The exchange offers were conducted in connection with Holcim’s spinoff of Amrize

Davis Polk advised the dealer managers in connection with private placement / Regulation S exchange offers by Amrize Ltd to exchange Holcim Finance US LLC’s (the issuer) 3.500% notes due 2026 (subject to a cap), Holcim US Finance (Luxembourg) S.A.’s 4.200% notes due 2033, Lafarge S.A.’s 7.125% notes due 2036, Holcim US Finance (Luxembourg) S.A.’s 6.875% notes due 2039, Holcim US Finance (Luxembourg) S.A.’s 6.500% senior notes due 2043 and the issuer’s 4.750% senior notes due 2046 for new notes of a corresponding series issued by the issuer and guaranteed by Amrize Ltd. A total of approximately $1.8 billion aggregate principal amount of the target securities were accepted for exchange.

The exchange offers were conducted in connection with Holcim Ltd’s spinoff of Amrize, its North American business. The spinoff was completed on June 23, 2025, and Amrize Ltd shares trade under the symbol “AMRZ” on both the NYSE and SIX Swiss Exchange.

Amrize is the largest building solutions company dedicated exclusively to the North American market. It serves customers across the infrastructure, commercial and residential construction sectors, supporting projects from new builds to repair and refurbishment. Holcim Ltd is a global leader in innovative and sustainable building solutions. Holcim Finance US LLC is a wholly owned indirect finance subsidiary of Amrize Ltd.

The Davis Polk capital markets team included partner Reuven B. Young and associates Serdar Inci and Shelby Young. Counsel Alon Gurfinkel and associate Valentin Van de Walle provided U.S. tax advice. Counsel John Taylor and associate Mary Valtas provided U.K. law advice. Members of the Davis Polk team are based in the London and New York offices.

Copy link to share post