TeamSystem talks €300 million seven-year notes to yield in 7½% area

By Paul A. Harris

Portland, Ore., April 17 - Titan Luxco 2 Sarl, which will be transformed into TeamSystem SpA, talked its €300 million offering of seven-year senior secured notes (expected ratings B2/B) with a yield in the 7½% area, a market source said on Wednesday.

The roadshow is set to wrap up on Thursday, and the deal is expected to price thereafter.

Joint global coordinator and joint bookrunner JPMorgan will bill and deliver. SG CIB, UniCredit and HSBC are also joint global coordinators and joint bookrunners. Natixis, IKB and Banca IMI are also joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Proceeds will be used to repay debt.

The software company was formed in Luxembourg.

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