NTT Finance concurrent $8 billion and €2 billion senior notes offerings
We advised the initial purchasers on the guaranteed senior notes offerings
3/3/2021

Davis Polk advised the initial purchasers in connection with an offering by NTT Finance Corporation of (i) $1.5 billion aggregate principal amount of its 0.373% senior notes due 2023, (ii) $1 billion aggregate principal amount of its 0.583% senior notes due 2024, (iii) $3 billion aggregate principal amount of its 1.162% senior notes due 2026, (iv) $1.5 billion aggregate principal amount of its 1.591% senior notes due 2028 and (v) $1 billion aggregate principal amount of its 2.065% senior notes due 2031. The notes are guaranteed by Nippon Telegraph and Telephone Corporation.

Davis Polk also advised the initial purchasers in connection with a concurrent offering by NTT Finance Corporation of (i) €1 billion aggregate principal amount of its 0.010% senior notes due 2025 and (ii) €1 billion aggregate principal amount of its 0.342% senior notes due 2030. The notes are guaranteed by Nippon Telegraph and Telephone Corporation.

The notes were sold in an offering exempt from registration pursuant to Rule 144A and Regulation S and the issuer is relying on the exemption from registration provided by Section 3(c)(7) of the Investment Company Act.

Nippon Telegraph and Telephone Corporation is a leading provider of comprehensive ICT and system integration solutions globally and is also 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.

NTT Finance Corporation, as the sole finance subsidiary within the NTT Group, occupies a central role in the provision of financing solutions to companies of the NTT Group, and of cash management, financing and billing and collection services to companies within the NTT Group. 

The Davis Polk capital markets team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki and Paul Lee. Partner Gregory S. Rowland and counsel Sarah E. Kim provided ’40 Act advice. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Tokyo, New York and London offices.