TeamSystem Secures €1.75 Billion in High Yield Offering
Deal News | Jul 14, 2025 | Paul Hasting
Paul Hastings LLP has successfully advised a syndicate of initial purchasers in a significant €1.75 billion high-yield note offering by TeamSystem S.p.A. This offering includes €1.25 billion in senior secured floating rate notes due in 2032 and €500 million in senior secured fixed rate notes due in 2031. This financing package is further strengthened by an upsized €350 million revolving credit facility and the issuance of €350 million in senior floating rate pay-if-you-want PIK toggle notes due 2033. Leading the transactions were major financial institutions including BofA Securities, J.P. Morgan, Barclays, and others. TeamSystem, primarily owned by private equity firm Hellman & Friedman, is recognized as a leading provider of cloud-based ERP, financial management, and e-invoicing software in Italy. Global Finance partners at Paul Hastings, Patrick Bright and Mo Nurmohamed, alongside other team members, spearheaded the advisory for this deal.
Sectors
- Financial Services
- Technology
- Private Equity
Geography
- Italy – TeamSystem, the company issuing the notes, is based in Italy and operates primarily within this region.
Industry
- Financial Services – The article discusses a significant financial transaction involving issuance of high-yield notes and revolving credit facilities.
- Technology – TeamSystem operates in the technology sector as a provider of cloud-based ERP, financial management systems, and e-invoicing software.
- Private Equity – Hellman & Friedman, a private equity firm, is the majority owner of TeamSystem, which is relevant to the investment and acquisition activities in the article.
Financials
- €1.75 billion – The total value of senior secured notes issued by TeamSystem.
- €1.25 billion – The amount for senior secured floating rate notes due 2032.
- €500 million – The amount for senior secured fixed rate notes due 2031.
- €350 million – The size of the upsized revolving credit facility.
- €350 million – The issuance value of senior floating rate pay-if-you-want PIK toggle notes due 2033.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Paul Hastings LLP | Legal Advisor | Companies | Provided legal advice to the syndicate of initial purchasers in the high-yield offering. |
| TeamSystem S.p.A. | Target Company | Companies | Issuer of the €1.75 billion senior secured notes, backed by Hellman & Friedman. |
| Hellman & Friedman | Private Equity Firm | Companies | Majority owner of TeamSystem, involved in strategic investment decisions. |
| BofA Securities | Lead Initial Purchaser | Companies | Led the syndicate of initial purchasers in this financial transaction. |
| J.P. Morgan | Lead Initial Purchaser | Companies | Part of the syndicate leading the initial purchasers in the note offering. |