TriNet to price $500 million eight-year senior notes on Wednesday; initial talk 7% area

By Paul A. Harris

Portland, Ore., Aug. 1 – TriNet Group, Inc. expects to price a $500 million offering of eight-year senior notes (Ba2/BB) on Wednesday, according to market sources.

The deal, which was scheduled to officially kick off on a Tuesday morning conference call with investors, is in the market with initial price talk in the 7% area, according to a sellside source.

The Rule 144A and Regulation S for life notes are subject to an initial call after three years at par plus 50% of the coupon. The notes feature a 40% equity clawback at par plus the full coupon during the non-call period.

BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC, BMO Capital Markets Corp., Citizens Capital Markets Inc., HSBC Securities (USA) Inc., KeyBank Capital Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, Truist Securities Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

Proceeds will be used to fund an equity tender offer and share repurchase, with any remaining proceeds to be used for general corporate purposes.

The prospective issuer is a cloud-based professional employer organization for small and medium-sized businesses. The company maintains headquarters in Dublin, Calif.

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