TPG RE Finance Trust, Inc. Prices $1.2 Billion Commercial Real Estate CLO
October 11 2019 - 7:00AM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) announced today that on October 10, 2019 the Company
priced TRTX 2019-FL3, a $1.23 billion managed Commercial Real
Estate Collateralized Loan Obligation ("CRE CLO"). The Company
placed $1.04 billion of investment grade bonds with institutional
investors, providing TRTX with matched-term financing on a
non-mark-to-market and non-recourse basis. TRTX 2019-FL3 includes a
two-year reinvestment period, an advance rate of 84.5%, and a
weighted average interest rate at issuance of LIBOR plus 1.44%,
before transaction costs. The transaction is expected to close on
October 25, 2019 and is subject to customary closing
conditions.
Since January 2018, TRTX has issued three CRE CLOs totaling
$3.16 billion to steadily boost the share of its floating rate,
first mortgage loan portfolio funded with non-recourse,
non-mark-to-market term liabilities. J.P. Morgan Securities LLC
acted as sole structuring agent, co-lead manager and joint
bookrunner. Goldman Sachs & Co. LLC, Morgan Stanley & Co.
LLC, and Wells Fargo Securities, LLC acted as co-lead managers and
joint bookrunners. US Bancorp Investments, Inc. acted as
co-manager.
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 $111 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/20191011005076/en/
INVESTOR RELATIONS (212) 405-8500 IR@tpgrefinance.com
MEDIA TPG RE Finance Trust, Inc. Courtney Power (415)
743-1550 media@tpg.com
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