...February 22, 2021 NEW YORK (S&P Global Ratings) Feb. 22, 2021--S&P Global Ratings today assigned its '###-' issue-level rating and '1' recovery rating to the company's proposed $500 million secured revolving credit facility due 2026. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. At the same time, we assigned our '##' issue-level rating and '3' recovery rating to the company's proposed $500 million senior unsecured notes due 2029. The '3' recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a payment default. We expect TriNet will use proceeds from these notes to repay its $370 million outstanding term loan A due 2023 and add cash to its balance sheet. Our '##' issuer credit rating and stable outlook on TriNet are unchanged. Our ratings reflect: - The company's leading market position in the underpenetrated professional employer organization...
