Cravath represented a consortium of financing sources, led by BofA Merrill Lynch and Credit Suisse, in connection with US$12.3 billion of debt financing made available to Community Health Systems to fund its acquisition of Health Management Associates and to refinance certain indebtedness. The debt financing included an aggregate of US$4.0 billion of senior secured and senior unsecured high-yield notes and the incurrence or extension of an aggregate of US$8.3 billion of bank financing. Community Health Systems is one of the largest publicly traded operators of hospitals in the United States. The transaction closed on January 27, 2014.

The Cravath team included partners Joseph D. Zavaglia and Stephen M. Kessing, senior attorney Patrick J. Moriarty and associates Manoj Ramachandran, Elizabeth E. Burke, Stephen K. Wallant and A. Rebecca Hurt. Andrew M. Wark and Steven Wu also worked on this matter.