Davis Polk advised the initial purchasers in a Rule 144A/Regulation S offering by New Enterprise Stone & Lime Co., Inc. of $200 million aggregate principal amount of its 10.125% senior notes due 2022. The notes are guaranteed by certain subsidiaries of New Enterprise Stone & Lime.

Davis Polk also advised the dealer manager in connection with New Enterprise Stone & Lime’s cash tender offer for any and all of its outstanding 11% senior notes due 2018. Following the settlement of the tender offer, all outstanding 2018 notes were called for redemption. The tender offer was funded in part with the proceeds of the 2022 notes offering.

New Enterprise Stone & Lime is a vertically integrated construction materials supplier and heavy/highway construction contractor in Pennsylvania and western New York and a national traffic safety services and equipment provider.

The Davis Polk capital markets team included partner John B. Meade, counsel Meredith L. Mackey and associates Roderick G. Miller, Eugene Baek and Rahim Manji. Partner Rachel D. Kleinberg and associate Jonathan Atkins provided tax advice. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. Counsel Charles Shi provided executive compensation advice. Members of the Davis Polk team are based in the New York and Northern California offices.

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