Koninklijke Philips N.V.’s cash tender offer to purchase up to $400 million of its outstanding notes

Davis Polk advised the dealer managers in connection with a cash tender offer by Koninklijke Philips N.V. to purchase up to $400 million aggregate principal amount of its outstanding 6.875% notes due 2038, 7.200% notes due 2026, 7.125% Series A debentures due 2025 and 7.750% Series B debentures due 2025.

The Company has retained Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Mizuho Securities USA Inc. as Dealer Managers in connection with the Offer.

Headquartered in Amsterdam, the Netherlands, Philips is a leader in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care. Philips employs approximately 69,000 employees and has sales and provides services in more than 100 countries.

The Davis Polk corporate team included partner Reuven B. Young (Picture), counsel Radoslaw Michalak and associate Adam H. Whitaker. Counsel Alon Gurfinkel and associate Nicholas A. Machen provided U.S. tax advice.

Involved fees earner: Reuven Young – Davis Polk & Wardwell; Radoslaw Michalak – Davis Polk & Wardwell; Adam Whitaker – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Nicholas Machen – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Deutsche Bank Securities; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Mizuho Securities;