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TPG RE Finance Trust Prices $1.25B Commercial Real Estate CLO

March 26, 2021, 07:00 AM
Filed Under: Real Estate

TPG RE Finance Trust announced that on March 25, 2021 the Company priced TRTX 2021-FL4, a $1.25 billion managed Commercial Real Estate Collateralized Loan Obligation ("CRE CLO"). The Company placed $1.04 billion of investment grade bonds with institutional investors, providing TRTX with term financing on a non-mark-to-market, non-recourse basis. TRTX 2021-FL4 includes a two-year reinvestment period, an advance rate of 83%, a $308.9 million “ramp” feature enabling TRTX to contribute loans from its current loan origination pipeline, and a weighted average interest rate at issuance of LIBOR plus 1.60%, before transaction costs. The transaction is expected to close on March 31, 2021 and is subject to customary closing conditions.

Since January 2018, TRTX has issued four CRE CLOs totaling $4.4 billion to steadily boost the proportion of its floating rate, first mortgage loan portfolio funded with non-recourse, non-mark-to-market term liabilities. After application of cash proceeds from TRTX 2021-FL4 to repayment of related secured credit facilities, the Company’s percentage of non-mark-to-market debt is approximately 84%. Wells Fargo Securities, LLC acted as sole structuring agent, co-lead manager and joint bookrunner. Barclays Capital Inc., BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as co-lead managers and joint bookrunners. 

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