Tax Notes Publishes Article by Arvind Ravichandran on Partnership Tax Reform

Cravath represented the underwriters in connection with the $5 billion registered notes offering of Johnson & Johnson, the world’s largest, most diversified healthcare products company. Cravath also represented the underwriters in connection with Johnson & Johnson’s concurrent €4 billion notes offering. Proceeds of both offerings will be used to finance the acquisition of Intra‑Cellular Therapies, Inc. by Johnson & Johnson. The transactions closed on February 20, 2025, and February 26, 2025, respectively.

Cravath represented the underwriters in connection with the $5 billion registered notes offering of the State of Israel. The notes were listed on the London Stock Exchange. The transaction closed on February 19, 2025.

Cravath represented the underwriter in connection with the $499 million registered secondary offering of class A common stock of Hess Midstream LP, a fee‑based, growth‑oriented, limited partnership formed by Hess Midstream GP LP and Hess Infrastructure Partners GP LLC to own, operate, develop and acquire a diverse set of midstream assets and provide fee‑based services to Hess Corporation and third‑party customers. The shares were listed on the New York Stock Exchange. The transaction closed on February 12, 2025.

Cravath represented the underwriters in connection with the $2 billion registered notes offering of Union Pacific Corporation, owner of one of America's leading transportation companies. The transaction closed on February 13, 2025.