Simpson Thacher represented the initial purchasers in connection with a Rule 144A/Regulation S offering of $400 million aggregate principal amount of 7.125% Senior Notes due 2031 by TriNet Group, Inc. (“TriNet Group”). Simpson Thacher also represented JPMorgan Chase Bank, N.A., as administrative agent and as a joint lead arranger and joint bookrunner, in connection with an amendment to TriNet USA, Inc.’s credit agreement. The amendment, among other things, increases the aggregate revolving commitments under their revolving facility from $500 million to $700 million and extends the maturity date of the revolving facility to August 16, 2028.
The notes will be guaranteed by each of TriNet Group’s existing or future domestic subsidiaries that becomes a borrower or guarantor under their credit agreement or that becomes a guarantor of the TriNet Group’s 3.5% Senior Notes due 2029. TriNet Group intends to use the net proceeds from the sale of the notes to fund an equity tender offer and a share repurchase that it announced on July 31, 2023 and the remaining amount, if any, for general corporate purposes.
TriNet provides small and medium-size businesses with full-service industry-specific HR solutions, providing both professional employer organization and human resources information system services.
The Simpson Thacher team included Art Robinson, Mark Brod, Jieun Lim and Jessica Ryan (Capital Markets); Patrick Ryan, Stephanie Rotter and Sabrina Zhang (Banking & Credit); Pasco Struhs and Jesslyn Nunez (ECEB); Alysha Sekhon, Courtney Welshimer (IP); Michael Mann and Scott Grundei (Tax); and Andrew Pagliughi (Blue Sky).