Davis Polk advised Brookfield Business Partners L.P. in connection with the Rule 144A/Regulation S offering by Panther BF Aggregator 2 LP and Panther Finance Company, Inc., of $1 billion aggregate principal amount of their 6.250% senior secured notes due 2026, €700 million aggregate principal amount of their 4.375% senior secured notes due 2026 and $1.95 billion aggregate principal amount of their 8.500% senior notes due 2027. The gross proceeds of this offering were placed into escrow accounts and, together with borrowings under new senior secured credit facilities and an equity contribution, will be used to fund the acquisition by Brookfield of the Power Solutions business of Johnson Controls International plc.

Brookfield Business Partners acquires high-quality businesses and applies its global investing and operational expertise to create value, with a focus on profitability, sustainable margins and sustainable cash flows. The Power Solutions business of Johnson Controls is one of the largest manufacturers and distributors of low voltage, advanced automotive battery technologies in the world. It provides one in every three automotive lead-acid batteries globally, servicing cars, heavy duty trucks, motorcycles and marine and power sports vehicles.

The Davis Polk capital markets team included partners Michael Kaplan and Derek Dostal and associates Stephen A. Byeff and Isabel Rivera. The finance team included partners Sartaj Gill and J.W. Perry, counsel Hilary Dengel and associates Jack Orford, Nathan P. Huynh and Sean Michael Pinckney. All members of the Davis Polk team are based in the New York office.

Copy link to share post