DUBLIN, Calif., Aug. 1, 2023 /PRNewswire/ -- TriNet Group, Inc. (NYSE: TNET) ("TriNet" or the "Company") announced today that it has commenced a fixed price tender offer (the "Tender Offer") to repurchase for cash up to 5,981,308 shares (representing approximately $640 million in value of shares) at a price of $107.00 per share (the "Purchase Price"), less any applicable withholding taxes and without interest. The Tender Offer is expected to be funded with a combination of cash on hand, the net proceeds from a proposed private offering by the Company of senior notes that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Notes Offering"), and a drawdown of funds under the Company's revolving credit facility, which is expected to be upsized pursuant to an amendment to be entered into on or around the closing date of the Notes Offering. On July 31, 2023, the closing price of the shares was $105.23 per share. The Tender Offer will expire at 12:00 midnight, New York City time, at the end of the day on August 28, 2023 (the "Expiration Date"), unless extended or terminated.
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