Otis’ €1.6 Billion Notes Offering

NautaDutilh assisted Otis Worldwide Corporation on the deal.

Otis Worldwide Corporation, via its indirect wholly owned subsidiary Highland Holdings S.à r.l., a private limited-liability company incorporated under the laws of the Grand Duchy of Luxembourg, completed a successful closing of an offering valued at EUR 1.6 billion, consisting of EUR 500 million in 0.000% notes maturing in 2023, EUR 600 million in 0.318% notes maturing in 2026, and EUR 500 million in 0.934% notes maturing in 2031.

The offering closed on 12 November 2021.  Each series of notes is fully and unconditionally guaranteed by Otis, on an unsecured and unsubordinated basis. The net proceeds from the offering will be used to acquire shares of Zardoya Otis S.A., whether pursuant to the all-cash voluntary tender offer commenced by Otis’ wholly owned subsidiary Opal Spanish Holdings S.A.U. or otherwise and to pay fees and expenses in connection therewith.

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

NautaDutilh’s team consisted of Margaretha Wilkenhuysen, Josée Weydert, Jean-Marc Groelly, Brice Bertolotti, Julia Amusan, Catharina Pinho, Félix Lecendrier and Joachim Zwartkruis.

Involved fees earner: Julia Amusan – NautaDutilh; Brice Bertolotti – NautaDutilh; Jean-Marc Groelly – NautaDutilh; Félix Lecendrier – NautaDutilh; Catharina Pinho – NautaDutilh; Josée Weydert – NautaDutilh; Margaretha Wilkenhuysen – NautaDutilh; Joachim Zwartkruis – NautaDutilh;

Law Firms: NautaDutilh;

Clients: Otis Elevator Company;

Naoual Sadouqi

Author: Naoual Sadouqi