NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) announced today that the Company priced TRTX 2018-FL2, a $1.0 billion managed Commercial Real Estate Collateralized Loan Obligation ("CRE CLO"). The Company placed $795.1 million of investment grade bonds with institutional investors, providing TRTX with matched-term financing on a non-mark-to-market and non-recourse basis. The CRE CLO features a two-year reinvestment period, an advance rate of 79.5%, and a weighted average interest rate at issuance of LIBOR plus 1.45%, before transaction costs. The transaction is expected to close on November 29, 2018 and is subject to customary closing conditions. Goldman Sachs & Co. LLC acted as sole structuring agent, co-lead manager and joint bookrunner. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC acted as co-lead managers and joint bookrunners.
This year, TRTX has issued two CRE CLOs totaling $1.9 billion, thereby financing on a matched-term basis approximately 46.5% of its loan investment portfolio as of September 30, 2018.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
TPG RE Finance Trust, Inc. is a commercial real estate finance company that focuses primarily on originating, acquiring, and managing first mortgage loans and other commercial real estate‐related debt instruments secured by institutional properties located in primary and select secondary markets in the United States. The Company is externally managed by TPG RE Finance Trust Management, L.P., a part of TPG Real Estate, which is the real estate investment platform of TPG. TPG is a global alternative asset firm with a 25-year history and more than $94 billion of assets under management. For more information regarding TRTX, visit www.tpgrefinance.com.