TPG RE Finance Trust, Inc. Closes $1.25 Billion Commercial Real Estate CLO
March 31 2021 - 5:09PM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) announced today that it closed TRTX 2021-FL4, a $1.25
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 term financing on a non-mark-to-market, non-recourse basis.
TRTX 2021-FL4 includes a two-year reinvestment period, an advance
rate of 83%, a $308.9 million “ramp” feature to finance future loan
originations, and a weighted average interest rate at issuance of
LIBOR plus 1.60%, before transaction costs. The Company received
net cash proceeds from TRTX 2021-FL4 of approximately $104.8
million for investment and other corporate purposes.
Since January 2018, TRTX has issued four CRE CLOs totaling $4.4
billion in support of the Company’s long-standing strategy of
increasing its percentage of non-recourse, non-mark-to-market
liabilities. Following the closing of TRTX 2021-FL4, approximately
84% of the Company’s funded debt is non-mark-to-market.
During the first quarter of 2021, the Company closed or executed
term sheets for six loans with an aggregate commitment amount of
$335.3 million, substantially all of which is slated for prompt
contribution to TRTX 2021-FL4. These loans have a weighted average
coupon of 3.61% and a weighted average estimated as-is
loan-to-value ratio of 76%.
Wells Fargo Securities, LLC acted as sole structuring agent,
co-lead manager and joint bookrunner for TRTX 2021-FL4. Barclays
Capital Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC,
J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted
as co-lead managers and joint bookrunners.
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 largely by
institutional-quality 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.
For more information regarding TRTX, visit
www.tpgrefinance.com.
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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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