By Cristal Cody
Tupelo, Miss., Feb. 14 – TPG RE Finance Trust, Inc. priced a $932.4 million commercial real estate collateralized loan obligation transaction, according to a market source and a news release on Wednesday.
TPG Real Estate Finance 2018-FL1 Issuer, Ltd./TPG Real Estate Finance 2018-FL1 Issuer, LLC priced with a weighted average interest rate of Libor plus 108 basis points.
The deal included $491.8 million of class A floating-rate notes; $72.3 million of class A-S floating-rate notes; $55.9 million of class B floating-rate notes; $52.4 million of class C floating-rate notes; $73.4 million of class D floating-rate notes; $37.3 million of class E floating-rate notes; $37.3 million of class F floating-rate notes and $111.9 million of preferred shares.
Wells Fargo Securities LLC was the structuring agent. Wells Fargo Securities, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC were the bookrunners.
TPG RE Finance Trust Holdco, LLC will manage the CLO.
The CLO has an 18-month non-call feature.
The securities are due Feb. 16, 2035.
The CLO financed 26 existing TRTX first mortgage loan investments, which included 25 pari passu participation interests and one whole loan.
Proceeds were used to repay $670 million of borrowings under three of the company’s six secured credit facilities.
The CLO is backed by commercial mortgage assets.
TPG RE Finance Trust 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 U.S.-based institutional properties.
The San Francisco-based company is externally managed by TPG RE Finance Trust Management, LP, a part of TPG Real Estate, which is the real estate investment platform of alternative investment firm TPG Global, LLC.
| Issuer: | TPG Real Estate Finance 2018-FL1 Issuer, Ltd./TPG Real Estate Finance 2018-FL1 Issuer, LLC
|
| Amount: | $932.4 million
|
| Maturity: | Feb. 16, 2035
|
| Securities: | Floating-rate notes and preferred shares
|
| Structure: | CRE CLO
|
| Weighted average rate: | Libor plus 108 bps
|
| Structuring agent: | Wells Fargo Securities LLC
|
| Bookrunners: | Wells Fargo Securities LLC, Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC
|
| Manager: | TPG RE Finance Trust Holdco, LLC
|
| Call feature: | 18 months
|
| Settlement date: | Feb. 14
|
|
|
| Class A notes
|
| Amount: | $491.8 million
|
| Securities: | Floating-rate notes
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-S notes
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| Amount: | $72.3 million
|
| Securities: | Floating-rate notes
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| Ratings: | Non-rated
|
|
|
| Class B notes
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| Amount: | $55.9 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class C notes
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| Amount: | $52.4 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $73.4 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class E notes
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| Amount: | $37.3 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class F notes
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| Amount: | $37.3 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $111.9 million
|
| Securities: | Preferred shares
|
| Ratings: | Non-rated
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