| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for TeamSystem Holding SpA > News item |
TeamSystem sets talk, indicates tranche sizing in €1.15 billion two-part notes offering
By Paul A. Harris
Portland, Ore., Jan. 27 – TeamSystem Holding SpA set price talk and gave an indication of the tranche sizes in its €1.15 billion two-part offering of seven-year senior secured notes (B3//B+), according to market sources.
The deal includes fixed-rate notes, which come with three years of call protection, talked to yield in the 3¾% area.
It also includes floating-rate notes, which come with one year of call protection, talked with a spread to Euribor in the 400 basis points area.
The minimum tranche size will be €300 million.
Marketing of the deal was expected to conclude on Wednesday.
J.P. Morgan AG is the lead. Barclays, BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs International, Morgan Stanley, Nomura and UniCredit Bank are also underwriters of the offering.
The issuing entity is special purpose vehicle Brunello Bidco SpA.
Proceeds will be used to support the transfer of the Milan-based software company from one fund controlled by private equity firm Hellman & Friedman to another and to repay TeamSystem debt.
© 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.