Published on 2/28/2024 in the Prospect News Investment Grade Daily.
New Issue: TPG prices $400 million 6.95% junior subordinated notes due 2064
Chicago, Feb. 28 – TPG Operating Group II, LP priced $400 million of 6.95% junior subordinated notes due 2064, according to a press release.
The notes will be guaranteed by TPG Inc., TPG Operating Group I, LP, TPG Operating Group III, LP and TPG Holdings II Sub, LP.
The notes will feature a make-whole call option, followed by a par call option some months prior to the maturity date.
Interest may be deferred for up to five consecutive years.
Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC, Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC are joint bookrunners.
Proceeds will be used to repay all or a portion of outstanding debt under the company’s senior revolving credit facility and senior term loan, as well as for general corporate purposes.
The company was also concurrently conducting an offering for senior notes.
TPG is a private equity firm based in Fort Worth.
| Issuer: | TPG Operating Group II, LP
|
| Guarantor: | TPG Inc., TPG Operating Group I, LP, TPG Operating Group III, LP and TPG Holdings II Sub, LP
|
| Amount: | $400 million
|
| Issue: | Junior subordinated notes
|
| Maturity: | 2064
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC, Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC
|
| Co-managers: | TPG Capital BD, LLC, J.P. Morgan Securities LLC, Barclays, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Loop Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., Citigroup Global Markets Inc., SMBC Nikko Securities America, Inc., Academy Securities, Inc., Cabrera Capital Markets LLC, Siebert Williams Shank & Co., LLC and Stern Brothers & Co.
|
| Trustee: | U.S. Bank NA
|
| Counsel to issuer: | Weil, Gotshal & Manges LLP and Davis Polk & Wardwell LLP
|
| Counsel to bookrunners: | Cravath, Swaine & Moore LLP
|
| Coupon: | 6.95%
|
| Trade date: | Feb. 28
|
| Settlement date: | March 4
|
| Distribution: | SEC registered
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
