TPG Specialty Lending in Convertible Notes Offering

June 10, 2014

Cleary Gottlieb represented TPG Specialty Lending, in its Rule 144A offering of $115 million principal amount of 4.50% convertible senior notes due 2019. In connection with the offering, TSL amended its revolving credit facility. The offering (including full exercise of the over-allotment option) closed on June 10, 2014.

Cleary also represented TSL in a fixed-to-floating interest rate swap transaction relating to the offering.

TSL is a business development company under the Investment Company Act of 1940. TSL focuses on lending to middle-market companies. TPG Special Situations Partners, which encompasses TPG Specialty Lending, TPG Opportunities Partners and TPG Institutional Credit Partners, is TPG’s special situations and credit platform. Since TSL began investment activities in July 2011, it has originated more than $2.6 billion aggregate principal amount of investments and retained more than $1.8 billion aggregate principal amount of those investments on its balance sheet prior to any subsequent exits and repayments. Cleary Gottlieb recently represented TSL in its initial public offering, which closed in March 2014.