NEW YORK--(BUSINESS WIRE)--TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) announced today that on October 10, 2019 the Company priced TRTX 2019-FL3, a $1.23 billion managed Commercial Real Estate Collateralized Loan Obligation ("CRE CLO"). The Company placed $1.04 billion of investment grade bonds with institutional investors, providing TRTX with matched-term financing on a non-mark-to-market and non-recourse basis. TRTX 2019-FL3 includes a two-year reinvestment period, an advance rate of 84.5%, and a weighted average interest rate at issuance of LIBOR plus 1.44%, before transaction costs. The transaction is expected to close on October 25, 2019 and is subject to customary closing conditions.
Since January 2018, TRTX has issued three CRE CLOs totaling $3.16 billion to steadily boost the share of its floating rate, first mortgage loan portfolio funded with non-recourse, non-mark-to-market term liabilities. J.P. Morgan Securities LLC acted as sole structuring agent, co-lead manager and joint bookrunner. Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC acted as co-lead managers and joint bookrunners. US Bancorp Investments, Inc. acted as co-manager.
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 $111 billion of assets under management. For more information regarding TRTX, visit www.tpgrefinance.com.