We advised the initial purchasers on the offering

Davis Polk advised several initial purchasers in connection with a Rule 144A offering by Advanced Energy Industries, Inc. of $1.15 billion aggregate principal amount of its 0% convertible senior notes due 2031, which included $150 million principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. In addition, Davis Polk advised the counterparties to the capped call transactions entered into in connection with the offering and advised the existing counterparties to the convertible note hedge and warrant transactions entered into in connection with Advanced Energy’s issuance of its 2.50% convertible senior notes due 2028 with respect to the unwind of such transactions.

Advanced Energy provides highly engineered, critical, precision power conversion, measurement, and control solutions to its global customers. The company designs, manufactures, sells and services precision power products that transform, refine and modify the raw electrical power coming from either the utility or the building facility and convert it into various types of highly controllable, usable power that is predictable, repeatable and customizable to meet the necessary requirements for powering a wide range of complex equipment.

The Davis Polk capital markets team included partner Hillary A. Coleman and associate Sakiko Nishida. The equity derivatives team included partners Mark M. Mendez and Mark J. DiFiore, counsel Gregory E. Marchesini and M. Faisal Baloch and associates Danielle Forni, Chanique C. Vassell and Erik Oakley. The tax team included partner Lucy W. Farr. All members of the Davis Polk team are based in the New York office.

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