath, Swaine & Moore LLP is a longstanding leader in high-yield debt, with an especially strong record in underwriter-side engagements. It managed a series of impressive deals in 2022, including advising the initial purchasers on the $1.54bn 144A/Reg S high-yield senior secured notes offering by CHS/Community Health Systems. Joseph Zavaglia, head of leveraged finance at the firm, is noted for his major focus on high-yield debt transactions. Craig Arcella, co-head of finance, is another prominent figure in underwriter-side high-yield debt engagements. Andrew Pitts, William Fogg and Scott Bennett are also key members of the capital markets group, all of whom have a track record in high-yield debt matters.