Paul Hastings Advises Syndicate of Initial Purchasers on €1.75 Billion High Yield Offering

Paul Hastings LLP advised a syndicate of initial purchasers, led by BofA Securities and J.P. Morgan and including Barclays, BNP Paribas, Deutsche Bank, Goldman Sachs, IMI, Mediobanca, Morgan Stanley, Nomura, UBS and UniCredit, in connection with the successful offering of €1.75 billion of senior secured notes by TeamSystem S.p.A.

The notes comprise €1.25 billion senior secured floating rate notes due 2032 and €500 million senior secured fixed rate notes due 2031. The financing also consisted of an upsized €350 million revolving credit facility provided by certain affiliates of the initial purchasers as well as the issuance of €350 million of senior floating rate pay-if-you-want PIK toggle notes due 2033.

TeamSystem is majority owned by Hellman & Friedman and is a leading provider of cloud-based enterprise resource planning, financial management system and e‑invoicing software in Italy.

Global Finance partners Patrick Bright and Mo Nurmohamed led the Paul Hastings team, which included partners Fabio Pazzini and Karan Chopra and associates Harry Lee, Adnane Ayeb, Rebecca Bunyan, Ioanna Droussiotou and Tommaso d’Andrea di Pescopagano.

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