Led by Craig Arcella and Andrew Pitts, Cravath, Swaine & Moore LLP‘s capital markets team maintains a strong global practice across debt, equity and hybrid transactions. Additionally, it is strengthened by its London team and close relationships with clients in Canada and Europe. Arcella advises financial institutions and corporate clients on bond offerings, liability management, IPOs and other equity deals, as well as syndicated loans, direct lending and leveraged finance transactions. Pitts advises investment banks and issuers on public and private securities offerings, convertible and equity-linked transactions, equity derivatives and liability management matters. Nicholas Dorsey has recently been active in complex capital markets and corporate finance work for foreign issuers, involving exchangeable notes offerings, capped call transactions, and other strategic financing matters. Joseph Zavaglia is skilled in advising companies and financial institutions on capital markets, complex financings, governance, SEC matters, and M&A. Douglas Dolan has extensive experience advising non-US issuers, particularly Canadian companies. All partners mentioned are based in New York. William Fogg retired in March 2026.
Legal 500 Editorial commentary

Accolades

Client satisfaction: Lawyer & team quality
Client satisfaction: Billing & efficiency
Client satisfaction: Sector knowledge

Key clients

  • AerCap
  • Burford
  • Element Fleet Management
  • Rogers
  • ODDITY
  • Various Financial Institutions

Work highlights

Represented Rogers in its US$2.1 billion fixed-to-fixed rate subordinated notes offering and in its cash tender offers for C$1.2 billion and US$1.7 billion.
Represented AerCap in two senior notes offering totaling $2.7billion and in its $500 million registered fixed-rate reset junior subordinated notes offering.
Represented the initial purchasers in the $1 billion high-yield senior notes offering of Alumina, a wholly owned subsidiary of Alcoa, and the dealer managers in the concurrent cash tender offers for notes of Alcoa with an aggregate principal amount of up to $1 billion.

Lawyers

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

Craig Arcella; Andrew Pitts

Other key lawyers

Nicholas Dorsey; Joseph Zavaglia; Douglas Dolan