NEW YORK--(BUSINESS WIRE)--Aug. 4, 2015--
TPG Specialty Lending, Inc. (NYSE:TSLX) (“TSLX”) announced today that
its Board of Directors has approved a stock repurchase plan (the
“Company 10b5-1 Plan”) to acquire up to $50 million in the aggregate of
TSLX’s common stock at prices just below TSLX’s net asset value per
share, in accordance with the guidelines specified in Rule 10b-18 and
Rule 10b5-1 of the Securities Exchange Act of 1934.
The Company 10b5-1 Plan is designed to allow TSLX to repurchase its
common stock at times when it otherwise might be prevented from doing so
under insider trading laws. The Company 10b5-1 Plan requires Goldman,
Sachs & Co., as agent, to repurchase shares of common stock on TSLX’s
behalf when the market price per share is just below the most recently
reported net asset value per share (including any updates, corrections
or adjustments publicly announced by TSLX to any previously announced
net asset value per share). Under the Company 10b5-1 Plan, the agent
will increase the volume of purchases made as the price of TSLX’s common
stock declines, subject to volume restrictions. The timing and amount of
any stock repurchases depend on the terms and conditions of the Company
10b5-1 Plan, the market price of the common stock and trading volumes,
and no assurance can be given that any particular amount of common stock
will be repurchased.
Unless extended or terminated by its Board of Directors, TSLX expects
that the Company 10b5-1 Plan will be in effect through the earlier of
February 29, 2016 or such time as the approved $50 million repurchase
amount has been fully utilized, subject to certain conditions.
TSLX’s prior stock repurchase plan expired in accordance with its terms
on June 30, 2015. As of that date, no shares had been repurchased under
The purchase of shares pursuant to the Company 10b5-1 Plan is intended
to satisfy the conditions of Rule 10b5-1 and Rule 10b-18, and will
otherwise be subject to applicable law, including Regulation M, which
may prohibit purchases under certain circumstances.
About TPG Specialty Lending, Inc.
TPG Specialty Lending, Inc. (“TSLX”, or the “Company”) is a specialty
finance company focused on lending to middle-market companies. The
Company seeks to generate current income primarily in U.S.-domiciled
middle-market companies through direct originations of senior secured
loans and, to a lesser extent, originations of mezzanine loans and
investments in corporate bonds and equity securities. The Company has
elected to be regulated as a business development company, or a BDC,
under the Investment Company Act of 1940 and the rules and regulations
promulgated thereunder. TSLX is externally managed by TSL Advisers, LLC,
an SEC-registered investment adviser. TSLX leverages the deep
investment, sector, and operating resources of TPG Special Situations
Partners, the dedicated special situations and credit platform of TPG,
with over $12 billion of assets under management, and the broader TPG
platform, a global private investment firm with over $74 billion of
assets under management. For more information, visit the Company’s
website at www.tpgspecialtylending.com.
Statements included herein may constitute “forward-looking statements,”
which relate to future events or the Company’s future performance or
financial condition. These statements are not guarantees of future
performance, conditions or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described from time to time in the Company’s filings with the
Securities and Exchange Commission. The Company assumes no obligation to
update any such forward-looking statements. TSLX undertakes no duty to
update any forward-looking statements made herein.
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Source: TPG Specialty Lending, Inc.
TPG Specialty Lending, Inc.
Blicksilver PR, Inc.
Jennifer Hurson, 845-507-0571