Cravaths Act on Hyatt Hotel Corp’s $1.09 Billion Capital Raising – American Legal Business

November 5, 2009 – – American Legal Business – Hyatt Hotels Corp, raised $1.09 billion today in its first day of trading on the New York Stock Exchange, making it the second-largest U.S. initial public offering this year. The Pritzker family, which controls the hotel chain, sold 38 million Class A shares at $25 each and will receive all proceeds from the $950 million sale on November 4. The Company will receive another $143 million from 5.7 million additional shares the underwriters opted to purchase. Cravath, Swaine & Moore LLP represented the underwriters with Goldman, Sachs & Co. as sole bookrunning manager and Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. acting as joint lead managers.

The Cravath team included partners Craig F. Arcella and Andrew J. Pitts and associates Minji Cho and Timothy Y. Shih (corporate), partner Michael L. Schler and associate Kathleen Withers (tax) and associate Kerry Halpern -Skoglund (executive compensation and benefits). Cravath also represented Mead Johnson, a division of Bristol Myers-Squibb, in the first U.S. initial public offering in 2009.

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