by Stephen Carter
Jun 18, 2025 10:00 AM ET
+++Adds full maturity date on the FRN+++
TeamSystem SpA (TITANL) EUR1.75bn (up from EUR1.2bn) 144A/Reg S sr sec notes 2-part. B2/B-/B (stable/stable/stable). Via BoA (B&D FRN)/JPM (B&D fixed) jt physical books/ Barc/BNP/DB/GS/IMI/MedioBanca/MS/Nomura/UBS/UniCredit jt books. No reg rights. List Lux. NY law. Settles 07/02.
- EUR500m (from EUR300m minimum) sr sec notes due 07/01/31 (6y). NC2 (07/01/27) (MWC B+50bp), then at 102.50, 100. Equity claw: 2y 40% at 105.00. IPO call: 2y 100% at 102. CoC at 101. Special call: 10% per year the first 2 years at 103. Pays Apr 15 and Oct 15, starting 10/15/25. Denoms: 100x1. Reg S ISIN: XS3101363011; 144A ISIN: XS3101364092. IPT: mid 5s. Price talk: 5.25%-5.50%. Revised price talk: 5.00%-5.25%. Priced: 5.00% at 100. +280bp vs DBR 0% 08/15/31.
- EUR1.25bn (from EUR300m minimum) FRN due 07/01/32 (7y). NC1 (07/01/26) (MWC B+50bp), then at 100. CoC at 101. Pays Jan 15, April 15, July 15, Oct 15, starting 10/15/25. Denoms: 100x1. Reg S ISIN: XS3101375965; 144A ISIN: XS3101377151. IPT: E+high 300s at par. Price talk: E+350-375bp at par. Revised price talk: E+325-350bp at par. Priced: 3mE+325bp at 100.
Roadshow 06/16-17 (investor call at 10am UKT 06/16). Books closed 10am UKT 06/18. Reconfirm were due by 12pm UKT (from 11am UKT) 06/18. UOP: to fully redeem (up from EUR300m) its EUR850m FRN due 02/15/28 (callable at 100), pay EUR175m of contingent and deferred consideration related to M&A, EUR45m fund/prefund M&A, fund a EUR350m distribution to shareholders, EUR2260m cash on the B/S, and repay EUR45m drawn on its revolver (EUR550m upsize to fully redeem its FRN due 2028). Also along with a private placement of EUR350m holdco sr pay-if-you-want PIK toggle FRN due 2033, which will be used to pay a distribution to shareholders. Equity sponsors: Hellman & Friedman (69%), Silver Lake (12%), Luxinva (10%) and CaptialG (3%). 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).