Hg, CPP Investments and Sofina-backed team.blue has more than doubled its Euro term loan B extension from €500 million to €1.1 billion.
The pan-European digital partner for small and medium-sized businesses set out to extend €500 million of its existing €1.35 billion term loan B, but ended up extending €1.1 billion after institutional investors' appetite allowed the group to upsize the deal twice while it was in the market.
In January, team.blue launched an extension of the same €1.35 billion loan from 2029 to 2032 at its existing margin of Euribor plus 350 basis points, offered at par. It withdrew the deal a week later amid a sell-off in software stocks, as fears that AI would disrupt SaaS businesses rippled through credit markets. This time, the margin is 75 basis points wider and the loan was issued at a 1.5-point discount.
According to team.blue, it is the largest software euro term loan issuance in the past 12 months (up to October 2026) – a notable achievement given the volatile credit market. The oversubscribed facility (borrowed by team.blue Finco S.à r.l.) pushes the refinanced tranche's maturity from September 2029 to July 2032, meaning roughly 90 percent of team.blue's term debt now falls due in 2032. It is priced at Euribor plus 425 basis points with a 0 percent floor and was issued at an original issue discount (OID) of 98.5.
Moody's rates both the company and the facility B3, and S&P rates them B; each with a stable outlook.
What lenders are coming back for
CFO Jonathan Thackray attributes the strong support to “confidence in team.blue’s highly recurring, cash-generative model and our position as a leading digital partner for Europe’s SMBs”.
For FY2025, team.blue reported €866 million in annual recurring revenue and 11 percent organic revenue growth, adding more than 600,000 new customers over the year. Internet infrastructure, meaning domains, hosting, email and related services, generated 73 percent of revenue. The remaining 27 percent came from SaaS solutions grouped into five clusters: websites, compliance, e-commerce, engagement and transactions.
AI is an increasingly important part of that. By December 2025, AI-enabled products accounted for about half of new customer ARR and grew roughly twice as fast as the rest of the portfolio. The group is also preparing its SaaS brands for MCP (Model Context Protocol) readiness, so that external AI agents can operate its products directly, and it is building secure European cloud hosting for customers' AI workloads.
Today, team.blue serves more than 3.5 million customers in 24 countries – up from 3.3 million in 23 countries at the end of 2025 – and is supported by over 4,000 employees.
More runway for M&A
The transaction comes at a time of significant momentum for team.blue. According to the company, M&A has contributed around €300 million in acquired revenue since 2020, and last year, the company’s M&A director Maarten Remmerie told Manda.be that the group completes roughly ten deals a year, reviewing 300 to 400 companies annually to find them.
In 2025, the company acquired French non-profit platform AssoConnect, Czech shop builder Shoptet, Spanish e-invoicing specialist B2Brouter and AI vibe-coding platform Macaly. Marketing data platform Windsor.ai followed in January 2026.
The extension gives team.blue almost three more years before its next major refinancing. That matters for a serial acquirer whose backers will eventually weigh an exit. A 2029 maturity would have shaped the timing of both.
“It gives us the flexibility to keep innovating and investing in the digital and AI-enabled tools our customers rely on,” Jonathan says, pointing to continued double-digit revenue growth and strong cash generation supporting its deleveraging trajectory.
BofA acted as global coordinator and lead physical bookrunner alongside Barclays, while ABN AMRO, BNP Paribas, Citi, ING and J.P. Morgan also acted as bookrunners.
