Cravath represented the initial purchasers, led by Wells Fargo Securities, Citigroup and Deutsche Bank Securities, in connection with the US$400 million 144A/Reg. S high‑yield senior secured debt offering of DriveTime Automotive Group and DT Acceptance Corporation. DriveTime is the leading used vehicle retailer in the United States with a primary focus on the sale and lease of quality used vehicles and related products to the subprime market. The transaction closed on June 3, 2014.
The Cravath team included partner William V. Fogg, senior attorney Daniel A. O’Shea and associates James J. Desjardins and Matthew M. Kelly.
