We advised Brookfield Asset Management on the financings in connection with its acquisition of CDK Global

Davis Polk advised Brookfield Asset Management Inc. with respect to the loan financing facilities for its acquisition of CDK Global, Inc. The $5 billion loan financing package consists of a $3.6 billion first-lien secured term facility, a $650 million secured cash flow revolving facility, a $755 million second-lien secured term facility and a $65 million delayed-draw secured term facility. Concurrent with the closing of the $5 billion loan financing, proceeds of the related $750 million of 7.250% first-lien notes due 2029, previously issued into escrow, were released to finance the CDK acquisition. In connection with the CDK acquisition, Davis Polk also advised Brookfield in connection with CDK’s tender offers to purchase any and all of its outstanding 4.500% senior notes due 2024, the interest rate of which adjusts from time to time and is currently 6.500%, 4.875% senior notes due 2027 and 5.250% senior notes due 2029 in an approximate aggregate principal amount of $1.5 billion and the related solicitation of consents to amend the indentures governing such notes.

Brookfield Asset Management is a leading global alternative asset manager with a 120-year history and operations across a broad portfolio of real estate, infrastructure, renewable power, private equity and credit assets.

CDK Global is a leading provider of retail technology and software-as-a-service (SaaS) solutions that help dealers and auto manufacturers run their businesses more efficiently, drive improved profitability and create frictionless purchasing and ownership experiences for consumers.

The Davis Polk finance team included partner Hilary Dengel, counsel Jonathan B. Brown and Benjamin Cheng and associate Zoe Chen. The capital markets team included partners Michael Kaplan and Marcel Fausten and associate Claudia Carvajal Lopez. The tax team included partner David H. Schnabel and counsel Aliza Slansky. Members of the Davis Polk team are based in the New York office.