Callaway Golf Company $259 Million Convertible Senior Notes Offering

Davis Polk advised the initial purchasers in connection with a Rule 144A offering by Callaway Golf Company of $258.75 million aggregate principal amount of its 2.75% convertible senior notes due 2026 (which includes the exercise in full by the initial purchasers of their option to purchase up to $33.75 million additional aggregate principal amount of notes). In addition, Davis Polk advised the counterparties to the capped call transactions in connection with the offering.

Headquartered in Carlsbad, California, Callaway is a premium golf equipment and active lifestyle company with a portfolio of global brands, including Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. Callaway manufactures and sells premium golf clubs, golf balls, golf and lifestyle bags, golf and lifestyle apparel and other accessories. Callaway is listed on the New York Stock Exchange under the symbol “ELY.”

The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associates Rahul K. Patel and Elizabeth Sheerin. The Davis Polk equity derivatives team included partner John M. Brandow and associates Hanbing Zhang, Annie Li and Lindsey B. Meyers-Perez. Partner Michael Farber and associate Lex L. Varga provided tax advice. Counsel Loyti Cheng provided environmental advice. All members of the Davis Polk team are based in the New York office.