TPG RE Finance Trust, Inc. Prices $1.0 Billion Commercial Real Estate CLO
November 16 2018 - 7:00AM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) announced today that the Company priced TRTX 2018-FL2, a
$1.0 billion managed Commercial Real Estate Collateralized Loan
Obligation ("CRE CLO"). The Company placed $795.1 million of
investment grade bonds with institutional investors, providing TRTX
with matched-term financing on a non-mark-to-market and
non-recourse basis. The CRE CLO features a two-year reinvestment
period, an advance rate of 79.5%, and a weighted average interest
rate at issuance of LIBOR plus 1.45%, before transaction costs. The
transaction is expected to close on November 29, 2018 and is
subject to customary closing conditions. Goldman Sachs & Co.
LLC acted as sole structuring agent, co-lead manager and joint
bookrunner. J.P. Morgan Securities LLC, Morgan Stanley & Co.
LLC, and Wells Fargo Securities, LLC acted as co-lead managers and
joint bookrunners.
This year, TRTX has issued two CRE CLOs totaling $1.9 billion,
thereby financing on a matched-term basis approximately 46.5% of
its loan investment portfolio as of September 30, 2018.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
ABOUT TRTX
TPG RE Finance Trust, Inc. is a commercial real estate finance
company that focuses primarily on originating, acquiring, and
managing first mortgage loans and other commercial real
estate‐related debt instruments secured by institutional properties
located in primary and select secondary markets in the United
States. The Company is externally managed by TPG RE Finance Trust
Management, L.P., a part of TPG Real Estate, which is the real
estate investment platform of TPG. TPG is a global alternative
asset firm with a 25-year history and more than $94 billion of
assets under management. For more information regarding TRTX, visit
www.tpgrefinance.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181116005083/en/
INVESTOR RELATIONS212-405-8500IR@tpgrefinance.com
MEDIATPG RE Finance Trust, Inc.Courtney
Power415-743-1550media@tpg.com
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