Finance
Major Move: TPG RE Finance Secures Massive $1.1B Real Estate Financing Deal
TPG RE Finance Trust (NYSE: TRTX) has announced the pricing of TRTX 2025-FL6, a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO). The company expects to place approximately $962.5 million of investment grade securities with institutional investors, providing non-mark-to-market, non-recourse term financing.
Key features of TRTX 2025-FL6 include:
- 30-month reinvestment period
- 87.5% advance rate
- Weighted average interest rate at issuance: Term SOFR plus 1.83%
TRTX will redeem TRTX 2019-FL3 on March 17, 2025, which currently has $114.6 million outstanding. The new issuance and redemption are expected to generate net cash proceeds of approximately $211.1 million for investment and corporate purposes. The transaction is expected to close around March 28, 2025.
TPG RE Finance Trust (NYSE: TRTX) ha annunciato la determinazione del prezzo di TRTX 2025-FL6, un prestito obbligazionario collateralizzato (CRE CLO) gestito da 1,1 miliardi di dollari. L’azienda prevede di collocare circa 962,5 milioni di dollari di titoli di investimento di grado presso investitori istituzionali, fornendo finanziamenti a termine non garantiti e non soggetti a valutazione di mercato.
Le caratteristiche principali di TRTX 2025-FL6 includono:
- Periodo di reinvestimento di 30 mesi
- Aliquota di anticipo del 87,5%
- Aliquota d’interesse media ponderata al momento dell’emissione: Term SOFR più 1,83%
TRTX rimborserà TRTX 2019-FL3 il 17 marzo 2025, che attualmente ha 114,6 milioni di dollari in circolazione. La nuova emissione e il rimborso dovrebbero generare proventi netti in contante di circa 211,1 milioni di dollari per scopi di investimento e aziendali. Si prevede che la transazione si chiuda intorno al 28 marzo 2025.
TPG RE Finance Trust (NYSE: TRTX) ha anunciado el precio de TRTX 2025-FL6, un obligación de préstamo garantizado comercial (CRE CLO) gestionado de 1.1 mil millones de dólares. La empresa espera colocar aproximadamente 962.5 millones de dólares en valores de grado de inversión con inversores institucionales, proporcionando financiamiento a plazo no garantizado y sin evaluación de mercado.
Las características clave de TRTX 2025-FL6 incluyen:
- Período de reinversión de 30 meses
- Tasa de adelanto del 87.5%
- Tasa de interés promedio ponderada al momento de la emisión: Term SOFR más 1.83%
TRTX redimirá TRTX 2019-FL3 el 17 de marzo de 2025, que actualmente tiene 114.6 millones de dólares pendientes. La nueva emisión y redención se espera que generen ingresos netos en efectivo de aproximadamente 211.1 millones de dólares para fines de inversión y corporativos. Se espera que la transacción se cierre alrededor del 28 de marzo de 2025.
TPG RE Finance Trust (NYSE: TRTX)는 TRTX 2025-FL6의 가격을 발표했습니다. 이는 11억 달러 규모의 관리형 상업용 부동산 담보 대출 의무(CRE CLO)입니다. 이 회사는 기관 투자자와 함께 약 9억6250만 달러의 투자 등급 증권을 배치할 것으로 예상하고 있으며, 이는 시장 평가 없이, 무담보로 제공되는 장기 금융을 제공합니다.
TRTX 2025-FL6의 주요 특징은 다음과 같습니다:
- 30개월 재투자 기간
- 87.5%의 선급 비율
- 발행 시 가중 평균 이자율: Term SOFR 플러스 1.83%
TRTX는 2025년 3월 17일에 TRTX 2019-FL3을 상환할 예정이며, 현재 1억1460만 달러가 남아 있습니다. 새로운 발행과 상환은 약 2억1110만 달러의 순 현금 수익을 생성할 것으로 예상되며, 이는 투자 및 기업 목적을 위해 사용될 것입니다. 거래는 2025년 3월 28일경에 완료될 것으로 예상됩니다.
TPG RE Finance Trust (NYSE: TRTX) a annoncé le prix de TRTX 2025-FL6, un prêt obligataire commercial géré de 1,1 milliard de dollars (CRE CLO). La société prévoit de placer environ 962,5 millions de dollars de titres de qualité d’investissement auprès d’investisseurs institutionnels, offrant un financement à terme sans évaluation de marché et sans recours.
Les caractéristiques clés de TRTX 2025-FL6 incluent:
- Période de réinvestissement de 30 mois
- Taux d’avance de 87,5%
- Taux d’intérêt moyen pondéré au moment de l’émission : Term SOFR plus 1,83%
TRTX remboursera TRTX 2019-FL3 le 17 mars 2025, qui a actuellement 114,6 millions de dollars en circulation. La nouvelle émission et le remboursement devraient générer environ 211,1 millions de dollars de produits nets en espèces pour des fins d’investissement et d’entreprise. La transaction devrait se clôturer aux alentours du 28 mars 2025.
TPG RE Finance Trust (NYSE: TRTX) hat die Preisgestaltung von TRTX 2025-FL6 bekannt gegeben, einer 1,1 Milliarden US-Dollar großen verwalteten gewerblichen Immobilien besicherten Schuldverschreibung (CRE CLO). Das Unternehmen erwartet, etwa 962,5 Millionen US-Dollar an Anleihen mit Investment-Grade bei institutionellen Investoren zu platzieren, die nicht marktbewertet und ohne Rückgriff auf Terminfinanzierung bereitgestellt werden.
Die wichtigsten Merkmale von TRTX 2025-FL6 umfassen:
- 30-monatige Reinvestitionsperiode
- 87,5% Vorschussquote
- Gewichteter durchschnittlicher Zinssatz zum Zeitpunkt der Emission: Term SOFR plus 1,83%
TRTX wird TRTX 2019-FL3 am 17. März 2025 zurückzahlen, das derzeit 114,6 Millionen US-Dollar ausstehend hat. Die neue Emission und Rückzahlung werden voraussichtlich netto etwa 211,1 Millionen US-Dollar an Barerlösen für Investitions- und Unternehmenszwecke generieren. Die Transaktion wird voraussichtlich um den 28. März 2025 abgeschlossen sein.
Positive
- Secured $1.1 billion in CRE CLO financing
- Generated $211.1 million in net cash proceeds for investments
- Obtained favorable 87.5% advance rate
- Secured non-mark-to-market, non-recourse financing terms
Negative
- Higher interest rate exposure with Term SOFR plus 1.83% financing cost
TPG RE Finance Trust, Inc. (NYSE: TRTX) (“TRTX” or the “Company”) today announced the pricing of TRTX 2025-FL6, a
Goldman Sachs & Co. LLC is acting as sole structuring agent, co-lead manager and joint bookrunner for TRTX 2025-FL6. BofA Securities, Inc. and Wells Fargo Securities, LLC are acting as co-lead managers and joint bookrunners, and Barclays Capital Inc., Citigroup Global Markets Inc., HSBC Securities (
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT TRTX
TRTX is a commercial real estate finance company that originates, acquires, and manages primarily first mortgage loans secured by institutional properties located in primary and select secondary markets in
FORWARD-LOOKING STATEMENTS
This press release contains “forward‐looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward‐looking statements are subject to various risks and uncertainties, including, without limitation, risks and uncertainties relating to: the performance of the Company’s investments; global economic trends and economic conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, stress to the commercial banking systems of the
View source version on businesswire.com: https://www.businesswire.com/news/home/20250312981804/en/
INVESTOR RELATIONS CONTACT
+1 (212) 405-8500
IR@tpgrefinance.com
MEDIA CONTACT
TPG RE Finance Trust, Inc.
Courtney Power
+1 (415) 743-1550
media@tpg.com
Source: TPG RE Finance Trust, Inc.
FAQ
What is the size and purpose of TRTX’s 2025-FL6 CLO offering?
TRTX’s 2025-FL6 is a $1.1 billion Commercial Real Estate CLO offering that will provide non-mark-to-market, non-recourse term financing through $962.5 million in investment grade securities placement.
When will TRTX redeem the 2019-FL3 CLO and what are the net proceeds?
TRTX will redeem TRTX 2019-FL3 on March 17, 2025, and combined with the new FL6 issuance, will generate net cash proceeds of approximately $211.1 million.
What are the key terms of TRTX’s 2025-FL6 CLO?
TRTX 2025-FL6 features a 30-month reinvestment period, 87.5% advance rate, and weighted average interest rate of Term SOFR plus 1.83% at issuance.
When is the expected closing date for TRTX’s 2025-FL6 CLO?
TRTX 2025-FL6 is expected to close on or around March 28, 2025, subject to customary closing conditions.
Klarna said Friday (March 14) that it publicly filed a registration form on Form F-1 with the Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its ordinary shares.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the company said in a Friday press release. “Klarna has applied to list its ordinary shares on the New York Stock Exchange under the symbol ‘KLAR.’”
In a letter included in the Form F-1, Klarna CEO and Co-founder Sebastian Siemiatkowski wrote that the company’s offerings, including its buy now, pay later (BNPL) feature, have drawn close to 100 million people.
“It is an amazingly diverse group of people with really one thing in common: their resentment of traditional banks,” Siemiatkowski wrote. “They want simple and transparent fees. They want to avoid mishap fees. They want fixed and clear payoff horizons for major purchases. Ultimately, they want a bank that delivers trust by putting their interests first — and yes, preferably interest-free.”
Klarna said in the Form F-1 that as of Dec. 31, it had 93 million active consumers and 675,000 merchants. It also had gross merchandise value (GMV) of $105 billion, revenue of $2.8 billion and net profit of $21 million as of that time, the firm said.
Addressing potential investors in his letter, Siemiatkowski wrote: “For those who join us, you’re not just investing in a company — you’re investing in a new era of finance.”
It was reported March 6 that Klarna was perhaps days away from filing for its IPO and that unnamed sources said the company hopes to raise at least $1 billion, with plans to price the IPO early in April. The same sources said the company is targeting a value of more than $15 billion when it lists on the New York Stock Exchange.
Klarna said in November that it “confidentially submitted” a draft registration statement for an IPO to the SEC.
A month earlier, Chrysalis Investments increased the value of its stake in Klarna, giving the company an implied valuation of roughly $14.6 billion.
Finance
Stock market today: Dow, S&P 500, Nasdaq futures jump as stocks head for steep weekly losses
China’s stock benchmark closed at its highest since mid-December amid growing optimism for more Beijing policy support and a rising appetite for Chinese names from global investors.
Shanghai’s CSI 300 jumped 2.4% as investors dived into consumer stocks. Meanwhile, the Hang Seng China Enterprises index (^HSCE) in Hong Kong finished with a 2.7% gain.
China’s authorities are seen as poised to bring in policies to boost consumer spending and confidence, after the financial regulator laid out plans to encourage banks to offer loans.
But Beijing appears to be struggling to find ways to meet its spending targets, even as Elon Musk-led DOGE in the US shoots for $1 trillion in spending cuts. The risk of economic damage from President Trump’s tariff hikes also looms large.
At the same time, recession worries sparked by that trade war are driving global investors to take cover in an unusual haven, Chinese stocks, analysts suggest. The stocks are trading 30% under their 2021 highs, while the 17% gain for Hong Kong’s Hang Seng (^HSI) since Trump’s election far outshines the S&P 500’s (^GSPC) 9% drop
Block said Thursday (March 13) that its industrial bank, Square Financial Services (SFS), received approval from the Federal Deposit Insurance Corp. (FDIC) to offer the company’s consumer loan product Cash App Borrow.
SFS will begin servicing and originating Cash App Borrow loans nationwide in the coming weeks, replacing Block’s current external bank partner, Block said in a Thursday press release.
Cash App Borrow provides small, short-term consumer loans — typically less than $100 and about one month in duration — to Cash App customers in a simple and accessible way that includes making payments within Cash App, according to the release.
The short-term credit product saw nearly $9 billion in originations in 2024 offered by Block through its external bank partner. Most customers pay on time, and the product’s historic loss rates are under 3%, the release said.
SFS will continue to offer business loans through Square Loans and interest-bearing business savings accounts through Square Savings, per the release.
“Across Block we’re focused on building technology to increase access to the economy, and Square Financial Services is a critical tool in helping us deliver on that,” Amrita Ahuja, chief operating officer and chief financial officer of Block and executive chairwoman of the board of directors for SFS, said in the release. “The bank allows us to provide a clear path to cash flow using our proven underwriting mechanisms for businesses and now consumers who are not well served by the traditional banking and credit systems.”
Block executives said during a Feb. 20 earnings call that the company plans to continue doubling down on traditional banking territory in the year ahead, as it did for much of the past fiscal year.
For example, executives pointed to Cash App’s continuing evolution that has included the addition of an expanded suite of banking features including high-yield savings, paycheck allocation to investments and free tax filing. They noted that Cash App Borrow’s nearly $9 billion in originations demonstrates strong demand for micro-lending services.
In a shareholder letter, Block said: “Our goal is to make Cash App the top provider of banking services to households in the United States that earn up to $150,000 per year.”
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