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TPG RE Finance Trust closes $932M CLO

TPG RE Finance Trust Inc. has closed a $932.4 million commercial real estate collateralized loan obligation, or CLO.

The CLO, TRTX 2018-FL1, financed 26 existing first mortgage loan investments, which comprise 25 pari passu participation interests and one whole loan. The CLO has an advance rate of 80% and a weighted average interest rate at issuance of the London Interbank Offered Rate plus 1.08%.

The company used the proceeds from the CLO to repay $670 million of borrowings under three of its six secured credit facilities.

Wells Fargo Securities acted as sole structuring agent, co-lead manager and joint book runner. Goldman Sachs & Co. LLC and Morgan Stanley acted as co-lead managers and joint book runners.