We advised the initial purchasers on the $2.2 billion notes offering

Davis Polk advised the representatives of the several initial purchasers in connection with a Rule 144A/Regulation S offering by Grant Thornton Advisors LLC of $1.7 billion aggregate principal amount of its 10.500% senior secured notes due 2031 and €450 million aggregate principal amount of its 9.500% senior secured notes due 2031. The proceeds of the offering, together with expected borrowings under certain credit facilities and equity contributions, will be used to fund the consummation of the acquisition of CBIZ, Inc. by Grant Thornton. The gross proceeds of the offering were placed into escrow accounts pending the consummation of the acquisition.

Grant Thornton is a leading global, technology-enabled professional services organization that, along with its closely aligned CPA firms, provides a full suite of audit and assurance, tax and advisory solutions to middle-market and enterprise clients. CBIZ is a leading professional services advisor with industry knowledge and expertise in accounting, tax, advisory, benefits, insurance and technology.

The Davis Polk capital markets team included partner Pedro J. Bermeo and associates Sofia Sitterson and Muxuan (Muriel) Wang. The finance team included partners Christopher Nairn-Kim and Sanders Witkow and associates Zvi Kroizer, Yao Li and Samuel Brownsword. Counsel Dustin Plotnick and associates David J. Beer provided tax advice. All members of the Davis Polk team are based in the New York office.

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