TriNet Secures $25 million Credit Facility with Comerica Bank
SAN LEANDRO, Calif. (February 15, 2006) - TriNet, a nationwide provider of human resource outsourcing (HR) services for small and mid-sized companies , announced today that it has secured a $25 million credit facility with Comerica Bank.
"Over the years, TriNet has invested heavily in an advanced service platform while at the same time funding growth primarily through operating profits," said Doug Devlin, TriNet's CFO. "Combined with the recent recapitalization by General Atlantic, the addition of the Comerica facility will enhance our financing flexibility and further support our growth plans."
"TriNet's unique business model, management team, and track record continue to demonstrate the company's ability to grow profitably over the long term, and we are excited to have created a credit facility that will assist them with acquisitions and organic growth," said Mark Hillhouse, Vice President at Comerica.
About Comerica Bank
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Detroit, strategically aligned into three major lines of business: the Business Bank, Small Business & Personal Financial Services, and Wealth & Institutional Management. Comerica's approximately 11,000 employees focus on relationships, and helping people and businesses be successful. Comerica Bank locations can be found in Michigan, California, Texas and Florida, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $53 billion at December 31, 2005.
About TriNet Group, Inc.
Founded in 1988, TriNet (www.trinet.com) delivers comprehensive human resource services to small and medium-sized companies. Its offerings include human asset administration, employer risk management, online HR services and support, payroll processing, tax compliance, workers' compensation, group health and welfare products, and strategic human capital consulting services throughout the United States and Canada. More than simply an HR services provider, TriNet contractually assumes certain legal and financial responsibilities regarding employer rights, legal compliance and risk management.