Latham Advises UL Solutions Inc. on Inaugural Private Offering of Senior Notes

Latham & Watkins represented UL Solutions Inc., a global leader in applied safety science, in its inaugural private offering of US$300 million aggregate principal amount of senior notes. The notes are guaranteed on a senior unsecured basis by UL Solutions’ wholly owned subsidiary, UL LLC.

UL Solutions provides independent testing, inspection and certification (TIC) services and related software and advisory offerings to customers worldwide. Tracing its history to 1894, UL Solutions is the largest TIC provider headquartered in North America by revenue, with a global network of laboratories and a technical team of more than 9,600 scientists, engineers, and other specialized technical and regulatory experts that provided comprehensive product safety, security, and sustainability solutions to more than 80,000 customers across more than 110 countries in 2022.

The five-year notes achieved a coupon of 6.5% and received investment grade ratings from Standard & Poor’s, Moody’s, and Fitch. In connection with the offering, UL Solutions also entered into a registration rights agreement, under which it has agreed to conduct an exchange offer to register the notes within two years of issuance.

The Latham & Watkins team was led by Chicago partners Cathy Birkeland, Chris Lueking, Roderick Branch and Jonathan Sarna, with counsel Manasi Bhattacharyya and associates Ben Winnett, Greer Gaddie, and Chelsea Carlson. Advice was also provided on tax matters by Chicago partner Rene de Vera.