The notes are listed on the Singapore Exchange

Davis Polk advised the joint lead managers in connection with a Rule 144A / Regulation S offering by Kioxia Holdings Corporation (f/k/a Toshiba Memory) of $1.1 billion aggregate principal amount of 6.250% senior notes due 2030 and $1.1 billion aggregate principal amount of 6.625% senior notes due 2033. The notes were fully and unconditionally guaranteed by Kioxia Corporation, Kioxia Systems Co., Ltd. and Kioxia Energy Management Corporation.

Kioxia is the inventor of NAND flash memory and a world leader in memory solutions. It offers some of the most technologically advanced NAND flash memory and SSD products in the market, with global operations in 10 countries. Kioxia was incorporated as result of Toshiba Corporation’s spinoff of its NAND flash memory business in April 2017. A majority stake was subsequently acquired by Bain Capital. In December 2024, Kioxia listed its common shares on the Tokyo Stock Exchange. Davis Polk advised the international joint lead managers and joint bookrunners in connection with the IPO.

The Davis Polk corporate team included partners Jon Gray, Michael Kaplan, Marcel Fausten and Christopher Kodama, counsel John H. Runne and Chihiro Sasaki and associates Dylan H. Lojac, Haruka Moriya and Yoshi Kusama Sanders. Associate Ya Sheng Lin provided tax advice. Members of the Davis Polk team are based in the Tokyo, London and New York offices.

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