TriNet Group floats price talk for $500M bond offering

Price talk is set in the 3.375% area for TriNet Group Inc.'s proposed $500 million offering of eight-year senior unsecured notes, according to market sources. Books close today at 11 a.m. ET, with final terms expected thereafter.

Bookrunners are J.P. Morgan, BMO Capital Markets, BofA Securities, HSBC, KeyBanc Capital Markets, Citi and Truist.

Proceeds will be used to repay the company's $370 million outstanding term loan A due 2023 and add cash to its balance sheet. The notes will be guaranteed on a senior unsecured basis by subsidiaries of the company that will be the borrower and the guarantors of a new $500 million revolving credit facility due 2026.

Assigned issue ratings are BB/Ba3, with a 3 recovery rating at S&P Global Ratings. Ratings also weighed in with a BBB- rating and 1 recovery rating for the proposed revolver. Issuer corporate ratings are BB/Ba2.

TriNet Group Inc. provides human resources solutions for small and midsize businesses in the United States.