Snap-on Incorporated $400 Million Notes Offering and Concurrent Tender Offer

Davis Polk advised the representatives of the several underwriters, in connection with an SEC-registered offering by Snap-on Incorporated of $400 million aggregate principal amount of its 4.100% notes due 2048.

Citigroup, J.P. Morgan and US Bancorp acted as Joint Book-Running Managers on the offering.

Davis Polk also advised the dealer managers in connection with Snap-on’s concurrent cash tender offer for its outstanding 6.70% notes due 2019. The tender offer will be funded with the proceeds of the notes offering.

Snap-on is a global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Originally incorporated in 1920, it currently markets its products and brands through sales distribution channels in over 130 countries.

The Davis Polk capital markets team included partner Byron B. Rooney (Picture) and associate Martin Oberst. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. The environmental team included counsel Loyti Cheng.

Involved fees earner: Byron Rooney – Davis Polk & Wardwell; Martin Oberst – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Kelli Rivers – Davis Polk & Wardwell; Loyti Cheng – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Citigroup Inc.; JP Morgan; US Bancorp;


Author: Ambrogio Visconti