CDK Global $755 million notes offering
We advised CDK Global on the transaction
Davis Polk advised CDK Global in connection with a Rule 144A / Regulation S offering of $755 million aggregate principal amount of 8.000% first-lien notes due 2029 issued by Central Parent LLC, CDK Global II LLC and CDK Financing Co., Inc. The proceeds from the offering of the notes, together with cash on hand, were used to repay all of the outstanding borrowings under CDK Global’s existing second-lien term loan facility and to pay related fees and expenses.
CDK Global is a leading provider of mission-critical, cloud-based software. Its vertical-specific software as a service (SaaS) platform enables automotive dealerships to manage their end-to-end business operations including the acquisition, sale, financing, insuring, repair and maintenance of vehicles. This integrated platform of modern solutions automates and streamlines critical workflows within the dealership, which enables dealers to sell and service more vehicles. CDK Global is a portfolio company of Brookfield Business Partners.
The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associates Claudia Carvajal Lopez and Courtney Clark. The sponsor finance team included partner Hilary Dengel, counsel Jonathan B. Brown and associate Zoe Chen. The tax team included partner David H. Schnabel and counsel Aliza Slansky. Partner Pritesh P. Shah provided intellectual property advice. All members of the Davis Polk team are based in the New York office.