NEW YORK--(BUSINESS WIRE)--Mar. 20, 2014--
TPG Specialty Lending, Inc. (“TSL”) announced that it priced its initial
public offering of 7,000,000 shares of its common stock at a public
offering price of $16.00 per share. Shares of common stock of TSL are
expected to begin trading on the New York Stock Exchange on March 21,
2014, under the symbol TSLX.
TSL also granted the underwriters an overallotment option to purchase up
to an additional 1,050,000 shares of common stock. The closing of the
offering is subject to customary closing conditions and the shares are
expected to be delivered on or about March 26, 2014.
Concurrently with the initial public offering, TSL will sell $50 million
of its common stock to certain existing investors, including TSL
Advisers, LLC, the company’s investment adviser and administrator,
through a separate private placement at the initial public offering
price per share.
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.
J.P. Morgan; BofA Merrill Lynch; Goldman, Sachs & Co.; Citigroup; Wells
Fargo Securities and Barclays are acting as joint book-running managers
for this offering. TPG Capital BD, LLC; Janney Montgomery Scott and JMP
Securities are acting as co-managers.
A registration statement relating to these securities has been filed
with the SEC and declared effective. This offering may be made solely by
means of a prospectus forming part of the effective registration
statement, which may be obtained without charge at the SEC’s EDGAR
service on the SEC website, www.sec.gov.
Alternatively, a copy of the prospectus may be obtained from:
J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Attn: Prospectus Department, (866) 803-9204;
BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus
Department, or e-mail dg.prospectus_requests@baml.com;
Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attention:
Prospectus Department, by calling (866) 471-2526, or by e-mailing prospectus-ny@ny.email.gs.com;
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, (800) 831-9146; Wells Fargo Securities, 375 Park
Avenue, New York, NY 10152, Attn: Equity Syndicate Dept., (800) 326-5897
or e-mail cmclientsupport@wellsfargo.com;
or Barclays, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Attn: Prospectus Department, (888) 603-5847,
or e-mail barclaysprospectus@broadridge.com.
Investors are advised to carefully consider the investment
objectives, risks and charges and expenses of TPG Specialty Lending,
Inc. before investing. The preliminary prospectus, dated March 14, 2014,
contains this and other information about TPG Specialty Lending, Inc.
and should be read carefully before investing. The information in the
preliminary prospectus and herein is not complete and may be changed.
This press release will not constitute an offer to sell or the
solicitation of an offer to buy the securities nor shall there be any
sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to their registration or
qualification under the securities laws of any such jurisdiction. Offers
of these securities are made only by means of the prospectus. Any
representation to the contrary is a criminal offense.
ABOUT TPG Specialty Lending, Inc.
TSL is a specialty finance company focused on lending to middle-market
companies. Since TSL began its investment activities in July 2011, it
has originated more than $2.6 billion aggregate principal amount of
investments and retained more than $1.7 billion aggregate principal
amount of these investments on its balance sheet prior to any subsequent
exits and repayments. It seeks to generate current income primarily in
U.S.-domiciled middle-market companies through direct originations of
senior secured loans and, to a lesser extent, originations of mezzanine
loans and investments in corporate bonds and equity securities. The
companies in which it invests use its capital to support organic growth,
acquisitions, market or product expansion and recapitalizations. Most of
its investments are floating-rate in nature, which TSL believes will
help act as a portfolio-wide hedge against inflation. As of December 31,
2013, TSL’s portfolio had a fair value of approximately $1,016.5 million
and consisted of 27 portfolio companies.
TSL has elected to be regulated as a business development company, or a
BDC, under the Investment Company Act of 1940 and the rules and
regulations promulgated thereunder. TSL is externally managed by TSL
Advisers, LLC (the “Adviser”), an SEC-registered investment adviser with
offices throughout the United States. The Adviser sources and manages
TSL’s portfolio through a dedicated team of investment professionals
with significant expertise in middle market lending. TSL leverages the
deep investment, sector, and operating resources of TPG Special
Situations Partners (“TSSP”), the dedicated special situations and
credit platform of TPG, with over $8.5 billion of assets under
management, and the broader TPG platform, a leading global private
investment firm with over $59 billion of assets under management, each
as of December 31, 2013, as adjusted for commitments accepted on January
2, 2014.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking statements”
that involve substantial risks and uncertainties. These forward-looking
statements are not historical facts, but rather are based on current
expectations, estimates and projections about us, our current and
prospective portfolio investments, our industry, our beliefs, and our
assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” “would,” “should,” “targets,”
“projects,” and variations of these words and similar expressions are
intended to identify forward-looking statements. These statements are
not guarantees of future performance and are subject to risks,
uncertainties, and other factors, some of which are beyond TSL’s control
and difficult to predict, that could cause actual results to differ
materially from those expressed or forecasted in the forward-looking
statements.
Source: TPG Specialty Lending, Inc.
Press:
Owen Blicksilver PR, Inc. for TPG Specialty Lending, Inc.
Lisa
Baker, 914-725-5949
lisa@blicksilverpr.com
