By Cristal Cody
Tupelo, Miss., Oct. 11 – TPG RE Finance Trust, Inc. priced a new $1.23 billion commercial real estate collateralized loan obligation transaction on Thursday, according to a market source and a news release.
TRTX 2019-FL3 Issuer, Ltd./TRTX 2019-FL3 Issuer, LLC priced with a weighted average interest rate of Libor plus 144 basis points.
The company said it placed $1.04 billion of investment-grade bonds with institutional investors, which provided TRTD with matched-term financing on a non-mark-to-market and non-recourse basis.
J.P. Morgan Securities LLC, Goldman Sachs & Co., LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC were the bookrunners.
TPG RE Finance Trust Management, LP will manage the CRE CLO.
The notes are due in October 2034. The CLO is non-callable until April 2021 and has a two-year reinvestment period.
The notes are collateralized by commercial mortgage assets.
The deal is the manager’s first CRE CLO offering priced this year.
TPG priced has issued a total of three CRE CLOs totaling $3.16 billion since 2018.
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.
| Issuer: | TRTX 2019-FL3 Issuer, Ltd./TRTX 2019-FL3 Issuer, LLC
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| Amount: | $1.23 billion
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| Maturity: | October 2034
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| Securities: | Floating-rate notes and preferred shares
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| Structure: | CRE CLO
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| Weighted average rate: | Libor plus 144 bps
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| Bookrunners: | J.P. Morgan Securities LLC (structuring agent), Goldman Sachs & Co., LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC
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| Co-manager: | U.S. Bancorp Investments, Inc.
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| Manager: | TPG RE Finance Trust Management, LP
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| Call feature: | April 2021
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| Pricing date: | Oct. 10
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| Settlement date: | Oct. 25
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