TRINET GROUP, INC. (TNET): debt financing — TriNet issues 7.125% notes due 2031, upsizes revolver to $700M

TRINET GROUP, INC.

Issued 7.125% Senior Notes due 2031; proceeds to fund equity tender offer and share repurchase announced July 31, 2023.
Amended credit agreement increases revolving commitments from $500M to $700M and extends maturity to August 16, 2028.
Notes are senior unsecured obligations guaranteed by certain domestic subsidiaries; subject to customary covenants.
Additional domestic subsidiaries acceded as guarantors under the credit agreement.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TRINET GROUP, INC. incurred senior notes with U.S. Bank Trust Company, National Association at 7.125% per annum maturing August 15, 2031.

Instrument: senior notes
Counterparty: U.S. Bank Trust Company, National Association
Rate: 7.125% per annum
Maturity: August 15, 2031
Event: incurrence

Exact text from the filing

On August 16, 2023, TriNet Group, Inc. (the “Company”) completed a previously announced private offering of its 7.125% Senior Notes due 2031 (the “Notes”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TRINET GROUP, INC. amended revolving credit of $700.0 million with JPMorgan Chase Bank, N.A. maturing August 16, 2028.

Instrument: revolving credit
Principal: $700.0 million
Counterparty: JPMorgan Chase Bank, N.A.
Maturity: August 16, 2028
Event: amendment

Exact text from the filing

The Amendment, among other things (1) increases the aggregate revolving commitments under the revolving facility made available under the 2021 Credit Agreement (the “revolving facility”) from $500.0 million to an amount not to exceed $700.0 million and (2) extends the maturity date of the revolving facility to August 16, 2028.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

TRINET GROUP, INC. entered into Indenture for 7.125% Senior Notes due 2031 with U.S. Bank Trust Company, National Association valued at Issue of 7.125% Senior Notes due 2031 under an indenture dated August 16, 2023; aggregate principal (effective 2023-08-16).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: Issue of 7.125% Senior Notes due 2031 under an indenture dated August 16, 2023; aggregate principal
Effective: 2023-08-16

Exact text from the filing

On August 16, 2023, TriNet Group, Inc. (the "Company") completed a previously announced private offering of its 7.125% Senior Notes due 2031 (the "Notes").

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TRINET GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-092611

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