Union Pacific Corporation’s $3.5 Billion Notes Offering

Cravath represented the underwriters in the offering.

Union Pacific Corporation, owner of one of America’s leading transportation companies, executed the $3.5 billion registered notes offering. The transaction closed on February 14, 2022.

The Joint Book-Running Managers included BofA Securities, Citigroup, Credit Suisse, J.P. Morgan, and Morgan Stanley. The Senior Co-Managers included Barclays, U.S. Bancorp and Wells Fargo Securities. The Co-Managers included Truist Securities, Mizuho Securities, MUFG, PNC Capital Markets LLC, Academy Securities, Blaylock Van, LLC, BNY Mellon Capital Markets, LLC, Fifth Third Securities and Loop Capital Markets.

The Cravath team included partner Craig F. Arcella (Picture) and associate Nicole M. Gould on capital markets matters, partner Christopher K. Fargo and associate Sonia Katharani-Khan on tax matters, and partner Matthew Morreale on environmental matters. Christopher G. Doherty also worked on capital markets matters.

Involved fees earner: Craig Arcella – Cravath Swaine & Moore; Christopher K. Fargo – Cravath Swaine & Moore; Nicole Gould – Cravath Swaine & Moore; Sonia Katharani-Khan – Cravath Swaine & Moore; Matthew Morreale – Cravath Swaine & Moore;

Law Firms: Cravath Swaine & Moore;

Clients: Academy Securities; Bank of America Securities; Barclays Bank; Blaylock Van, LLC; BNY Mellon Capital Markets; Citigroup Inc.; Credit Suisse; Fifth Third Securities, Inc.; J.P. Morgan Securities LLC; Loop Capital Markets; Mizuho Securities; Morgan Stanley; MUFG; PNC Capital Markets LLC; Truist Securities Inc. ; U.S. Bancorp Investments; Wells Fargo Securities;