CC Neuberger Principal Holdings II’s $828 Million Initial Public Offering

Davis Polk advised the representative of the several underwriters in connection with the initial public offering.

CC Neuberger Principal Holdings II executed the initial public offering of 82,800,00 units, including 10,800,000 units purchased pursuant to the full exercise of the underwriters’ option to purchase additional units, for aggregate proceeds of $828 million. Each unit consists of one Class A ordinary share and one-fourth of one warrant to purchase one Class A ordinary share of CC Neuberger Principal Holdings II. The units were listed on the New York Stock Exchange under the symbol “PRPB.U.”

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Macquarie Capital (UA) Inc., Loop Capital Markets LLC, and Natixis Securities Americas LLC acted as underwriters for the offering.

CC Neuberger Principal Holdings II, led by Chinh E. Chu, Matthew Skurbe, Douglas Newton, Jason Giordano and other senior professionals of CC Capital and Neuberger Berman, is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. CC Neuberger Principal Holdings II is not limited to a particular industry or geographic region for purposes of consummating a business combination.

The Davis Polk corporate team included partners Derek Dostal (Picture) and Deanna L. Kirkpatrick and associate Amy Mao. The tax team included partner Mario J. Verdolini and associate Talya Presser. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Derek Dostal – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Deanna Kirkpatrick – Davis Polk & Wardwell; Amy Mao – Davis Polk & Wardwell; Talya Presser – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Citigroup Global Markets Ltd; Credit Suisse Securities (USA) LLC; Loop Capital Markets; Macquarie Capital; Morgan Stanley; Natixis Securities Americas;

Author: Ambrogio Visconti