Clifford Chance advised the banks in connection with a transaction combining a tender offer and the issuance of new fixed-rate senior notes by TP (formerly Teleperformance), a global leader in digital business services.
The tender offer targeted two series of outstanding notes: €500 million 0.250% notes due 2027 and €700 million 5.250% notes due 2028.
Simultaneously, TP issued two new series of fixed-rate senior notes under its EMTN programme, consisting of €700 million due 2032 and €500 million due 2035.
The net proceeds of the issuance were used to finance the tender offer. Following completion of the offer, TP accepted the repurchase of more than €600 million of its outstanding notes.
Clifford Chance advised the banks with a team comprising Cédric Burford, partner, Baya Hariche, senior associate, and Sabrine Kadi, associate.
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