Freshfields advises TriNet on tender offer, share repurchase and related financing transactions
Freshfields advised TriNet Group, Inc. on its fixed price tender offer to repurchase for cash 5,981,308 shares of its common stock (representing approximately $640 million in value of shares) at a price of $107.00 per share. Freshfields also advised TriNet in connection with its repurchase for cash of 3,364,486 shares (representing approximately $360 million in value of shares) from affiliates of the Company’s largest stockholder at the same price.
The tender offer and share repurchase were funded using a combination of cash on hand, the net proceeds of the Company’s private offering of $400 million in aggregate principal amount of its 7.125% senior notes due 2031 and borrowings under the Company’s revolving credit agreement, which was upsized in connection with such transactions from $500 million to $700 million. Freshfields advised TriNet on the notes offering and the credit agreement amendment.
TriNet’s common stock is listed on the New York Stock Exchange under the trading symbol “TNET”.
More details can be found here.
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. TriNet offers access to human capital expertise, benefits, risk mitigation, compliance, payroll, and R&D tax credit services, all enabled by industry-leading technology. TriNet's suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, benefits, employee engagement, payroll and time & attendance.
The Freshfields capital markets team for the tender offer and share repurchase included partner Sarah Solum, counsel Taryn Zucker and associates Jennifer Burrow, Lauren Lee and Alice Lindemann. The capital markets team for the notes offering included partner Sarah Solum, counsel Tracy Zhang, senior associate Aashim Usgaonkar and associate Evelyne Kim. The leveraged finance team included partner Kyle Lakin, senior associate Aino Makisalo and associate Sahara Baker. The tax team consisted of partner Joe Soltis and associate Brendan Counihan. The executive compensation and employee benefits team consisted of partner Sarah Ghulamhussain and associate Kristen Stidham.
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