Versigent raises $1.5B in notes after Aptiv spinoff
What's the deal? VersigentDealroom has a profile for this one. Try Dealroom →, the newly independent vehicle-architecture company, raised $1.5 billion through a notes offering tied to its spinoff from AptivDealroom has a profile for this one. Try Dealroom → PLC. Subsidiaries Cyprium Corporation and Cyprium Holdings Luxembourg issued 6.125% senior notes due 2031 and 6.375% senior notes due 2034 under Rule 144A and Regulation S.
Why now? The offering funds Versigent's launch as a standalone business. Aptiv separated its former Electrical Distribution Systems segment through a tax-free spinoff, now completed, with Versigent trading as an independent company on the New York Stock Exchange.
What's the endgame? Versigent designs and manufactures low-voltage and high-voltage electrical architectures. It supplies vehicle architecture solutions mainly to original equipment manufacturers building increasingly software-defined, electrified, and feature-rich vehicles.
The deal also included related debt facilities: a $850 million senior secured revolving credit facility and a $500 million senior secured term loan. Schoenherr advised the Cyprium entities as Polish counsel alongside Davis Polk & Wardwell, covering the notes and a guarantee from Versigent's Polish subsidiary.
The signal: The raise sits in the top tier of post-IPO debt rounds among energy companies — roughly the 94th percentile across 689 comparable deals over the past four years. It reflects how large industrial suppliers are tapping debt markets to stand up independently amid the shift toward electrified, software-defined vehicles.
Read more: Schoenherr
