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TPG Specialty Lending extends stock repurchase program, ups credit facility size

TPG Specialty Lending Inc.'s board has approved an extension of its stock repurchase plan to acquire up to $50 million of the company's common stock at prices below its net asset value per share.

The company expects that the stock repurchase plan will be in effect through the earlier of Aug. 31, or when the approved $50 million repurchase amount has been fully utilized. No shares were repurchased during the fiscal year ended Dec. 31, 2017.

Additionally, TPG Specialty Lending has amended its revolving credit facility to increase the aggregate commitments under the facility to $990 million and increase the maturity to February 2023.

With respect to $895 million in commitments, amounts drawn under the facility bear interest at a rate of London Interbank Offered Rate plus a margin of either 1.75% or 1.875%. Under the terms of the revolving credit facility, the company may at any time determine to cancel the commitments that were not extended.