Davis Polk advised Novellus Systems, Inc. on its Rule 144A offering of $700 million aggregate principal amount of 2.625% senior convertible notes due 2041 (including the initial purchasers’ full over-allotment exercise of $100 million aggregate principal amount of notes). J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint book-running managers and initial purchasers for the offering.

Headquartered in San Jose, California, Novellus is a leading provider of advanced process equipment for the global semiconductor industry. 

The Davis Polk corporate team included partner Alan F. Denenberg and associates Beth Hooton Ruiz and Jason Bassetti. Partner Rachel D. Kleinberg and associate M. Ryan LaRosa provided tax advice. Associate Vishnu Reddy provided intellectual property advice. Associate Catherine L. Martin of the New York office provided Investment Company Act advice. Kimberly Kakade was the legal assistant for the transaction. Except as noted above, all members of the Davis Polk team are based in the Menlo Park office.