Davis Polk advised Delphi Corporation in connection with an SEC-registered offering of $700 million aggregate principal amount of its 4.15% senior notes due 2024. The notes are guaranteed by certain of Delphi Corporation’s parent companies, including its ultimate parent, Delphi Automotive PLC. J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Deutsche Bank Securities Inc. and Goldman, Sachs & Co. acted as joint book-running managers for the offering. Delphi intends to use the net proceeds from the offering for general corporate purposes, including to repay its 5.875% senior notes due 2019 and to repay a portion of the term loan indebtedness outstanding under its revolving credit facility.  

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 and Amir Nezar. The tax team included partner Michael Mollerus and associate Sam R. Van Peperstraete. The environmental team included counsel Betty Moy Huber and associate Kevin J. Klesh. Counsel Catherine L. Martin provided ’40 Act advice. All members of the Davis Polk team are based in the New York office.