Development Bank of Japan program update and $600 million senior notes offering
We advised DBJ on its global MTN program update and sustainability bond offering
Davis Polk advised Development Bank of Japan Inc. (DBJ) in connection with the update of its global medium-term note program, under which DBJ may issue notes on a Rule 144A / Regulation S or Regulation S-only basis with or without the sovereign guarantee of Japan.
Following the update of the program, Davis Polk advised DBJ on its drawdown of non-guaranteed notes in Rule 144A / Regulation S format, which consisted of $600 million aggregate principal amount of 4.375% senior notes due 2025. The net proceeds of the notes will be allocated to finance or refinance existing and/or future “Eligible Financings,” as defined under DBJ’s sustainability bond framework.
DBJ is a policy and development finance organization wholly owned by the government of Japan. Established in 2008 as a successor to the former Development Bank of Japan, current DBJ is part of a long line of Japanese government finance institutions tracing back to the 1950s.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Alexander Coley and Dylan H. Lojac. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Charles Shi provided executive compensation advice. Members of the Davis Polk team are based in the Tokyo, New York and London offices.