TPG RE Finance Trust (TRTX) said late Wednesday it priced a $1.1 billion managed commercial real estate collateralized loan obligation.
The company said it expects about $962.5 million of investment-grade securities to be placed with institutional investors, providing it with term financing on a non-mark-to-market, non-recourse basis.
The CLO includes a 30-month reinvestment period, an advance rate of 87.5%, and a weighted average interest rate of term secured overnight financing rate plus 1.83% before transaction costs.
As part of the transaction, expected to close on March 28, TPG RE Finance Trust said it will redeem its TRTX 2019-FL3 commercial real estate collateralized loan obligation on March 17, with about $114.6 million of investment-grade securities outstanding.
The company said the new issuance and the redemption will generate net cash proceeds of about $211.1 million for investment and other corporate purposes.
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