by Stephen Carter
Jun 16, 2025 6:48 AM ET
TeamSystem SpA (TITANL) EUR1.2bn 144A/Reg S sr sec notes 2-part. --/--/B (--/--stable). Via BoA (B&D FRN)/JPM (B&D fixed) jt physical books/ BNP/DB/GS/IMI/MedioBanca/MS/Nomura/UBS/UniCredit jt books. No reg rights. List Lux. NY law.
- EUR TBD (EUR300m minimum) sr sec notes due 2031 (6y). NC2 (50%, par).
- EUR TBD (EUR300m minimum) FRN due 2032 (7y). NC1 (par).
Roadshow 06/16-17 (investor call at 10am UKT 06/16). UOP: refinance existing EUR300m FRN, pay deferred consideration, fund/prefund M&A, fund a distribution to shareholders, cash on the B/S. . Equity sponsors: Hellman & Friedman and HgCaptial. Biz: a leading provider of business software solutions to businesses and accountants in Italy, Spain, and Turkey. HQ: Pesaro, Italy.
Netroadshow link: https://www.netroadshow.com/nrs/home/#!/?show=3ed7076b (entry code: TRIUMPHLF25).
Note: Fitch has downgraded the existing sr sec notes to B from B+.