DUBLIN, Calif., Aug. 1, 2023 /PRNewswire/ -- TriNet Group, Inc. ("TriNet") (NYSE: TNET), a leading provider of comprehensive and flexible human capital management (HCM) solutions for small and medium-size businesses (SMBs), announced today that it intends to offer, subject to market and other conditions, $500 million in aggregate principal amount of its senior notes due 2031 (the "notes") in a private offering (the "offering") that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The notes will be guaranteed on a senior unsecured basis by certain subsidiaries of TriNet. In addition, TriNet announced that it expects to enter into an amendment to its revolving credit facility that would close on or around the closing date of the offering, which would extend the maturity date of the revolving credit facility to five years from the closing date and increase the availability under the revolving credit facility to $700 million. TriNet intends to use the net proceeds of the offering to fund an equity tender offer and a share repurchase that it announced on July 31, 2023 to purchase shares of its common stock, and the remaining amount, if any, for general corporate purposes. TriNet commenced the equity tender offer on August 1, 2023.
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