Herbert Smith Freehills Kramer advises TP on €1.2bn bond refinancing

Herbert Smith Freehills Kramer advised TP (formerly Teleperformance), and Clifford Chance advised the dealer managers in the transaction. The transaction comprised a refinancing of certain bond tranches through a combination of a tender offer and the issuance of new senior fixed-rate notes for a total amount of €1.2 billion. On 26 May 2026 TP issued two new series of senior fixed-rate notes under its EMTN programme: €700 million due 2032 and €500 million due 2035. The operation aimed to optimise the Group’s financing structure, extend the maturity profile of its debt and strengthen its financial flexibility. The issuance attracted strong interest from institutional investors and was substantially oversubscribed. Proceeds from the issuance were used in part to fund a tender offer launched on 18 May 2026 on two existing tranches: €500 million of notes bearing interest at 0.250% maturing in 2027 and €700 million of notes bearing interest at 5.250% maturing in 2028. Following the offer, TP accepted repurchase of €250 million of the 2027 notes and €350.1 million of the 2028 notes, representing in excess of €600 million of outstanding bonds. Herbert Smith Freehills Kramer represented TP (formerly Teleperformance) with a team composed by: Louis de Longeaux, partner; Sophie Lesdos, lawyer; and Jade Porret, lawyer. Clifford Chance represented the dealer managers with a team composed by: Cedric Burford, partner; Auriane Bijon, partner; Baya Hariche, lawyer; Sabrine Kadi, lawyer; and Jessica Hadid, lawyer.

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Herbert Smith Freehills Kramer advises TP on €1.2bn bond refinancing

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Herbert Smith Freehills Kramer advises TP on €1.2bn bond refinancing

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