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TPG (TPG) Announces Notes Offering

February 27, 2024 8:50 AM EST

TPG Inc. (“TPG” or the “Company”) (Nasdaq: TPG), a leading global alternative asset management firm, today announced that TPG Operating Group II, L.P. (the “Issuer”), an indirect subsidiary of TPG, intends to offer senior notes due 2034 (the “senior notes”) and fixed-rate junior subordinated notes due 2064 (the “junior subordinated notes”) in separate registered public offerings, subject to market and other conditions. The senior notes and junior subordinated notes will each be fully and unconditionally guaranteed by TPG and certain of the Issuer’s direct subsidiaries. The Issuer intends to grant the underwriters of the junior subordinated notes a 30-day option to purchase additional junior subordinated notes solely to cover over-allotments, if any.

The Issuer intends to use the net proceeds from the concurrent offerings to repay all or a portion of outstanding debt under its revolving credit facility and term loan and for general corporate purposes.

BofA Securities, Inc., Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and TPG Capital BD, LLC are acting as joint book-running managers for the senior notes offering. Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC, Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers for the junior subordinated notes offering.

An automatic shelf registration statement (including a prospectus) relating to the concurrent offerings of the senior notes and junior subordinated notes was filed by TPG with the SEC on February 27, 2024 and became effective upon filing. The senior notes offering and junior subordinated notes offering are being conducted as separate public offerings by means of separate prospectus supplements filed as part of the shelf registration statement, and neither of these offerings is contingent upon consummation of the other. Before you invest, you should read the prospectus in the shelf registration statement and the documents incorporated by reference therein and the applicable prospectus supplement that the Company has filed with the SEC for more complete information about the Company and the concurrent offerings.

Copies of the prospectus and related prospectus supplement relating to senior notes offering and junior subordinated notes offering may be obtained from BofA Securities, Inc. at 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001, Attention: Prospectus Department, at [email protected] or by telephone at 1-800-294-1322; or Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014. A copy of the prospectus and the applicable related prospectus supplement relating to the concurrent offerings may also be obtained free of charge by visiting EDGAR on the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these 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.



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