TPG RE Finance Trust Inc. priced an offering of $1.23 billion in commercial real estate collateralized loan obligations, and it placed $1.04 billion of investment-grade bonds with institutional investors.
The CRE CLO has a reinvestment period of two years; a weighted average interest rate equivalent to the London interbank offered rate at issuance plus 1.44%, excluding transaction costs; and an advance rate of 84.5%. The offering is expected to close Oct. 25.
J.P. Morgan Securities LLC was the sole structuring agent, co-lead manager and joint book runner. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the co-lead managers and joint book runners. US Bancorp Investments Inc. was co-manager.
