We advised the initial purchasers on the senior notes offerings

Davis Polk advised the initial purchasers in connection with an offering by NTT Finance Corporation of $1 billion aggregate principal amount of its 4.7410% senior notes due 2028, $750 million aggregate principal amount of its 4.8279% senior notes due 2029, $750 million aggregate principal amount of its 5.0115% senior notes due 2031, $1 billion aggregate principal amount of its 5.2588% senior notes due 2033, $750 million aggregate principal amount of its 5.4830% senior notes due 2036, $500 million aggregate principal amount of its senior floating-rate notes due 2029 and $750 million aggregate principal amount of its senior floating-rate notes due 2031. 

Davis Polk also advised the initial purchasers in connection with a concurrent offering by NTT Finance Corporation of €750 million aggregate principal amount of its senior floating-rate notes due 2028, €750 million aggregate principal amount of its 3.3252% senior notes due 2029, €750 million aggregate principal amount of its 3.5592% senior notes due 2031, €750 million aggregate principal amount of its 3.8470% senior notes due 2034, €850 million aggregate principal amount of its 4.2330% senior notes due 2038 and £400 million aggregate principal amount of its 4.8522% senior notes due 2029. The notes were sold in an offering exempt from registration pursuant to Rule 144A / Regulation S and the issuer is relying on the exemption from registration provided by Section 3(c)(7) of the Investment Company Act. The aggregate proceeds of the offerings were approximately $10.4 billion, which has been reported to be the largest offering by an Asian corporate in the global debt market so far this year.

NTT Finance is a wholly owned finance subsidiary of NTT, Inc. As the sole finance subsidiary within the NTT group, NTT Finance occupies a central role in the provision of financing solutions to companies within the NTT group, and of cash management, accounting & tax and billing & collection services to companies within the NTT group. NTT group is one of Japan’s largest telecommunications providers, offering a wide range of high-quality mobile and fixed-line telecommunications services and products to consumers and enterprises domestically.

The Davis Polk corporate team included partner Christopher Kodama, counsel Chihiro Sasaki and associates Akiko Okamoto and Yoshi Kusama Sanders. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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