TPG Specialty Lending Inc. plans to conduct a private offering of $100 million of its convertible senior notes due 2022.
The company also plans to grant the initial purchasers an option to purchase up to an additional $15 million of the notes to cover overallotments, if any.
The notes are unsecured, expected to pay interest semiannually and will be convertible under specified circumstances. TPG will pay or deliver cash, shares of the company's common stock or a combination of cash and stock upon the notes' conversion. The company will not have the right to redeem the notes prior to maturity.
The notes will mature in 2022, unless repurchased or converted.
TPG expects to use the net proceeds of the offering to pay down debt under its revolving credit facility.