Cravath, Swaine & Moore LLP > London, England > Firm Profile

Cravath, Swaine & Moore LLP
100 Cheapside
EC2V 6DT
England

Finance > High yield Tier 2

Cravath, Swaine & Moore LLP has a high yield practice that exhibits 'very strong knowledge of the market and excellent availability, and is very diligent'. The practice advises both issuers and underwriters, but is particularly strong in bank-side work on complex, cross-border high yield bonds issued in multiple currencies. EMEA capital markets heads Philip Boeckman and George Stephanakis, who is 'a trusted adviser who provides excellent service, and sound advice and guidance', oversee the practice, in which the 'knowledgeable, available and good to deal with' Alyssa Caples and European counsel Margaret Rallings play crucial roles. The team recently covered financings involving Euro- and dollar-denominated notes for initial purchaser clients in the retail and business-to-business information services sectors.

Practice head(s):

Philip Boeckman; George Stephanakis

Other key lawyers:

Testimonials

‘Very strong knowledge of the market, excellent availability, very diligent.’

‘Alyssa Caples has worked on all of our bonds over the last seven years and is knowledgeable, available and good to deal with.’

‘In-depth experience in HY markets, continuity of key people dealing with our bond issues.’

‘George Stephanakis is a trusted adviser since our first bond issue in 2002. George is always available and provides excellent service and sound advice and guidance.’

Key clients

Goldstory

INEOS

Various financial institutions

Work highlights

  • Represented the initial purchasers in the €468m and $1.1bn 144A/Reg. S high-yield senior secured notes offering of EG Group.
  • Represented the initial purchasers in connection with the €975m 144A/Reg. S high-yield senior secured notes offering (in a combination of fixed rate notes and floating rate notes) of Infopro Digital.
  • Represented INEOS in connection with two high-yield senior secured notes offerings totalling approximately $2.593bn and two concurrent debt tender offers for €382m and $353m.

Finance > Acquisition finance Tier 3

Cravath, Swaine & Moore LLP has hit the ground running since the establishment of its London-based UK law loans team in March 2023 which effectively complements a pre-existing New York law high yield team. Focusing squarely on creditor-side mandates, chiefly for large investment banks but also for some credit funds, the ‘outstanding’ team has a strong profile for large-cap deals and has in a relatively quiet market handled some high-value sponsor-backed matters. Team head Korey Fevzi has a ‘deep understanding of the market’ and is a key member of the team, alongside Philip Stopford, who has a ‘sensible approach to transactions’, and Chantelle Dovey, who provides support in cross-border financings involving the European market.

Practice head(s):

Korey Fevzi

Other key lawyers:

Philip Stopford; Jackson Lam; Chantelle Dovey; John Hutton

Testimonials

‘Solid technical knowledge. Very much plugged-in re market trends.’

Great breadth of experience, offer practical, pragmatic and commercial advice and very responsive.’

Outstanding service. Incredibly fast responses delivering clear, concise and market informed advice.’

Korey Fevzi is a great lawyer and a pleasure to work with. He remains calm under pressure and is a great problem solver. His advice is timely, clear and concise.’

Korey Fevzi has a deep understanding of the market which means he provides well-informed, commercial advice which he combines with his highly technical abilities.’

‘Philip Stopford is hugely well regarded. He provides clear advice and has a sensible approach to transactions.’

Key clients

Investcorp

Marlin Equity Partners

Francisco Partners

Altamir

Various financial institutions

Various private credit providers

Work highlights

  • Represented the lead arrangers and initial purchasers in the committed financing supporting the proposed rival bid of €1.42bn for the acquisition of Applus+ by TDR Capital and I Squared Capital.
  • Represented the lead arrangers in connection with the senior credit facilities to finance the acquisition of Palex Medical by funds advised by Apax Partners and Fremman Capital.
  • Represented the administrative agent, arranger and lender in connection with the £375m term loan facility made available to Mars to finance the public-to-private acquisition of Hotel Chocolat.

Finance > Debt capital markets Tier 3

Cravath, Swaine & Moore LLP is best known for its high yield bond practice, but its work for corporate issuers, investment banks and financial sponsors encompasses investment grade and sovereign debt. Philip Boeckman and George Stephanakis co-lead the capital markets group for EMEA, which comprises 'a high-quality team from the partner all the way down to the most junior associate'. Alyssa Caples 'has tremendous experience and delivers measured and commercial advice'. She recently acted for a major tobacco company in a $5bn notes offering. European counsel Lawrence Verhelst is another key member of the team.

Practice head(s):

Philip Boeckman; George Stephanakis

Other key lawyers:

Testimonials

‘A high-quality team, from the partner all the way down to the most junior associate. Expert support provided diligently and efficiently.’

‘Alyssa Caples was the lead partner on our transaction. Alyssa has supported us on a number of deals in the past and we were delighted she was available to support us again. She has tremendous experience and delivers measured and commercial advice for the benefit of the transaction. We wanted to achieve an aggressive execution timetable and Alyssa was clear that Cravath could deliver it which they duly did.’

‘Cravath’s debt capital markets team is a first-rate team in all respects. Hugely knowledgeable, solution-focused and able to deliver on-time-in-full on complex transactions. They are a pleasure to deal with and do not bring with them the ego of some US law firms. Would unreservedly recommend them to anyone seeking legal counsel in this field.’

‘Alyssa Caples is the lead DCM partner. She embodies everything you would like in your external counsel – super-smart, hugely experienced, available what appears to be 24/7 and a thoroughly likeable person.’

Key clients

British American Tobacco

Casino Group

European Investment Bank

Various financial institutions

Work highlights

  • Represented the European Investment Bank in connection with four registered notes offerings totaling $17 billion since March 2023.
  • Represented British American Tobacco (“BAT”) in connection with two registered notes offerings totaling $6.7 billion, an €800 million notes offering under the BAT European medium-term notes program and a $2.9 billion cash tender offer, since March 2023.
  • Represented the managers in connection with the €2billion fixed-to-floating rate notes offering of JPMorgan Chase & Co.

Corporate and commercial > Equity capital markets: mid-large cap Tier 4

Cravath, Swaine & Moore LLP fields a team of ‘meticulous, rigorous and exceptionally hard-working' London-based lawyers who specialise in handling transatlantic equity transactions, including public and private issuances as well as de-SPAC transactions, for blue-chip corporate clients and investment banks. In addition to working with US issuers and underwriters, the team is capable of guiding domestic clients through their equity offerings and also provides advice on SEC-registered transactions for clients across EMEA. Philip Boeckman handles US and European IPOs and secondary listings for a wide range of corporate and banking clients and is also noted for his commercial lending expertise. Boeckman co-heads the team with George Stephanakis, who is a key contact for high-yield financings and hybrid transactions.

Practice head(s):

Philip Boeckman; George Stephanakis

Other key lawyers:

Alyssa Caples; Margaret Rallings; Roberto Bruno; Nicoleta Lupea; Lawrence Verhelst

Testimonials

‘The London Cravath team has a top-notch equity capital markets practice in Europe. One of their main strengths is that Cravath attorneys are trained as generalists, able to handle a variety of capital markets and other corporate transactions.’

‘Cravath attorneys are meticulous, rigorous and exceptionally hard-working. They take the time to clearly explain the reasons for each of their comments/amendments in an agreement.  I worked on several occasions with George Stephanakis and Lawrence Verhelst, who are exceptional lawyers.’

‘The London equity team provides excellent service and has in-depth knowledge of U.S. capital markets and securities issues. The London team has UK-qualified lawyer and US attorneys attorneys, who can advise on the full spectrum of U.S. M&A, regulatory and SEC compliance matters; and complex general corporate issues.’

‘Alyssa Caples is very cerebral in her approach, and calmly navigates complex securities issues.’

‘Fantastic expertise and client service – they work ferociously hard and deliver commercial, pragmatic advised based on a deep understanding of the underlying legal position.’

Key clients

AngloGold Ashanti

Campari

Lifezone Metals

Tata Technologies

Work highlights

  • Represented Tata Technologies as international counsel in connection with its INR30.4bn 144A/Reg.S initial public offering of equity shares.
  • Advised AngloGold Ashanti, as U.S. counsel, on its corporate restructuring and change to domicile and primary listing location.
  • Advised Davide Campari-Milano N.V. in connection with its private placement of approximately €650m of new ordinary shares and approximately €550m of senior unsecured convertible notes offering to fund the acquisition of Courvoisier.

Finance > Bank lending: investment grade debt and syndicated loans Tier 5

Although it has gained most market recognition for its leveraged finance offering, the new UK-law loans team at Cravath, Swaine & Moore LLP, which was founded in March 2023, also handles some broader syndicated lending/global loans work for a lender-focused client base. Here, the team, which is led by the 'highly technical and commercial' Korey Fevzi, is able to draw from the same deep knowledge of US and UK law governed debt products to provide 'tailor-made advice' on both new money and refinancing transactions. Philip Stopford is also recommended and is noted for his 'very thoughtful and professional' advice.

Practice head(s):

Korey Fevzi

Other key lawyers:

Philip Stopford; Jackson Lam; Chantelle Dovey; John Hutton

Testimonials

The advice is high quality and the process very well thought through to ensure client understanding and successful outcomes.’

They provide tailor-made advice and share best practices (i) across both sides of Atlantic and (ii) financing products.’

Philip Stopford is very thoughtful and professional.’

Korey Fevzi has a deep understanding of the market which means he provides well-informed, commercial advice which he combines with his highly technical abilities.’

Key clients

Investcorp

Marlin Equity Partners

Francisco Partners

Altamir

Various financial institutions

Work highlights

  • Represented the administrative agent, arranger and lender in connection with the £375m investment-grade term loan facility made available to Mars to finance the public-to-private acquisition of Hotel Chocolat.
  • Represented the agent in the $9.8bn amend and extend refinancing and deleveraging transaction for Euro Garages Group, which involved the amendment and extension to one of the largest European syndicated financings.
  • Represented the lead arrangers in connection with a €240m additional syndicated term loan B facility made available to Aggreko.

Worldwide > M&A Tier 1

Cravath, Swaine & Moore LLP is widely recognised as one of the preeminent law firms in the world. Each of its practices is highly regarded and its lawyers are recognised for their commitment to the representation of their clients’ interests.

The firm: Founded in 1819, Cravath provides legal advice to companies located around the world. The firm has a rich, century-long legacy of commitment to Europe and has maintained a dedicated London office and team, one of the largest contingents of US lawyers in the city, since 1973. Our international finance practice encompasses English law-qualified lawyers who advise on the English law aspects of UK and cross-border financings.

Types of work undertaken: Cravath’s London office is uniquely positioned to advise on the full spectrum of leveraged financings, including high-yield bond offerings and direct lending, syndicated loan and other types of acquisition financing transactions, as well as restructurings and distressed financings. Our international bank and bond practice is one of the most highly regarded in the world and the Firm has consistently ranked at or near the top since market inception.

We regularly advise corporate issuers and borrowers, investment banks, financial sponsors and alternative lenders on a wide range of high-yield, bridge and other bespoke debt financings, including many offerings by first-time issuers and some of the most complex or novel transactions. Our lawyers have handled many of the initial high-yield bond financings in Europe, as well as many significant recent leveraged bank financings. We have introduced innovations such as the standard intercreditor provisions used in Europe, loan options in lieu of bond financings, “all-bond” structures and the first toggle notes used in Europe.

Other offices: New York, Washington, D.C.

Department Name Email Telephone
Presiding Partner Faiza J Saeed
Managing Partner of London Office, Co‑Head of the Capital Markets Practice for EMEA Philip J Boeckman
Co‑Head of the Capital Markets Practice for EMEA George A Stephanakis
Photo Name Position Profile
Philip Boeckman photo Mr Philip Boeckman Philip J. Boeckman is a partner in Cravath’s Corporate Department and serves…
Roberto Bruno photo Mr Roberto Bruno Roberto Bruno focuses his practice on cross‑border, sophisticated and high‑profile debt (including high‑yield)…
Alyssa Caples photo Ms Alyssa Caples Alyssa K. Caples is a partner in Cravath’s Corporate Department, focusing on…
Chantelle Dovey photo Ms Chantelle Dovey Chantelle Dovey has extensive experience in the European leveraged finance market advising…
Korey Fevzi photo Mr Korey Fevzi Korey Fevzi is Managing Partner of the London office and Head of…
Jackson Lam photo Mr Jackson Lam Jackson Lam focuses his practice on complex cross‑border leveraged transactions, syndicated lending…
Nicoleta Lupea photo Ms Nicoleta Lupea Nicoleta D. Lupea focuses her practice primarily on advising clients in mergers…
Virginie Marier photo Ms Virginie Marier Virginie Marier focuses her practice on capital markets transactions, including cross‑border high‑yield…
Chris Medley photo Chris Medley Chris Medley focuses his practice on leveraged financing transactions, including cross‑border debt…
Margaret Rallings photo Ms Margaret Rallings Margaret R. M. Rallings serves as European counsel in Cravath’s Corporate Department.…
Rohan Saha photo Rohan Saha Rohan Saha represents investment banks, private credit funds, commercial banks, subordinated credit…
George Stephanakis photo Mr George Stephanakis George A. Stephanakis is a partner in Cravath’s Corporate Department and serves…
Philip Stopford photo Mr Philip Stopford Philip Stopford is a partner in Cravath’s Corporate Department.  He focuses his…
Lawrence Verhelst photo Mr Lawrence Verhelst Lawrence J. Verhelst serves as European counsel in Cravath’s Corporate Department. He…
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