TriNet lifts term loan B to $200 million, trims term loan A size

By Sara Rosenberg

New York, July 2 – TriNet HR Corp. upsized its three-year term loan B to $200 million from $175 million and downsized its five-year term loan A to the $350 million to $375 million area from $400 million, according to a market source.

Also, pricing on the term loan B was trimmed to Libor plus 275 basis points from Libor plus 300 bps, the source said.

The term loan B still has no Libor floor, an original issue discount of 99½ and 101 soft call protection for six months.

Price talk on the term loan A, as well as on a $75 million five-year revolver, remained at Libor plus 275 bps.

J.P. Morgan Securities LLC is the lead bank on the deal (B1).

Proceeds will be used to refinance existing debt.

TriNet is a San Leandro, Calif.-based cloud-based provider of on-demand HR services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.