New Issue: TeamSystem sells €750 million of five-, seven-year floating-rate notes

By Paul A. Harris

Portland, Ore., March 22 – TeamSystem Holding SpA priced €750 million of Euribor plus 400 basis points senior secured floating-rate notes (expected ratings B3/B+) at par on Thursday, according to a market source.

The spread came at the tight end of the Euribor plus 400 bps to 425 bps spread talk.

Of the overall amount priced, a €550 million tranche of five-year notes was placed on Thursday. A €200 million amount of seven-year notes, with the same terms, was pre-placed.

Joint physical bookrunner Goldman Sachs will bill and deliver. UniCredit was also a joint physical bookrunner.

Joint bookrunners were UBS, HSBC, JPMorgan, Mediobanca and Morgan Stanley.

The business software producer plans to use the proceeds to redeem TeamSystem Holding’s outstanding €150 million senior floating-rate notes due 2023 and €570 million senior secured floating-rate notes due 2022.

The company is based in Milan, Italy.

Issuer:	TeamSystem Holding SpA
Amount:	€750 million
Securities:	Senior secured floating-rate notes
Joint physical bookrunners:	Goldman Sachs (bill and deliver), UniCredit
Joint bookrunners:	UBS, HSBC, JPMorgan, Mediobanca and Morgan Stanley
Call protection:	One year
Expected ratings:	Moody's: B3
	S&P: B+
Distribution:	Rule 144A and Regulation S
Price talk:	Euribor plus 400 to 425 bps
Marketing:	Roadshow
Five-year notes
Amount:	€550 million
Term:	Five years
Coupon:	Euribor plus 400 bps
Price:	Par
Yield:	Euribor plus 400 bps
Seven-year notes
Amount:	€200 million
Term:	Seven years
Coupon:	Euribor plus 400 bps
Price:	Par
Yield:	Euribor plus 400 bps

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