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CDK Global Completes $750 Million Debt Offering

Paul, Weiss client CDK Global, Inc., formerly the Dealer Services business of Automatic Data Processing, Inc., closed a $750 million offering of senior notes, lead managed by J.P. Morgan, Morgan Stanley, BofA Merrill Lynch and Citigroup. The offering consisted of $250 million of 3.30% senior notes due 2019 and $500 million of 4.50% senior notes due 2024. The net proceeds from the offering of the notes were used to repay outstanding borrowings under CDK Global's bridge loan facility, which was drawn at the time of its separation from ADP. 

The Paul, Weiss team included corporate partner David Huntington.

October 14, 2014

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