Davis Polk advised Delphi Corporation in connection with an SEC-registered offering of $800 million aggregate principal amount of its 5% senior notes due 2023. The notes are guaranteed by Delphi Automotive PLC, the parent company of Delphi Corporation, and certain of its subsidiaries. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner and Smith Incorporated, Deutsche Bank Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc. and Goldman, Sachs & Co. acted as joint book-running managers for the offering. Delphi intends to use the net proceeds from the offering to repay a portion of the term loan indebtedness outstanding under its revolving credit facility, and for general corporate purposes.
Based in Troy, Michigan, Delphi is a leading global vehicle components manufacturer and provider of electrical and electronic, powertrain, active safety and thermal technology solutions to the global automotive and commercial vehicle markets. Delphi operates 126 manufacturing facilities and 15 major technical centers with a presence in 32 countries.
The Davis Polk capital markets team included partner Michael Kaplan and associates Christopher R. Bornhorst, Ryan G. Mitteness and Elina M. Lae. The tax team included partner Michael Mollerus and associate Anthony L. Oliva. The environmental team included counsel Betty Moy Huber and associate Catharine Thorpe. Counsel Catherine L. Martin provided ’40 Act advice and counsel Marcie A. Goldstein provided FINRA regulatory advice. The legal assistant on the team was Sorina Delia Lazar. All members of the Davis Polk team are based in the New York office.
