Palo Alto Networks’ $2 Billion Convertible Senior Notes Offering

Davis Polk advised the representatives of the several initial purchasers in connection with the offering.

Palo Alto Networks, Inc. executed an offering of an aggregate principal amount of $2 billion of its 0.375% convertible senior notes due 2025, which included $250 million aggregate principal amount of notes sold pursuant to the full exercise of the initial purchasers’ over-allotment option.

Palo Alto Networks has pioneered the next generation of security through their innovative platform that empowers enterprises, service providers and government entities to secure their organizations by safely enabling applications and data running in their networks, on their endpoints and in the cloud and by preventing breaches that stem from targeted cyberattacks.

Davis Polk advised Morgan Stanley & Co. LLC and Citigroup Global Markets Inc., as representatives of the initial purchasers, with a corporate team including partner Alan F. Denenberg (Picture), counsel Jeffrey Gould and associates Benson Richards and Dana Lueck-Mammen. The equity derivatives team included partner Mark J. DiFiore and associates Annie Li and Lindsey B. Meyers-Perez. Partner Po Sit and associate Daniel L. Jose provided tax advice. The intellectual property and technology transactions team included partner Frank J. Azzopardi.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Mark DiFiore – Davis Polk & Wardwell; Jeffrey Gould – Davis Polk & Wardwell; Daniel Jose – Davis Polk & Wardwell; Annie Li – Davis Polk & Wardwell; Dana Lueck-Mammen – Davis Polk & Wardwell; Lindsey Meyers-Perez – Davis Polk & Wardwell; Benson Richards – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Citigroup Global Markets Ltd; Morgan Stanley;

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Author: Ambrogio Visconti