TPG RE Finance Trust’s $932.4 Million Commercial Real Estate CLO Offering


Vinson & Elkins provided tax counsel to TPG RE Finance Trust, Inc. (TRTX) in connection with TRTX 2018-FL1, a $932.4 million collateralized loan obligation (CLO) offering.

TPG RE Finance Trust, Inc. (NYSE: TRTX) closed its TRTX 2018-FL1, a $932.4 million collateralized loan obligation (“CLO”) offering. The CLO financed 26 existing TRTX first mortgage loan investments, comprising 25 pari passu participation interests and one whole loan. The CLO has an advance rate of 80% and a weighted average interest rate at issuance of LIBOR + 1.08%. CLO proceeds were used to repay $670 million of borrowings under three of the Company’s six secured credit facilities.

Wells Fargo Securities acted as sole structuring agent, co-lead manager and joint bookrunner. Goldman Sachs & Co. LLC and Morgan Stanley acted as co-lead managers and joint bookrunners.

TPG RE Finance Trust, Inc. operates as a real estate finance company. The Company, led by Greta Guggenheim, Robert R Foley and Deborah Ginsberg, acquires and manages commercial mortgage loans and other real estate related debt instruments. In 2017 TPG RE finance Trust recorded $200 Million Revenues.

V&E advised TPG RE with a team including Chris Mangin (Picture), Virginia Blanton, David Freed, Ramey Layne, Zachary Swartz, Doug Lionberger and Jennifer Wong.

Involved fees earner: Christopher Mangin Jr. – Vinson & Elkins LLP; Virginia Blanton – Vinson & Elkins LLP; David Freed – Vinson & Elkins LLP; Ramey Layne – Vinson & Elkins LLP; Zach Swartz – Vinson & Elkins LLP; Douglas Lionberger – Vinson & Elkins LLP; Jennifer Wong – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: TPG RE Finance Trust, Inc.;

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Author: Ambrogio Visconti