The investment-grade notes were issued in three tranches

Davis Polk advised the joint bookrunners in connection with an offering by NTT Finance Corporation of $600 million aggregate principal amount of its 5.104% senior notes due 2027, $900 million aggregate principal amount of its 5.110% senior notes due 2029 and $850 million aggregate principal amount of its 5.136% senior notes due 2031.

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

NTT Finance is a wholly owned finance subsidiary of Nippon Telegraph and Telephone Corporation (NTT). As the sole finance subsidiary within the NTT group, NTT Finance occupies a central role in the provision of financing solutions to companies within the NTT group, and of cash management, accounting and tax and billing and collection services to companies within the NTT group. NTT group is 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.

The Davis Polk corporate team included partner Christopher Kodama and associates Haruka Moriya and Akiko Okamoto. Counsel Alon Gurfinkel and associates Kelli A. Rivers and Ya Sheng Lin provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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