SAN FRANCISCO & FORT WORTH, Texas - TPG Inc. (NASDAQ:TPG), a leading global alternative asset management firm, has announced the pricing of a $400 million offering of junior subordinated notes due in 2064.
The notes, priced with an interest rate of 6.950% per annum, are expected to be guaranteed by TPG and certain subsidiaries. The offering is set to close on March 4, 2024, subject to customary closing conditions.
Interest on these notes will be paid quarterly beginning June 15, 2024, with the issuer retaining the right to defer payments for up to five years. The proceeds are intended for debt repayment under TPG's credit facilities and for general corporate purposes. The notes will be listed on the Nasdaq Global Market under the ticker symbol "TPGXL," with trading anticipated to start on March 5, 2024.
Morgan Stanley & Co (NYSE:MS). LLC, BofA Securities, Inc., UBS Securities LLC, Wells Fargo Securities, LLC, and Goldman Sachs & Co (NYSE:GS). LLC are serving as joint book-running managers for the offering. Several other financial institutions are acting as co-managers.
The offering is part of a shelf registration statement filed with the SEC on February 27, 2024. It is conducted alongside a concurrent offering of senior notes, with neither offering contingent upon the other's completion. Potential investors are advised to read the prospectus and prospectus supplement filed with the SEC for more comprehensive information about TPG and the offering.
TPG, founded in 1992, manages $222 billion in assets and employs a diversified strategy across private equity, credit, real estate, and other sectors. The firm emphasizes collaboration, innovation, and inclusion in its investment approach.
This press release is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy securities. The sale of these securities will not be lawful in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.