New York, June 14 – TPG Specialty Lending, Inc. priced a $50 million add on to its 4.5% convertible senior notes due 2022, according to a news release.
The announcement did not disclose the reoffer price. Talk had been for a price of 100.5 to 101, according to a market source.
The company did say that the initial conversion premium was 16%.
J.P. Morgan Securities LLC and Goldman Sachs & Co. are joint bookrunners for the registered offering.
There is a greenshoe for a further $7.5 million.
The notes will have the same terms and form a single unit with the company’s existing 4.5% convertible notes, which have $115 million outstanding.
The original notes priced on Jan. 26 with a 15% initial conversion premium. BofA Merrill Lynch and Morgan Stanley & Co. LLC were the bookrunners for that sale.
Since that offering, the conversion price has been adjusted to $21.05 from $21.34 originally.
The notes are non-callable. There is takeover and dividend protection.
Proceeds will be used to pay down debt under a revolving credit facility.
TPG Specialty Lending is a New York-based specialty finance company focused on lending to middle market companies.
| Issuer: | TPG Specialty Lending, Inc.
|
| Issue: | Convertible senior notes
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Total outstanding: | $165 million
|
| Maturity: | Aug. 1, 2022
|
| Coupon: | 4.5%
|
| Initial conversion premium: | 16%
|
| Conversion price: | $21.05
|
| Conversion rate: | 47.5093
|
| Net share settlement: | Yes
|
| Contingent conversion: | 130%
|
| Call: | Non-callable
|
| Bookrunners: | J.P. Morgan Securities LLC and Goldman Sachs & Co.
|
| Pricing date: | June 14, after close
|
| Settlement: | June 19
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: TSLX
|
| Stock price: | $18.08 at close on June 14
|
| Market capitalization: | $1.18 billion
|
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