Cravath, Swaine & Moore LLP maintains a balanced high-yield practice advising both issuers and underwriters, with particular expertise in complex cross-border transactions involving multi-currency note issuances. The firm's EMEA capital markets group is co-led by Philip Boeckman and George Stephanakis, recognised for their market insight and commercial judgment. Stephanakis is particularly valued by clients for his strategic guidance in challenging market conditions. The practice is active across sectors, including retail and data services, with a strong focus on underwriter-side mandates. Key team members include Alyssa Caples and Margaret Rallings, who was promoted to partner in January 2025. The team was strengthened in early 2025 by the addition of Joji Ozawa from Milbank.
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Testimonials
Collated independently by Legal 500 research team.
- 'Professional and hardworking.'
- 'Strong experience and competence, quick, efficient, smart, good team.'
- 'Long history with our company, hence lots of institutional knowledge about the company and our bond transactions.'
Key clients
- Drax
- INEOS
- Picard
Work highlights
Represented the initial purchasers in connection with multiple 144A/Reg. S high-yield senior secured notes offerings of Iliad, totaling approximately $3.275bn.
Represented Picardin connection with two 144A/Reg. S high-yield senior secured notes offerings, totaling €1.43bn.
Represented the initial purchasers in connection with the €895m 144A/Reg. S high-yield senior secured notes offering of Applus+. Proceeds of the offering were used to finance, in part, the successful €1.65bn acquisition of Applus+ by TDR Capital and I Squared Capital.
Lawyers
Hall of Fame
The lawyers at the very top of the profession, widely known and respected by peers and clients for their longstanding involvement in market-leading work.
Leading partners
The strongest partners in their field, leading on market-leading deals and endorsed by peers and clients alike.
Next Generation Partners
Junior partners with significant recognition from clients and peers in the market and key roles on multiple matters.
Practice head
Philip J. Boeckman, George A. Stephanakis
Other key lawyers
Alyssa Caples; Margaret Rallings; Joji Ozawa