TPG to price fixed-rate senior notes due 2034

By Marisa Wong

Los Angeles, Feb. 27 – TPG Operating Group II, LP plans to price fixed-rate senior notes due 2034, according to 424B5 filings with the Securities and Exchange Commission.

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 be callable in whole or in part at par beginning March 15, 2029, in whole at par if a tax redemption event occurs and in whole at 102 within 90 days of a rating agency event at any time prior to March 15, 2029.

BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and TPG Capital BD, LLC are joint bookrunners for the 2034 notes.

U.S. Bank NA is the trustee.

Weil, Gotshal & Manges LLP will handle matters of U.S. federal and New York state law for the issuer. Davis Polk & Wardwell LLP is also acting as counsel for the issuer. Cravath, Swaine & Moore LLP will act as counsel for the underwriters.

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.

TPG is a private equity firm based in Fort Worth.

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