TPG RE Finance Trust (TRTX) said Monday it closed a $1.1 billion managed commercial real estate collateralized loan obligation on Friday.
The company placed $962.5 million of investment-grade securities with institutional investors, providing it with term financing on a non-mark-to-market, non-recourse basis, it said, adding that the obligation has a 30-month reinvestment period, an 87.5% advance rate, and a weighted average interest rate of term secured overnight financing rate plus 1.83%.
TPG RE Finance Trust said it redeemed its TRTX 2019-FL3 commercial real estate collateralized loan obligation on March 17, which had approximately $114.6 million of investment-grade securities outstanding.
The company said it generated net cash proceeds of about $191 million from the issuance and redemption.
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