trending Market Intelligence /marketintelligence/en/news-insights/trending/_8zSRKOAViqHvn2VBbg26w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

TPG Specialty Lending prices convertible notes

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

TPG Specialty Lending prices convertible notes

TPG Specialty Lending Inc. agreed to sell to initial purchasers in a private offering $100 million aggregate principal amount of its 4.50% convertible senior notes due 2022.

The initial purchasers were granted an option to purchase up to an additional $15 million aggregate principal amount of the notes to cover any overallotments. The notes will be offered only to qualified institutional buyers.

The notes are expected to be delivered and paid for on Feb. 1. Interest on the notes are payable semiannually.

In certain circumstances, TPG may convert the notes to cash, common stock or a combination of cash and common stock, at an initial conversion rate of 46.8516 common stock per $1,000 principal amount of the notes, which is equivalent to an initial conversion price of about $21.34 per common stock. The conversion price is 15% above the $18.56 per share closing price of the company's common stock on Jan. 26. TPG will not have the right to redeem the notes before maturity. The notes will mature Aug. 1, 2022, unless repurchased or converted.

TPG expects to use the offering's net proceeds to pay down debt under its revolving credit facility.

Also, the company plans to enter into interest rate swaps to better align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans.