TPG Specialty Lending in IPO and Concurrent Private Placement

March 26, 2014

Cleary Gottlieb represented TPG Specialty Lending in its $112 million initial public offering of 7 million shares of common stock. The offering priced on March 20, 2014 at $16 per share and closed on March 26, 2014. The common stock is listed on the New York Stock Exchange under the ticker symbol “TSLX”.

In connection with the IPO, Cleary Gottlieb also advised TSL on a $50 million concurrent private placement of common stock at a purchase price per share equal to the IPO price.

In addition, TSL’s registered investment adviser, TSL Advisers, entered an agreement with Goldman Sachs in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act under which Goldman Sachs will buy up to $25 million of TSL’s common stock in the open market based on specified pricing parameters.

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 approximately $1.7 billion aggregate principal amount of those investments on its balance sheet prior to any subsequent exits and repayments.