Latham & Watkins Advises TeamSystem and Hellman & Friedman on Groundbreaking Financing Transaction Across the Entire Capital Structure of the TeamSystem Group

Latham & Watkins has advised TeamSystem, leading European provider of AI-powered cloud-based mission critical SaaS solutions, enabling digital transformation for small and medium businesses and professional customers across Italy, Spain, Turkey, France, and Israel, on the issuance of €1,750 million senior secured notes, comprised of €500 million fixed rate notes due 2031 and €1,250 million floating rate notes due 2032. The bond offering was upsized at pricing by €550 million from €1.2 billion to €1.75 billion on the back of strong demand from investors.

The firm has also advised the direct parent company of TeamSystem on the issuance, by way of a private placement, of €350 million aggregate principal amount of its senior Pay-If-You-Want PIK Toggle Notes due 2033 and the amendment of the terms of its existing €300 million aggregate principal amount of senior Pay-If-You-Want PIK toggle Notes, which were issued last year.

Additionally, the firm advised TeamSystem on the upsize of its existing revolving credit facility from €300 million to €350 million.

The Latham team was led by corporate partners Jeff Lawlis and Paolo Bernasconi and associate Michele Vangelisti, with US capital markets associate Edoardo Picchi. Advice was also provided on Italian corporate matters by partners Cataldo Piccarreta and Giorgia Lugli and associate Luca Maranetto; on Italian finance matters by partners Marcello Bragliani and Alessia De Coppi with associate Simona Di Marcantonio; on English finance matters by partners Dominic Newcomb and Hayden Teo with associate Nicole Louise Courtney; on Italian capital markets matters by partner Antonio Coletti and associate Marco Bonasso; on Italian regulatory matters by partner Cesare Milani with associates Edoardo Cassinelli and Irene Terenghi; and on US tax matters by partner Jocelyn Noll with associate Sam (Seung Hyun) Yang.