TeamSystem sells bond for second fund-switch deal

book keeping accountancy 575 375 adobe
By Owen Sanderson
28 Jan 2021

Hellman & Friedman refinanced the capital structure of portfolio company TeamSystem this week as it moved ownership between funds. H&F recently completed a similar transfer of its Verisure holding but, unlike that switch, this move isn’t accompanied by a monster dividend payment to the new fund, although the TeamSystem deal still boosts leverage.

JP Morgan was sole physical bookrunner and global coordinator on the deal, which comprised €1.15bn of secured bonds across a seven year non-call three year fixed rate bond and seven year non-call one year floating rate note. The bonds are rated B+/B3/B-.

The deal was launched on Monday, ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial