Honda $2.75 billion debut senior notes offering
Davis Polk advised the joint lead managers and joint bookrunners in connection with the debut SEC-registered takedown offering of senior notes by Honda Motor Co., Ltd., which consisted of $1 billion aggregate principal amount of 2.271% senior notes due 2025, $1 billion aggregate principal amount of 2.534% senior notes due 2027 and $750 million aggregate principal amount of 2.967% senior notes due 2032. The net proceeds of the offering will be allocated to new “Eligible Green Projects” as set forth in Honda’s “Sustainable Finance Framework.” This was Honda’s inaugural U.S. dollar green bond issuance.
Honda is a leading global producer of automobiles, motorcycles and power products based in Japan. The company strives to strengthen its automobile business through efficient Mono-zukuri (the art of making things) and the Honda Architecture. Honda also provides related financial services worldwide, with major finance subsidiaries in the United States, Japan, Canada, the United Kingdom, Germany, Brazil and Thailand. Honda was incorporated in 1948 as a successor to the unincorporated enterprise established in 1946 by the late Soichiro Honda.
The Davis Polk corporate team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki and Dylan H. Lojac. Associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.