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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

Andrew Pitts

Tel:
Work +1 (212) 474-1620
Email:
Web:
www.cravath.com/apitts/
Cravath, Swaine & Moore LLP

Work Department

Corporate

Position

Andrew J. Pitts is a partner in Cravath’s Corporate Department and serves as Head of the Firm’s Capital Markets Practice for North America. He advises on a broad range of corporate issues and has a significant corporate finance practice.


United States: Finance

Capital markets: debt

Within: Leading lawyers

Andrew Pitts - Cravath, Swaine & Moore LLP

Within: Capital markets: debt

Cravath, Swaine & Moore LLP’s practice, which is equally adept at advising issuers and underwriters, stands out in complex deals, and has a strong track record in acquisition and spin-off transactions. The firm’s expertise on the debt side is illustrated by its enviable deal volume over the past twelve months: from November 2017 until November 2018, the group handled investment grade deals worth over $117bn. Finance co-lead Craig Arcella enjoys a premier reputation for his financial institution relationships and recently advised a group of underwriters, led by Barclays, Bank of America Merrill Lynch, Citigroup, Credit Suisse, JP Morgan and Morgan Stanley, on Union Pacific’s $6bn notes offering. Also on the underwriter side, William Fogg, who co-heads the finance practice, and newly promoted partner Michael Mariani advised the underwriters, led by JP Morgan, on a $6bn notes offering by JPMorgan Chase. Additionally, Johnny Skumpija acted on several issuer-side highlights, including advising NestlĂ© Holdings on its $8bn notes offering. In another marquee company-side transaction, Nicholas Dorsey, who also recently made partner, acted for The Walt Disney Company on offers by its wholly-owned subsidiary TWDC Holdco 613 Corporation to exchange notes issued by 21st Century Fox for up to $18.1bn. Andrew Pitts, who heads the capital markets department, and William Whelan are also prominent names in the New York-based group.

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Capital markets: equity offerings

Within: Leading lawyers

Andrew Pitts - Cravath, Swaine & Moore LLP

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: global offerings

Within: Leading lawyers

Andrew Pitts - Cravath, Swaine & Moore LLP

Within: Capital markets: global offerings

‘A global leader in capital markets’, Cravath, Swaine & Moore LLP is highlighted for its ‘great reputation with the major investment banks’, and is also considered ‘a fantastic issuer-side firm’. The group, which practices US law exclusively from its two offices in New York and London, routinely leads offerings across Europe, Latin America and other markets and is active in both debt and equity offerings. Andrew Pitts (‘a simply great attorney’) heads up the North America capital markets team and his broad expertise encompasses the financial services, natural resources and transportation sectors. Among Pitts’ recent deals, he advised Shell International Finance on its $3bn notes offering, and also advised the underwriters on Allergan Funding’s €1.7bn notes offering. Craig Arcella, who co-heads the financing practice, is another seasoned expert; he recently advised the underwriters on a $2bn notes offering by the State of Israel, which were listed on the Bourse de Luxembourg. The firm has also recently undertaken work for AerCap, Costamare and NestlĂ©. Other key contacts include William Fogg, who co-heads the financing practice, and ‘excellent’ up-and-coming partner Scott Bennett.

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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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