Freshfields advised TriNet Group, Inc. on its fixed price tender offer to repurchase for cash 5,981,308 shares of its common stock (representing approximately $640 million in value of shares) at a price of $107.00 per share. Freshfields also advised TriNet in connection with its repurchase for cash of 3,364,486 shares (representing approximately $360 million in value of shares) from affiliates of the Company’s largest stockholder at the same price.
The tender offer and share repurchase were funded using a combination of cash on hand, the net proceeds of the Company’s private offering of $400 million in aggregate principal amount of its 7.125% senior notes due 2031 and borrowings under the Company’s revolving credit agreement, which was upsized in connection with such transactions from $500 million to $700 million. Freshfields advised TriNet on the notes offering and the credit agreement amendment.
TriNet’s common stock is listed on the New York Stock Exchange under the trading symbol “TNET”.
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