The high-yield notes are due 2029

Davis Polk advised the initial purchasers on a Rule 144A / Regulation S offering by Velocity Vehicle Group LLC of $500 million aggregate principal amount of its 8.000% senior notes due 2029. The notes are guaranteed by certain of Velocity Vehicle Group’s subsidiaries.

Velocity Vehicle Group, which is controlled and managed by The Cranemere Group Limited, is a leading commercial vehicle dealership operator, service provider and parts distributor in North America and Australia. It serves its customer base along the full value chain, providing parts and service support, selling new and used commercial vehicles, offering full-service leasing and rental of commercial vehicles and facilitating financing, extended warranties and other related products.

The Davis Polk capital markets team included partner Michael Kaplan and associates Dennis Chu and Vivian Liu. The environmental team included counsel Loyti Cheng and Michael Comstock and associate Timothy J. Sullivan. Partner Mario J. Verdolini and associate Nancy B. Regan provided tax advice. All members of the Davis Polk team are based in the New York office.