Davis Polk advised UBS Securities LLC, ING Bank N.V., Singapore Branch, and Crédit Agricole Corporate and Investment Bank as representatives of the initial purchasers in connection with a Rule 144A and Regulation S notes offering by eAccess Ltd. consisting of $420 million aggregate principal amount of 8.250% senior notes due 2018 and €200 million aggregate principal amount of 8.375% senior notes due 2018.

The offering is the most significant high-yield debt offering from Japan in five years and the first Japanese global high-yield debt offering completed under Rule 144A. The offering formed part of a series of recent eAccess transactions, including repayment of an existing credit facility, merger with its subsidiary EMOBILE, entry into a new syndicated credit facility and issuance of the notes in separate Euro and U.S. dollar formats.

eAccess is a leading provider of mobile broadband services in Japan and the largest wholesale provider of ADSL services in Japan.

The Davis Polk corporate team included partner Eugene C. Gregor, counsel Michael T. Dunn and associate Jesse Gillespie. The tax team included partner John D. Paton and associate Adam B. Perry. Davis Polk team members are based in the Tokyo and London offices.