NEW YORK--(BUSINESS WIRE)--Aug. 12, 2014--
TPG Specialty Lending, Inc. (NYSE:TSLX) (“TSL” or “the Company”) today
announced the completion of an underwritten secondary public offering of
5,000,000 shares of its common stock by certain of its pre-IPO existing
stockholders (the “Selling Stockholders”) at a public offering price of
$18.63 per share.
Selling stockholders in the offering represented a subset of the
Company’s pre-IPO stockholders, who have owned shares of the Company
since its initial private capital raise. No shares of the Company’s
common stock were sold by the Company or its affiliates, and it did not
receive any proceeds from this offering.
In connection with the Company’s initial public offering in March 2014,
all pre-IPO stockholders, who collectively held 44.9 million shares,
agreed to be subject to lock-up agreements. Under the original lock-up
terms, 21.0 million shares would have become tradeable in September
2014. In connection with this offering, all Selling Stockholders and a
majority of non-selling pre-IPO stockholders, including the Company’s 19
largest pre-IPO stockholders, officers and directors of the Company, and
the Adviser, have modified and extended the lock-up periods of certain
of their pre-IPO shares. As a result of the new lock-up agreements, 4.2
million pre-IPO shares will become tradeable in September 2014; the
remaining 35.7 million shares held by pre-IPO stockholders will remain
under lock-up. The Adviser, the entity through which management and its
affiliates own shares representing 5.2% of the Company’s outstanding
stock, has agreed to extend its lock-up period through April 30, 2015.
In addition, the Company has agreed to a 90 day lock-up period.
BofA Merrill Lynch, J.P. Morgan, Goldman, Sachs & Co., Morgan Stanleyand Wells Fargo Securities acted as joint book-running managers for this
offering. TPG Capital BD, LLC, SunTrust Robinson Humphrey, Imperial
Capital, HSBC and Mizuho Securities acted as co-managers.
Investors are advised to carefully consider the investment
objectives, risks, charges and expenses of the Company before investing.
The prospectus supplement dated August 5, 2014 and the accompanying
prospectus dated August 1, 2014, which have been filed with the
Securities and Exchange Commission (the “SEC”), contain this and other
information about the Company and should be read carefully before
The prospectus supplement, the accompanying prospectus and this press
release are not offers to sell any securities of the Company and are not
soliciting an offer to buy such securities in any state where such offer
and sale is not permitted.
A shelf registration statement relating to these securities is on
file and has been declared effective by the SEC. The offering may be
made only by means of a prospectus supplement and an accompanying
prospectus, copies of which may be obtained from: BofA Merrill Lynch,
222 Broadway, New York, NY 10038, Attn: Prospectus Department, or e-mail firstname.lastname@example.org;
J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, NY 11717, Attn: Prospectus Department, (866) 803-9204;
or Goldman, Sachs & Co., 200 West Street, New York, NY 10282, Attention:
Prospectus Department, by calling (866) 471-2526, or by e-mailing email@example.com.
ABOUT TPG SPECIALTY LENDING, INC.
TSL is a specialty finance company focused on lending to middle-market
companies. TSL 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. TSL 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. TSL is externally managed by TSL Advisers, LLC,
(“the Adviser”), an SEC-registered investment adviser. TSL leverages the
deep investment, sector, and operating resources of TPG Special
Situations Partners, the dedicated special situations and credit
platform of TPG, with over $10 billion of assets under management as of
June 30, 2014, and the broader TPG platform, a leading global private
investment firm with over $59 billion of assets under management.
Statements included herein may constitute “forward-looking statements”
that involve substantial risks and uncertainties. These forward-looking
statements are not historical facts, but rather are based on current
expectations, estimates and projections about us, our current and
prospective portfolio investments, our industry, our beliefs, and our
assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,”
“believes,” “seeks,” “estimates,” “would,” “should,” “targets,”
“projects,” and variations of these words and similar expressions are
intended to identify forward-looking statements. These statements are
not guarantees of future performance and are subject to risks,
uncertainties, and other factors, some of which are beyond TSL’s control
and difficult to predict, that could cause actual results to differ
materially from those expressed or forecasted in the forward-looking
Source: TPG Specialty Lending, Inc.
TPG Specialty Lending, Inc.
Blicksilver PR, Inc.
Jennifer Hurson, 845-507-0571