Advanced Energy Industries $575 million convertible senior note offering
The 2.5% convertible senior notes are due 2028
Davis Polk advised the representatives of the several initial purchasers, in connection with a Rule 144A offering by Advanced Energy Industries, Inc. of $575 million aggregate principal amount of its 2.50% convertible senior notes due 2028, which included $75 million principal amount of convertible senior notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. In addition, Davis Polk advised counterparties to the convertible note hedge and warrant transactions in connection with the convertible notes offering.
Advanced Energy provides highly engineered, mission-critical, precision power conversion, measurement and control solutions to its global customers. Advanced Energy designs, manufactures, sells and supports precision power products that transform, refine and modify the raw electrical power coming from either the utility or the building facility and convert this raw power 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 Sarah Greene. The equity derivatives team included partner Mark M. Mendez, counsel Joseph Luizzi and associates Danielle Forni, Amy Cheng and Ray Roesler. Partner David R. Bauer provided intellectual property advice. Counsel David A. Zilberberg provided environmental advice. Partner Lucy W. Farr provided tax advice. All members of the Davis Polk team are based in the New York office.