TeamSystem privately places €580 million two-part notes backing Hellman & Friedman LBO

By Paul A. Harris

Portland, Ore., March 9 – Italian software company TeamSystem Holding SpA has privately placed €430 million senior secured notes (B2) and €150 million of senior unsecured notes (Caa2), according to a London-based debt capital markets banker.

The deal, backing the acquisition of a majority interest in the company by Hellman & Friedman LLC, had been expected to come in a more widely circulated placement effort in January but instead was executed as a true private placement, the banker said, adding that the market has yet to hear terms on the privately placed notes.

The issuing entity was Bartolo MidCo SpA.

As part of the transaction, the company also issued a new super senior revolving credit facility of €65 million. Hellman & Friedman owns about a 77% stake in TeamSystem with the remainder held by HgCapital and management, according to a ratings release from Moody's Investors Service.

As reported, HgCapital intends to retain a minority stake in TeamSystem, according to a press release posted on its web site.

Mediobanca SpA acted as financial adviser to Hellman & Friedman on the transaction, the HgCapital release stated.

Rothschild acted as financial adviser to HgCapital.

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