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TPG RE Finance Trust Closes $1.1B CLO
TPG RE Finance Trust, Inc. (TRTX) has closed TRTX 2022-FL5, a $1.075-billion managed commercial real estate collateralized loan obligation. The New York City-based company placed $907 million of investment grade bonds with institutional investors, providing TRTX with term financing on a non-mark-to-market, non-recourse basis.
TRTX 2022-FL5 includes a two-year reinvestment period, an advance rate of 84.4%, and a weighted average interest rate at issuance of compounded SOFR plus 2.02%, before transaction costs.
Wells Fargo Securities acted as sole structuring agent, co-lead manager and joint bookrunner for TRTX 2022-FL5. Morgan Stanley, Goldman Sachs and J.P. Morgan Securities acted as co-lead managers and joint bookrunners, and Barclays Capital Inc. and BofA Securities, Inc. acted as co-managers.
Since January 2018, TRTX has issued five CRE CLOs totaling $5.5 billion in support of its longstanding strategy of using primarily non-recourse, non-mark-to-market liabilities to fund its investment portfolio of transitional first mortgage loans.
- ◦Financing
