Davis Polk advised the joint book-running managers and representatives of the underwriters on an SEC-registered offering by Stanley Black & Decker, Inc. of 7,500,000 equity units, including 750,000 equity units from the exercise by the underwriters of their option to purchase additional equity units. The equity units will initially consist of 7,500,000 shares of Stanley Black and Decker's 0% Series D cumulative perpetual convertible preferred stock, with a liquidation preference of $1,000 per share, and contracts to purchase, for an aggregate of $750 million, a variable number of shares of common stock of Stanley Black & Decker. In addition, Davis Polk also advised counterparties to capped call transactions with Stanley Black & Decker in connection with the offering.
Stanley Black & Decker is a diversified global provider of hand tools, power tools and related accessories, engineered fastening systems and products, services and equipment for oil & gas and infrastructure applications, commercial electronic security and monitoring systems, healthcare solutions and automatic doors.
The Davis Polk corporate team included partner John G. Crowley and associates Yoojin L. Kim and Meaghan Kennedy. The equity derivatives team included partner Ray Ibrahim and associates Justin Lashley, Stockton Bullitt and Crystal Chi. The tax team included partner Lucy W. Farr and associates Christopher A. Baratta and Rebecca A. Rosen. All members of the Davis Polk team are based in the New York office.