The investment-grade notes are due 2035 and 2055

Davis Polk advised the joint book-running managers and representatives of the underwriters on an SEC-registered offering by Caterpillar Inc. of $2 billion aggregate principal amount of notes. The notes were issued in two tranches: $1.7 billion principal amount of 5.200% senior notes due 2035 and $300 million principal amount of 5.500% senior notes due 2055.

Caterpillar Inc. is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Caterpillar Inc. does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through its Financial Products segment.

The Davis Polk capital markets team included partner Stephen A. Byeff, counsel Jennifer (Ying) Lan and associate Kristiana J. Olson. The tax team included partner Mario J. Verdolini and associate Kelsey Nelson. Counsel Michael Comstock and associate Shefain Islam provided environmental advice. All members of the Davis Polk team are based in the New York office.

 

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