Kaman $175 Million Convertible Senior Notes Offering


Davis Polk advised the representatives of the initial purchasers in connection with a Rule 144A offering by Kaman Corporation of $175 million aggregate principal amount of its 3.25% convertible senior notes due 2024. In addition, Davis Polk advised the counterparties to the capped call transactions in connection with the offering.

J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Citizens Capital Markets, Inc., KeyBanc Capital Markets Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, CJS Securities, Inc., Drexel Hamilton, LLC, Fifth Third Securities, Inc., Sidoti & Company, LLC and TD Securities (USA) LLC acted as initial purchasers.

Headquartered in Bloomfield, Connecticut, Kaman Corporation is a diversified company that conducts business in the aerospace and distribution markets. Through its distribution segment, the company provides electro-mechanical products, bearings, power transmission, motion control and electrical and fluid power components to a broad spectrum of industrial markets. The company’s aerospace segment produces and markets proprietary aircraft bearings and components, ball bearings, composite aerostructures and various solutions for missile and bomb systems.

The Davis Polk corporate team included partner Derek Dostal (Picture) and associate Evan Leitner. The equity derivatives team included partner Mark M. Mendez and associates Mark J. DiFiore, Caitlin L. Wood, Won Lee and Jenny Ge. Partner Michael Farber and associate Ariel David Siman provided tax advice.

Involved fees earner: Derek Dostal – Davis Polk & Wardwell; Evan Leitner – Davis Polk & Wardwell; Mark Mendez – Davis Polk & Wardwell; Mark DiFiore – Davis Polk & Wardwell; Caitlin Wood – Davis Polk & Wardwell; Won Lee – Davis Polk & Wardwell; Jenny Ge – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Ariel Siman – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Merrill Lynch, Pierce, Fenner & Smith Incorporated; UBS; JP Morgan Securities; TD Securities; Fifth Third Securities, Inc.; KeyBanc Capital Markets; Citizens Financial Group, Inc.; Sidoti & Company; BB&T Corporation; Drexel Hamilton;

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Author: Ambrogio Visconti