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03/14/2014

TPG lending unit files to go public

TPG Specialty Lending, which says it provides financing to mid-size companies, said in a regulatory filing that it intends to go public next week. The company was formed in July 2010 and is part of TPG Capital, the big private equity firm founded by former Robert M. Bass advisors that include David Bonderman and James Coulter.  TPG  Specialty Lending says it has co-chief executive officers: Michael Fishman and Joshua Easterly, and lists its headquarters in Fort Worth. In its filing with the Securities and Exchange Commission, TPG Specialty Lending said it expects to issue 7 million shares at between $16 and $17 a share, or up to $136.9 million before expenses.

According the company's filing, it had just over $1 billion in outstanding investments at year's end to what it describes as highly leveraged companies. It reported $90.4 million in interest income on those investments in 27 portfolio companies, and said its average yield on those investments as of Dec. 31 was 10.4 percent at fair market value. It also holds some equity securities in eligible portfolio companies.

TPG Specialty Lending does business as a Business Development Co., which can be either publicly held or private, but in any event is regulated by the SEC. They distribute most of their earnings as dividends to shareholders. According to its SEC filing, TPG Specialty Lending last year declared a stock dividend of $1.56 a share.

-- Jim Fuquay

 

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