Cleary Gottlieb acted as counsel to TPG Specialty Lending in its sale of $50 million aggregate principal amount of its 4.50 percent convertible notes due 2022, in an underwritten public offering pursuant to a shelf registration statement on Form N-2, which represented a reopening of the same series of notes initially issued in February 2017, in a private offering.
The company also granted the underwriters an option to purchase an additional $7.5 million aggregate principal amount of notes to cover over-allotments. The offering launched and priced on June 14, 2018, and closed on June 19, 2018.
TPG Specialty Lending is a business development company under the Investment Company Act of 1940 and focuses on lending to U.S. middle-market companies.