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Cravath, Swaine & Moore LLP

WORLDWIDE PLAZA, 825 EIGHTH AVENUE, 10019-7475, USA
Tel:
Work +1 212 474 1000
Fax:
Fax +1 212 474 3700
Email:
Web:
www.cravath.com
London, NEW YORK

Stephen Burns

Tel:
Work +1 (212) 474-1146
Email:
Web:
www.cravath.com/sburns/
Cravath, Swaine & Moore LLP

Work Department

Corporate

Position

Stephen L. Burns is a partner in Cravath’s Corporate Department. His practice focuses on representing issuers and investment banking firms in connection with public and private offerings of securities, as well as representing various corporations on general corporate matters, including corporate governance and M&A matters. 


United States: Finance

Capital markets: equity offerings

Within: Capital markets: equity offerings

Widely recognized as ‘a heavyweight underwriters’ counsel’, Cravath, Swaine & Moore LLP also has a robust issuer-side practice that is particularly prominent in cross-border offerings. The New York-based group is best known for its deep bench, which is especially impressive at senior level, and its close relationships with all the major investment banks. North America capital markets head Andrew Pitts, ‘a simply great attorney’, enjoys a strong profile in the market and recently teamed up with financing practice co-head William Fogg to advise the underwriters (led by Morgan Stanley and JP Morgan) on Baker Hughes’ $2.1bn secondary offering. Pitts also advised the initial purchasers on VICI Properties’ $1bn private placement. Craig Arcella, who co-leads the financing group, advised Morgan Stanley as the underwriter on a $1.1bn common stock offering by State Street. Among its issuer highlights, financing co-head Stephen Burns, together with Johnny Skumpija, assisted Crown Castle International with its $831m common stock offering. Other key contacts include Scott Bennett (‘a really great lawyer’) and William Whelan.

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Capital markets: high-yield debt offerings

Within: Capital markets: high-yield debt offerings

According to sources, Cravath, Swaine & Moore LLP's New York-based group ‘is among the strongest manager-side specialists in the market’, and also receives a steady stream of mandates from high-yield debt issuers. A top choice for banks to advise on major, event-driven deals, the firm regularly demonstrates that it can turn its hand to sophisticated transactions in any sector. The diverse practice has worked to increase its market share of energy deals, which has recently included financing co-head Stephen Burns advising the underwriters on Chesapeake Energy’s $1.2bn high-yield debt offering. The healthcare industry also proved a significant source of mandates during 2018, where Johnny Skumpija acted for the initial purchasers in a $1.8bn high-yield senior notes offering by Centene Escrow I Corporation, a wholly-owned subsidiary of Centene Corporation. On the issuer side, financing co-head William Fogg and recently promoted partner Michael Mariani advised TerraForm Power Operating, a portfolio company of Brookfield Asset Management, on its $1.2bn high-yield debt offering. Other key contacts include Joseph Zavaglia, who spearheaded the firm’s advice to the initial purchasers on Community Health Systems’ $1bn senior secured notes offering, financing co-head Craig Arcella and North America capital markets lead Andrew Pitts.

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United States: Media, technology and telecoms

Telecoms and broadcast: transactional

Within: Telecoms and broadcast: transactional

Cravath, Swaine & Moore LLP's New York-based team provides telecoms clients with high-value M&A and capital markets services, with a particular focus on transformative, large-scale acquisitions. The firm is experienced on both sides of the M&A table, acting as sell-side counsel in Time Warner's acquisition by AT&T, a market-shaping deal worth $109bn, and on the buy side on behalf of Disney regarding its pending $85bn acquisition of 21st Century Fox. Robert Townsend leads the group and specializes in complex M&A transactions, recently advising Cincinnati Bell on its $650m acquisition of Hawaiian Telecom. Faiza Saeed and George Schoen are key contacts for clients operating in the broadcasting and content delivery space; both advised on the Time Warner and Disney deals. Financing specialist Tatiana Lapushchik advised Citibank and JP Morgan in their provision of $10bn credit facilities to The Walt Disney Company. Capital markets expert William Fogg recently handled data center operator Cyrus One's $570m registered common stock offering, while Johnny Skumpija and Stephen Burns advised Crown Castle International on a $1bn debt offering and $831m stock offering.

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