DUBLIN, Calif., Feb. 23, 2021 /PRNewswire/ -- TriNet Group,
Inc. ("TriNet" or the "Company") (NYSE: TNET), a leading provider
of comprehensive human resources solutions for small and
medium-size businesses, announced today that it has priced
$500 million in aggregate principal
amount of its 3.5% senior notes due 2029 (the "notes") in a private
offering (the "offering") that is exempt from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act"). The notes will be guaranteed on a senior
unsecured basis by the subsidiaries of the Company that will be the
borrower and the guarantors of the Company's new $500 million revolving credit facility that is
expected to close concurrently with the closing of the
offering. The offering is expected to close on February 26, 2021, subject to customary closing
conditions. The Company intends to use the net proceeds of
the offering to repay its outstanding term loan and the remaining
amount for general corporate purposes.
The notes have not been and will not be registered under the
Securities Act, or the securities laws of any other place.
Unless they are registered, the notes may be offered only in
transactions that are exempt from registration under the Securities
Act and applicable state securities laws. The notes are being
offered and sold only to persons reasonably believed to be
qualified institutional buyers under Rule 144A and to non-U.S.
persons outside the United States
in reliance on Regulation S under the Securities Act.
This press release is for informational purposes only and
does not constitute an offer to sell, or a solicitation of an offer
to buy, nor shall there be any sale of the notes in any state or
jurisdiction in which such offer, solicitation or sale is
unlawful. Any offers of the notes will be made only by means
of a private offering memorandum. This notice is being issued
pursuant to and in accordance with Rule 135(c) under the Securities
Act.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on TriNet's current expectations. Such statements include
plans regarding the offering and the receipt and use of the net
proceeds from the offering. Such forward-looking statements
are subject to certain risks, uncertainties and assumptions,
including investor demand, market conditions, customary closing
conditions and other factors. There can be no assurance that
TriNet will complete the offering, enter into a new revolving
credit facility or repay the outstanding term loan. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those expected. More information about
potential risk factors that could affect TriNet and its results is
included in TriNet's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2020. TriNet
does not assume any obligation to update the forward-looking
information contained in this press release.
CONTACT:
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Investors:
Alex Bauer
TriNet
Investorrelations@TriNet.com
(510)
875-7201
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Media:
Renee
Brotherton
TriNet
Renee.Brotherton@TriNet.com
(408)
646-5103
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SOURCE TriNet Group, Inc.