TeamSystem sets tranche sizes, talk in €750 million two-part notes offering; books closed

By Paul A. Harris

Portland, Ore., March 22 – Italy-based TeamSystem Holding SpA set price talk in its €750 million offering of senior secured floating-rate notes (B3//B+), according to a market source.

The deal includes €550 million of five-year notes and €200 million of seven-year notes.

Both tranches are talked at a spread to Euribor of 400 basis points to 425 bps.

Books closed earlier on Thursday.

Goldman Sachs is leading the Rule 144A and Regulation S offering.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.