We advised the joint lead managers and joint bookrunners on the offering

Davis Polk advised the joint lead managers and joint bookrunners in connection with the primary offering of 37,350,000 shares of common stock of Kawasaki Heavy Industries, Ltd. The shares are listed on the Tokyo Stock Exchange and were offered outside Japan pursuant to Rule 144A and Regulation S. Concurrently with, and separately from, the offering of shares, Kawasaki Heavy Industries offered ¥50 billion in aggregate principal amount of zero-coupon convertible bonds due 2031 and ¥50 billion in aggregate principal amount of zero-coupon convertible bonds due 2033 in reliance on Regulation S. The total amount of proceeds of both offerings is approximately ¥197 billion (approximately $1.2 billion).

Kawasaki Heavy Industries is a leading Japanese engineering manufacturer with nearly 130 years of experience in developing advanced industrial solutions and innovations. It has manufacturing operations in 11 countries and serves customers in the government, military and commercial sectors in various markets.

The Davis Polk corporate team included partner Christopher Kodama, counsel Chihiro Sasaki and associate Maarten van der Plas. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Chaoyuan (Charles) Shi provided ERISA advice. Members of the Davis Polk team are based in the Tokyo, New York and London offices.

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