TPG RE Finance Trust, Inc. Prices $1.25 Billion Commercial Real Estate CLO
March 25 2021 - 5:09PM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) announced today that on March 25, 2021 the Company
priced 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 enabling TRTX to contribute loans from its
current loan origination pipeline, and a weighted average interest
rate at issuance of LIBOR plus 1.60%, before transaction costs. The
transaction is expected to close on March 31, 2021 and is subject
to customary closing conditions.
Since January 2018, TRTX has issued four CRE CLOs totaling $4.4
billion to steadily boost the proportion of its floating rate,
first mortgage loan portfolio funded with non-recourse,
non-mark-to-market term liabilities. After application of cash
proceeds from TRTX 2021-FL4 to repayment of related secured credit
facilities, the Company’s percentage of non-mark-to-market debt is
approximately 84%. Wells Fargo Securities, LLC acted as sole
structuring agent, co-lead manager and joint bookrunner. 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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version on businesswire.com: https://www.businesswire.com/news/home/20210325005951/en/
INVESTOR RELATIONS CONTACT
(212) 405-8500 IR@tpgrefinance.com
MEDIA CONTACT
TPG RE Finance Trust, Inc. Courtney Power (415) 743-1550
media@tpg.com
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