London

Cravath represented the initial purchasers in connection with the €600 million and $850 million 144A/Reg. S high‑yield senior secured notes offering of Iliad Holding S.A.S. (“Iliad”), a leading European telecommunications provider. The notes were listed on The International Stock Exchange. The transaction closed on December 3, 2024.

Cravath represented the initial purchasers in connection with the €375 million 144A/Reg. S high‑yield senior notes offering of TUI Cruises GmbH, a leading German cruise operator. The notes were listed on The International Stock Exchange. The transaction closed on November 27, 2024.

Cravath represented the initial purchasers in connection the (i) $850 million senior notes offering by Smurfit Westrock Financing DAC, a wholly owned subsidiary of Smurfit Westrock plc, one of the world's largest integrated manufacturers of paper‑based packaging products, and (ii) the dual‑tranche €1.2 billion senior notes offering of Smurfit Kappa Treasury Unlimited Company, a wholly owned subsidiary of Smurfit Westrock plc. The notes offerings closed on November 26 and 27, 2024, respectively.

Cravath represented the initial purchasers in connection with the €850 million and $1.1 billion 144A/Reg. S high‑yield senior secured notes offering of Belron UK Finance plc. Belron UK Finance plc is an indirect wholly‑owned subsidiary of Belron Group SCA, a leading global player in vehicle glass repair, replacement and recalibration. The transaction closed on October 16, 2024.

Cravath represented the initial purchasers in connection with the €800 million 144A/Reg. S high‑yield senior secured floating rate notes offering of Sammontana Italia S.p.A., a leading company in the Italian frozen bakery and ice cream markets. Proceeds of the offering will be used to refinance the indebtedness under a bridge facility agreement to fund the acquisition of Forno d’ Asolo S.p.A. by the issuer. The transaction closed on October 11, 2024.

On November 14, 2024, Cravath partner Philip J. Boeckman participated in the American Bar Association’s 2024 International Law Section Fall Conference, which was held from November 13‑15 in London. The Conference marks the 100th anniversary of the ABA’s first London conference in 1924, at which Paul Cravath participated as an Honorary Member of Gray’s Inn. Philip chaired a panel entitled “The Next 100 Years: Crystal Ball Forecasts for UK Corporate Activity and Lawyers for UK Clients,” which assessed critical developments for UK companies, including the listing environment, the rise of private capital, Brexit and more.

Cravath partners Richard Hall, Adam M. Sanchez and David J. Perkins and associate Yeana Lee co‑authored a guide with attorneys from Travers Smith entitled “Public Takeovers in the UK – A Guide for US PE Sponsors,” which was published on November 13, 2024. The guide provides a practical review of the UK Takeover Code and addresses key matters that should be considered by U.S. private equity sponsors on any potential UK public takeover.

Cravath partners Alyssa K. Caples, Margaret T. Segall, Nicholas A. Dorsey, C. Daniel Haaren and Bethany A. Pfalzgraf spoke at the International Bar Association’s 2024 Annual Conference, which was held September 15‑20 in Mexico City and convened legal professionals from across the globe.

On August 14, 2024, Cravath partner Korey Fevzi was named to Financial News’ inaugural “Most Influential in European Finance” list, which recognizes “innovators shaping the industry.” The feature recognized Korey’s role in the establishment of Cravath’s “English law offering” and on advising “investment banks, private credit funds and on leveraged finance acquisitions.” The publication also highlighted his representation of the lead arrangers in connection with the senior financing package for the €1.1bn acquisition of Forno d’Asolo by Sammontana and Investindustrial and his representation of the debt providers in the financing for the public‑to‑private takeover of Applus+ by TDR Capital and I Squared Capital.

On July 17, 2024, the India Business Law Journal named Cravath among the “Key Players” in its 2024 ranking of the leading foreign law firms involved in India‑related work. The publication noted that Cravath “is often appointed on complex, high‑value deals involving Indian parties” and highlighted its representation of Tata Technologies Limited in its IPO, as well as Viatris in the divestitures of its Women’s Healthcare business and Active Pharmaceutical Ingredient business in India. Interviewees said the Firm is “proactive in covering matters and anticipating the next steps” and has “offered excellent services,” highlighting the work of Cravath partner Philip J. Boeckman.