Freshfields Advised TriNet on Tender Offer, Share Repurchase, and Financing
Freshfields Advised TriNet on Tender Offer, Share Repurchase, and Financing
Freshfields advised TriNet Group, Inc. on its fixed-price tender offer to repurchase 5,981,308 shares of its common stock for cash for $107.00 per share, representing approximately $640 million in value. Freshfields also advised TriNet on its repurchase for cash of 3,364,486 shares from affiliates of the Company's largest stockholder at the same price, representing approximately $360 million in value.
TriNet funded the tender offer and share repurchase using a combination of cash on hand, the net proceeds from a private offering of $400 million in aggregate principal amount of 7.125 per cent senior notes due 2031, and borrowings under its revolving credit agreement, which was upsized from $500 million to $700 million in connection with the transactions. 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”.
TriNet is a full-service HR solutions provider for small and medium-sized businesses. It offers both professional employer organisation (PEO) and human resources information system (HRIS) services. TriNet's suite of products includes access to human capital expertise, benefits, risk mitigation, compliance, payroll, and R&D tax credit services, all enabled by industry-leading technology. TriNet also offers services and software-based solutions to help streamline HR workflows, including employee engagement, benefits, and time and attendance.
Freshfields' capital markets team for the tender offer and share repurchase included Sarah Solum (partner), Taryn Zucker (counsel), Jennifer Burrow, Lauren Lee, and Alice Lindemann (associates). The capital markets team for the notes offering included Sarah Solum (partner), Tracy Zhang (counsel), Aashim Usgaonkar (senior associate), and Evelyne Kim (associate). The leveraged finance team included Kyle Lakin (partner), Aino Makisalo (senior associate), and Sahara Baker (associate). The tax team included Joe Soltis (partner) and Brendan Counihan (associate). The executive compensation and employee benefits team included Sarah Ghulamhussain (partner) and Kristen Stidham (associate).
