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Cravath represented J.P. Morgan Securities plc, as initial purchaser, in connection with the £290 million 144A/Reg. S high‑yield senior secured notes offering of Hurricane Finance plc, guaranteed by Hurricane Bidco Limited, Paymentsense Limited and Paymentsense Ireland Limited and, as arranger, in connection with the concurrent entry into a £90 million PIK loan by Hurricane Cleanco Limited. Paymentsense is the United Kingdom’s leading digital commerce platform serving approximately 82,000 small and medium sized businesses in the United Kingdom and Ireland. The notes were listed on The International Stock Exchange. The transaction closed on August 14, 2020.
The Cravath team included partner Philip J. Boeckman and associates Timothy J. Leung and Henri R. Simonet, and partner Christopher K. Fargo and associate Joyce Y. Kim on tax matters. Connor F. O’Neill also worked on the matter and Duncan H. Hardell and Brittany A. Milano also worked on tax matters.
Deals & Cases
August 29, 2024
Cravath represented the underwriters in connection with the $500 million senior notes offering of Essential Utilities, Inc., a holding company for regulated utilities providing water, wastewater and natural gas distribution services to an estimated five million people in Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Kentucky, West Virginia, Indiana and Virginia. Essential Utilities, Inc. was formerly known as Aqua America, Inc. The transaction closed on August 15, 2024.
Deals & Cases
August 16, 2024
Cravath represented the initial purchasers in connection with the $600 million 144A/Reg. S high‑yield senior notes offering of Cleveland‑Cliffs Inc., a leading North America‑based steel producer. Proceeds of the offering will be used to partially finance Cleveland‑Cliffs Inc.'s acquisition of Stelco Holdings Inc., an integrated steelmaker with operations in Canada. The transaction closed on August 16, 2024.
Deals & Cases
August 01, 2024
Cravath represented the initial purchasers in connection with the €1.85 billion 144A/Reg. S high‑yield senior secured notes offering of Rossini S.à r.l., a CVC‑controlled holding company that indirectly owns a majority interest in Recordati S.p.A., an international specialty pharmaceutical company. The notes were listed on the Luxembourg Stock Exchange. The transaction closed on July 18, 2024.
Deals & Cases
July 24, 2024
Cravath represented IWG US Finance LLC in connection with its €575 million Eurobond offering. IWG US Finance LLC is an indirect and wholly owned subsidiary of International Workplace Group plc, a leading global provider of flexible and hybrid workspaces. The notes were listed on the London Stock Exchange plc’s International Securities Market. The transaction closed on June 28, 2024.
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