We advised the arranger and the agent on the facilities

Davis Polk advised the sole lead arranger, sole bookrunner and administrative agent in connection with a €1.65 billion bridge facility for Otis Worldwide Corporation and its wholly owned subsidiary Opal Spanish Holdings S.A.U. The bridge facility will be available to finance Otis’s acquisition of all of the shares it does not currently own of Zardoya Otis, S.A., a subsidiary of Otis that is publicly traded on the Madrid, Barcelona, Bilbao and Valencia stock exchanges. In addition, Davis Polk advised the administrative agent in connection with a related guarantees issuance agreement, whereby the guarantee provider has committed to issue to the Comisión Nacional del Mercado de Valores of Spain a guarantee (an “aval”) in an amount equal to the total purchase price of €1.65 billion, as required by the Spanish takeover code.

Otis, headquartered in Farmington, Connecticut, is the world’s leading elevator and escalator manufacturing, installation and service company.

Headquartered in Madrid, Zardoya Otis is a premier elevator original equipment and service business with operations in Spain, Portugal and Morocco. Its product portfolio comprises vertical and horizontal transportation systems as well as moving walkways and accessibility products.

The Davis Polk finance team included partner Jason Kyrwood and counsel Darren Mahone and Mayer J. Steinman. The corporate team included partner Michael J. Willisch. Partner Patrick E. Sigmon and associate Bree Gong provided tax advice. Partner Paul D. Marquardt, counsel Will Schisa and associate Paul Shortell provided regulatory advice. Members of the Davis Polk team are based in the New York, Madrid and Washington DC offices.

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