TPG Specialty Lending Plans IPO
TPG Specialty Lending announced it plans to make an initial public offering of 7,000,000 shares of its common stock. TSL also plans to grant the underwriters an overallotment option to purchase up to an additional 1,050,000 shares of common stock.
J.P. Morgan, BofA Merrill Lynch, Goldman Sachs & Co., Citigroup, Wells Fargo Securities and Barclays are acting as joint bookrunning managers for this offering. TPG Capital BD, Janney Montgomery Scott and JMP Securities are acting as co-managers.
TSL expects to use the net proceeds of this offering, as well as the proceeds of the concurrent private placement, together with cash and cash equivalents, to pay down debt under a revolving credit facility.
The offering of the shares will be made pursuant to a Registration Statement on Form N-2, which has been filed with the Securities and Exchange Commission. TSL has applied to list its common stock on the New York Stock Exchange under the symbol TSLX. The completion of the proposed offering depends upon several factors, including market and other conditions.
Concurrently with the initial public offering, TSL plans to sell $50 million of its common stock to certain existing investors, including TSL Advisers, the company’s investment adviser and administrator, through a separate private placement at the initial public offering price per share.