Davis Polk advised DXC Technology Company and its Dutch subsidiary, ES Sinope Holding B.V., in connection with a €400 million unsecured term loan to ES Sinope. The Bank of Tokyo-Mitsubishi UFJ, Ltd. acted as administrative agent for the lenders. The term loan is scheduled to mature on May 12, 2018. The proceeds of the term loan will be used to finance a distribution to DXC and for general corporate purposes. DXC expects to use the distribution proceeds to repay other indebtedness.
DXC is an end-to-end IT services company, helping clients harness the power of innovation to thrive on change. Created by the spin-off of DXC, which holds the Enterprise Services business of Hewlett Packard Enterprise, by HPE and the merger of Computer Sciences Corporation with a wholly owned subsidiary of DXC on April 1, 2017, DXC serves nearly 6,000 private and public sector clients across 70 countries.
The Davis Polk credit team included partners Lawrence E. Wieman and Meyer C. Dworkin and associates Vanessa L. Jackson and Phoebe Jin. All members of the Davis Polk team are based in the New York office.