TPG Specialty Lending Prices IPO At Low End Of Range

(RTTNews) - TPG Specialty Lending, Inc. said Thursday that it has priced its initial public offering of 7 million shares of its common stock at a public offering price of $16.00 per share, which the low end of its previously estimated range of $16.00 to $17.00 per share.

The company's shares are expected to begin trading on the New York Stock Exchange on Friday, March 21 under the symbol TSLX.

The company has also granted the underwriters an overallotment option to purchase up to an additional 1.05 million shares of common stock.

The closing of the offering is subject to customary closing conditions and the shares are expected to be delivered on or about March 26.

Concurrently with the initial public offering, TPG Specialty Lending will sell $50 million of its common stock to certain existing investors, including TSL Advisers, LLC, the company's investment adviser and administrator, through a separate private placement at the initial public offering price per share.

The company expects to use the net proceeds of this offering, as well as the proceeds of the concurrent private placement, together with cash and cash equivalents, to pay down debt under a revolving credit facility.