Simpson Thacher represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a debut Rule 144A/Regulation S offering of $500 million aggregate principal amount of 3.5% Senior Notes due 2029 by TriNet Group, Inc. (“TriNet Group”). Simpson Thacher also represented the joint lead arrangers and joint bookrunners, led by JPMorgan Chase Bank, N.A., in connection with a new $500 million revolving credit agreement (the “Credit Agreement”) for TriNet Group.
The notes are guaranteed on a senior unsecured basis by each of TriNet Group’s existing and future U.S. subsidiaries that is a party to the Credit Agreement. TriNet Group intends to use the net proceeds from the notes offering to repay its outstanding term loan and the remaining amount for general corporate purposes.
TriNet is a leading provider of HR expertise, payroll services, employee benefits and employment risk mitigation services for small and medium-size businesses.
The Simpson Thacher team included Art Robinson, Mark Brod and Evan Zuckerman (Capital Markets); Patrick Ryan, Stephanie Rotter and Heather Lee (Banking & Credit); Jennifer Neilsson (ECEB); Jonathan Pall (Collateral); Michael Isby (Environmental); Genevieve Dorment and Alysha Sekhon (IP); Abram Ellis and Christine Tillema (Regulatory); Sophie Staples and Scott Grundei (Tax); and Andrew Pagliughi (Blue Sky).