New Issue: TeamSystem prices €130 million tap of 7 3/8% notes due 2020 at 105.75 to yield 5.765%

By Paul A. Harris

Portland, Ore., April 16 - TeamSystem SpA priced a €130 million add-on to its 7 3/8% senior secured notes due May 15, 2020 (B2/B-/) at 105.75 to yield 5.765% on Wednesday, according to a market source.

The reoffer price came at the rich end of the final 105.5 to 105.75 price talk. Earlier guidance came in the 105.5 area.

Global coordinator JPMorgan will bill and deliver. HSBC, UBS and UniCredit were joint bookrunners.

The Luxembourg-based software company plans to use the proceeds to finance the acquisition of 24Ore Software and for general corporate purposes.

Issuer:	TeamSystem Holding SpA
Face amount:	€130 million
Proceeds:	€137 million
Maturity:	May 15, 2020
Security description:	Add-on to 7 3/8% senior secured notes due May 15, 2020
Global coordinator:	JPMorgan (bill and deliver)
Joint bookrunners:	HSBC, UBS, UniCredit
Coupon:	7 3/8%
Price:	105.75
Yield to worst:	5.765%
Spread:	542 bps
Price talk:	105.5 to 105.75, revised from 105.5 area
First call:	May 15, 2016 at 103.688
Equity clawback:	40% at 107.375 until May 15, 2016
Change-of-control put:	101%
Trade date:	April 16
Ratings:	Moody's: B2
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S for life
Marketing:	Roadshow
Original issue:	€300 million priced at par in April 2013
Total issue size:	€430 million

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