The high-yield notes are due 2029

Davis Polk advised the representative of the initial purchasers in connection with a Rule 144A / Regulation S offering of $500 million aggregate principal amount of 6.875% senior notes due 2029 by Gates Corporation. The notes are guaranteed on a senior unsecured basis by Gates Industrial Holdco Limited and certain of Gates Industrial Holdco Limited’s existing and future wholly owned subsidiaries.

Gates Industrial Corporation plc, an indirect parent company of Gates Corporation, is a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. Gates offers a broad portfolio of products to diverse replacement channel customers, and to original equipment (“first-fit”) manufacturers as specified components. Gates participates in many sectors of the industrial and consumer markets. Gates’s products play essential roles in a diverse range of applications across a wide variety of end markets ranging from harsh and hazardous industries to everyday consumer applications including virtually every form of transportation.

The Davis Polk corporate team included partner Michael Kaplan and associates David Li and Marquis J. Pullen. Partner Kara L. Mungovan and associate Ted Lee provided U.S. tax advice. Partner Dominic Foulkes and associate Patrick O’Donovan provided U.K. tax advice. Associate Joshua Bunn provided U.K. corporate advice. Members of the Davis Polk team are based in the New York and London offices.