Chicago, March 23 – TPG RE Finance Trust Management, LP priced a new $1.25 billion cash-flow commercial real estate collateralized loan obligation transaction due March 15, 2038, according to a pre-sale report.
The portfolio from TRTX 2021-FL4, Ltd./TRTX 2021-FLR, LLC has $671.9 million of class A floating-rate notes at one-month Libor plus 120 basis points, $114.1 million of class A-S floating-rate notes at one-month Libor plus 150 bps, $75 million of class B floating-rate notes at one-month Libor plus 175 bps, $81.3 million of class C floating-rate notes at one-month Libor plus 225 bps, $70.3 million of class D floating-rate notes at one-month Libor plus 325 bps, $25 million of class E floating-rate notes at one-month Libor plus 375 bps, $65.6 million of class F floating-rate notes at one-month Libor at a rate to be determined, $34.4 million of class G floating-rate notes at one-month Libor at a rate to be determined and $112.5 million of preferred shares.
TPG will manage the CLO.
Underwriters for the notes are Wells Fargo Securities, LLC, Barclays, BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
The notes can be called starting March 14, 2023, also the end day for reinvestment.
The notes are backed by a portfolio of commercial mortgages.
The San Francisco-based commercial real estate finance company is externally managed by TPG RE Finance Trust Management, LP, a part of TPG Real Estate, which is the real estate investment platform of alternative investment firm TPG Global, LLC.
| Issuers: | TRTX 2021-FL4, Ltd./TRTX 2021-FLR, LLC
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| Issue: | Floating-rate notes and preferred shares
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| Structure: | CRE CLO
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| Amount: | $1.25 billion
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| Maturity: | March 15, 2038
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| Agents: | Wells Fargo Securities, LLC, Barclays, BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
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| Manager: | TPG RE Finance Trust Management, LP
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| Call: | March 14, 2023
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| Pricing date: | March 22
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| Settlement date: | March 31
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| Class A notes
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| Amount: | $671.9 million
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| Securities: | Floating-rate notes
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| Coupon: | One-month Libor plus 120 bps
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| Rating: | Moody's: Aaa
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| Class A-S notes
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| Amount: | $114.1 million
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| Securities: | Floating-rate notes
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| Coupon: | One-month Libor plus 150 bps
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| Class B notes
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| Amount: | $75 million
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| Securities: | Floating-rate notes
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| Coupon: | One-month Libor plus 175 bps
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| Class C notes
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| Amount: | $81.3 million
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| Securities: | Floating-rate notes
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| Coupon: | One-month Libor plus 225 bps
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|
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| Class D notes
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| Amount: | $70.3 million
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| Securities: | Floating-rate notes
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| Coupon: | One-month Libor plus 325 bps
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|
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| Class E notes
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| Amount: | $25 million
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| Securities: | Floating-rate notes
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| Coupon: | One-month Libor plus 375 bps
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| Class F notes
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| Amount: | $65.6 million
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| Securities: | Floating-rate notes
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| Coupon: | To be determined
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| Class G notes
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| Amount: | $34.4 million
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| Securities: | Floating-rate notes
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| Coupon: | To be determined
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| Preference shares
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| Amount: | $112.5 million
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| Securities: | Preference shares
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