TeamSystem’s call of 7 3/8% senior secured notes now set for May 20

New York, May 10 – TeamSystem Holding SpA said that its redemption of its €430 million of 7 3/8% senior secured notes due 2020 will now take place on May 20.

An earlier notice dated April 28 was not provided to the clearing systems and therefore was not effective, the company said in a news release on Tuesday.

That previous announcement had fixed the redemption date for May 17.

As before, holders will receive 103.688% of par plus accrued interest up to the redemption date, according to a notice issued on Tuesday.

The company previously announced on March 9 that it intended to redeem the notes by May 31.

The redemption follows the sale of the company to Barolo BidCo SpA, an entity controlled by private equity company Hellman & Friedman LLC, according to an announcement.

Barolo has entered into committed financing through a private placement of notes. Proceeds from these notes will be used to repay the existing notes.

TeamSystem previously announced and then rescinded a make-whole call for the 7 3/8% notes scheduled for March 1.

At the time the company said it has made an alternative financing arrangement that will allow the notes to remain outstanding after the acquisition.

TeamSystem is a Milan, Italy-based developer and distributor of software and services targeting businesses, accountants, employment consultants, law firms, building managers and associations.

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