Milbank LLP represented the initial purchasers in connection with the offering by TeamSystem S.p.A. of €700 million senior secured fixed rate notes due 2032.
The proceeds from the offering are expected to be used to redeem in full its €300 million senior secured fixed rate notes due 2028, repay all drawn amounts under the existing revolving credit facility, pay contingent deferred consideration and contingent liabilities relating to certain acquisitions, fund cash on the balance sheet for general corporate purposes and for other purposes, and pay related fees, expenses and taxes.
Milbank also advised the lenders in connection with TeamSystem’s €409.5 million super senior revolving credit facility.
TeamSystem is a prominent European provider of AI-powered cloud-based mission critical Software-as-a-Service solutions, enabling digital transformation for small and medium businesses and professional customers.
The Milbank team was led by European Leveraged Finance/Capital Markets partners Apostolos Gkoutzinis and Ana Grbec, special counsel Melanie Probst, and associates Alexia Pimbli, Daniele Casa and Sushmita Som. Advice was also provided on English finance matters by European Leveraged Finance/Capital Markets partner Sarbajeet Nag, associate James Aurelius, and junior solicitor Muyang Lyu. The team was also assisted by Tax partner Eschi Rahimi-Laridjani and associate Erika Jensen.
