We advised Versigent on the offering, which is being made in conjunction with Aptiv’s planned spinoff of Versigent

Davis Polk advised Cyprium Corporation and Cyprium Holdings Luxembourg S.à r.l., subsidiaries of Versigent Limited, in connection with their Rule 144A and Regulation S offering of $1.6 billion aggregate principal amount of 6.125% senior notes due 2031 and 6.375% senior notes due 2034.

Versigent Limited is the holding company for Aptiv PLC’s Electrical Distribution Systems segment, which Aptiv intends to separate from its current businesses through a tax-free spinoff. Upon consummation of the spinoff, Versigent will operate as a separate, publicly traded company. The proceeds of the notes offering were placed in an escrow account and, together with the proceeds of new term loan facilities, will be used to pay a special dividend to Aptiv in connection with the closing of the spinoff, with remaining proceeds used by Versigent for general corporate purposes.

Versigent is a global leader in the design, development and manufacture of low-voltage and high-voltage electrical architectures. It is a global supplier of optimized vehicle architecture solutions to a broad customer base primarily composed of original equipment manufacturers that manufacture increasingly software-defined, electrified and feature-rich vehicles. Its products provide the signal, power and data distribution that supports increased vehicle content and electrification and enables increased safety, reduced emissions and enhanced vehicle connectivity.

Aptiv is a global technology company that develops safer, greener and more connected solutions enabling a more sustainable future of mobility.

The Davis Polk corporate team included partners Michael Kaplan and Roshni Banker Cariello and associates Dennis Chu and David Giordano. Partner Michael Mollerus and associate Seth Cole provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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