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TPG to repay some revolving debt with proceeds from convertibles
By Marisa Wong
Morgantown, W.Va., Jan. 26 – TPG Specialty Lending, Inc. intends to pay down a portion of the outstanding debt on its second amended and restated senior secured credit facility dated Feb. 27, 2014 using proceeds from an offering of convertible senior notes.
On Thursday the company announced it plans to offer $100 million of convertibles due 2022 with an up to $15 million over-allotment option.
As of Jan. 20, the company had $625 million outstanding under the revolver, according to an 8-K filing with the Securities and Exchange Commission.
As of Sept. 30, amounts outstanding under the revolver bore interest at Libor plus 200 basis points. For $885 million of the commitments, the maturity date is Dec. 22, 2021, and for the remaining $60 million, the maturity date is Oct. 2, 2020.
The company intends to make new investments through reborrowing under the revolver, the filing noted.
TPG is a New York-based specialty finance company focused on lending to middle-market companies.
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