TPG RE Finance Trust, Inc. Announces Pricing of Public Offering of 6.25% Series C Cumulative Redeemable Preferred Stock
June 07 2021 - 5:20PM
Business Wire
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the
“Company”) today announced the pricing of a public offering of
7,000,000 shares of its 6.25% Series C Cumulative Redeemable
Preferred Stock (the “Series C Preferred Stock”) at a public
offering price of $25.00 per share. TRTX also granted the
underwriters a 30-day option to purchase up to an additional
1,050,000 shares of the Series C Preferred Stock at the public
offering price, less underwriting discounts and commissions. The
Series C Preferred Stock will have a $25.00 per share liquidation
preference. TRTX will receive gross proceeds of $175,000,000 from
the sale of the Series C Preferred Stock before deducting the
underwriting discount and other estimated offering expenses. The
offering is expected to close on June 14, 2021, subject to
customary closing conditions.
TRTX intends to use the net proceeds from the offering to
partially fund the redemption of all of the outstanding shares of
the Company’s Series B Cumulative Redeemable Preferred Stock.
TRTX intends to file an application to list the Series C
Preferred Stock on the New York Stock Exchange under the ticker
symbol “TRTX PRC.”
Raymond James & Associates, Inc. and TPG Capital BD, LLC are
acting as joint book-running managers for the offering.
The Series C Preferred Stock will be offered under the Company’s
existing shelf registration statement on Form S-3 filed with the
Securities and Exchange Commission (“SEC”). The offering will be
made only by means of a prospectus supplement and the accompanying
prospectus, copies of which may be obtained from Raymond James
& Associates, Inc., Attn: Syndicate, 880 Carillon Parkway, St.
Petersburg, FL 33716, by telephone at +1 (800) 248-8863, or by
email at prospectus@raymondjames.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 TPG RE Finance Trust, Inc.
TPG RE Finance Trust, Inc. is a commercial real estate finance
company that originates, acquires, and manages primarily first
mortgage loans 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 global alternative asset firm TPG.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements are subject to various
risks and uncertainties, including, without limitation, statements
relating to the performance of the investments of the Company; the
ultimate geographic spread, severity and duration of pandemics such
as the outbreak of novel coronavirus (“COVID-19”), actions that may
be taken by governmental authorities to contain or address the
impact of such pandemics, and the potential negative impacts of
such pandemics on the global economy and the Company’s financial
condition and results of operations; the Company’s ability to
originate loans that are in the pipeline and under evaluation by
the Company; financing needs and arrangements; the proposed
offering of the Series C Preferred Stock; the expected use of the
net proceeds from the offering; and the Company’s expectations
concerning market conditions for an offering of the Series C
Preferred Stock. Forward-looking statements are generally
identifiable by use of forward-looking terminology such as “may,”
“will,” “should,” “potential,” “intend,” “expect,” “endeavor,”
“seek,” “anticipate,” “estimate,” “believe,” “could,” “project,”
“predict,” “continue” or other similar words or expressions.
Forward-looking statements are based on certain assumptions,
discuss future expectations, describe existing or future plans and
strategies, contain projections of results of operations, liquidity
and/or financial condition or state other forward-looking
information. The ability of TRTX to predict future events or
conditions or their impact or the actual effect of existing or
future plans or strategies is inherently uncertain. Although the
Company believes that such forward-looking statements are based on
reasonable assumptions, actual results and performance in the
future could differ materially from those set forth in or implied
by such forward-looking statements. No assurance can be given that
the offering discussed above will be consummated, or that the net
proceeds of the offering will be used as indicated. Consummation of
the offering and the application of the net proceeds of the
offering are subject to numerous possible events, factors and
conditions, many of which are beyond the control of the Company and
not all of which are known to it, including, without limitation,
market conditions and those described under the heading “Risk
Factors” in the prospectus supplement relating to the offering, in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2020 and in the Company’s Quarterly Report on Form
10-Q for the quarterly period ended March 31, 2021, which can be
accessed at the SEC’s website at www.sec.gov. All forward-looking
statements speak only as of the date on which they are made. You
are cautioned not to place undue reliance on these forward-looking
statements, which reflect the Company’s views only as of the date
of this press release. Except as required by law, neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of the forward-looking statements
appearing in this press release. The Company does not undertake any
obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or
otherwise.
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INVESTOR RELATIONS +1 (212) 405-8500
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MEDIA TPG RE Finance Trust, Inc. Courtney Power +1 (415)
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