TPG RE Finance Trust Inc. commenced an underwritten public offering of 6 million common shares.
The company expects to grant the underwriters an option to purchase up to an additional 900,000 common shares.
Based on the company's closing price of $20.33 per share on March 13 and including overallotments, S&P Global Market Intelligence calculates an aggregate offering size of $140.3 million.
TPG RE expects to use the net proceeds to generate or acquire loans secured by primarily institutional quality commercial properties, primarily first mortgage loans, and other investments involving commercial real estate, in line with its investment strategy.
The company may also use a portion of the net proceeds for working capital and other general corporate purposes, which may include, the repayment of outstanding debt under its secured revolving repurchase agreements.
Morgan Stanley and Citigroup are acting as joint book-running managers for the offering.