Davis Polk advised Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc, Goldman, Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, UBS Securities LLC and Apollo Global Securities, LLC as initial purchasers on a Rule 144A/Regulation S offering by CEVA Group Plc of $325 million aggregate principal amount of 8⅜% senior secured notes due 2017 and $475 million aggregate principal amount of 12¾% senior notes due 2020. CEVA Group Plc consummated several concurrent transactions with the notes offering, including a redemption of certain indebtedness, a debt-for-equity exchange and a debt-for-debt exchange with funds affiliated with Apollo Global Management LLC.

CEVA Group Plc, a public limited company existing under the laws of England and Wales, is the world’s second-largest non-asset-based supply chain management company. CEVA Group Plc designs, implements and operates end-to-end supply chain solutions using a combination of international air, ocean and domestic freight forwarding, contract logistics and other value-added services. The company operates globally in over 170 countries through more than 1,200 locations. 

The Davis Polk capital markets team included partner Michael Kaplan, associates Wendi Hoeben, Mark L. Giugliano, Polly Klyce Pennoyer (not yet admitted) and Lucia Goy (admitted only in Spain). The Davis Polk credit team included partner Bradley Y. Smith, associates Cristina del Rivero and Michael J.S. Moran, and Daniel M. Silberger (not yet admitted). Partner Harry Ballan and associate Changsheng (Eric) Song provided tax advice. Counsel Betty M. Huber and associate Amy E. Turner provided environmental advice. Kristyn M. Dunleavy and Sonya Jackman were the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.