Commentary & Deal Flow

Price Talk: 6.50%06.75%

IPTs: 6NC2: 6.75-7.00%

• Issuer: TeamSystem S.p.A.
• Business: Prominent European provider of AI-powered mission critical integrated SaaS solutions, enabling digital transformation for small, medium, and professional businesses across Italy, Spain, Türkiye, France, and Israel. HQ: Milan, Italy
• Issue: Senior Secured Fixed Rate Notes due 2032
• Size: €700m
• Currency: EUR
• Tenor: 6 years
• Call Protection: NC2, (MWC T+50bp), then 50%, par. Equity claw: 2y 40%. Special call: 10% per year the 1st 2 years at 103
• Ratings: B2/B/B (stable/stable/stable)
• Price Talk: 6.50%-6.75%
• IPT: 6.75%-7.00%
• UoP: Redeem the EUR300m 3.5% sr sec notes due 02/15/28, repay EUR180m drawn on its super sr RCF, EUR178m to prefund existing earn-outs/deferred consideration due 2026.
• Covenants: Same as existing
• Governing Law: New York
• Format: 144A / Reg S For Life
• Listing: Luxembourg Stock Exchange (Euro MTF)
• Denominations: €100,000 / €1,000
• Clearing: Euroclear / Clearstream
• Change of Control: investor put at 101
• Equity Sponsors: Hellman & Friedman (69%), Silver Lake (12.3%), Adia (9.8%), CapitalG (2.8%).
• Global Coordinators and Physical Bookrunners: Goldman Sachs Bank Europe SE (B&D), JP Morgan
• Joint Bookrunners: Barclays, BNP Paribas, BofA Securities, Deutsche Bank, IMI – Intesa Sanpaolo, Mediobanca, Morgan Stanley, Nomura, UBS Investment Bank, UniCredit
• Timing: Books close 23-Jun-26 at 2:45pm UKT ; 3:45pm CET. Pricing 23-Jun-26 UK afternoon
• Marketing: Investor Call Monday, 22-Jun-26, at 10.30 UKT / 11:30 CET
• Global Investor Call Registration Link: https://www.netroadshow.com/events/login/1PeTHmohK1BLaN34lnssfN9Tr29wEA9nD9cve