We advised the initial purchasers on the Rule 144A offering

Davis Polk advised the joint book-running managers in connection with a Rule 144A offering by Enphase Energy, Inc. of $575 million aggregate principal amount of its 0% green convertible senior notes due 2026 and $575 million aggregate principal amount of its 0% green convertible senior notes due 2028. Davis Polk also advised the counterparties to convertible note hedge and warrant transactions entered into by Enphase in connection with the offering. Enphase expects to use an amount equal to the net proceeds of the offering to finance or refinance, in whole or in part, existing, new or ongoing eligible green expenditures.

Headquartered in Fremont, California, Enphase is a global energy technology company that delivers smart, easy-to-use solutions that manage solar generation, storage and management on one single platform.

The Davis Polk corporate team included partner Stephen Salmon and associates Dongbiao Shen and Dana Lueck-Mammen. The equity derivatives team included partner Ray Ibrahim and associates Joseph Luizzi, Hanbing Zhang, Danielle Forni and Alex Yang. The tax team included partner Lucy W. Farr and associate Ben Levenback. Members of the Davis Polk team are based in the Northern California and New York offices.

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