TPG Announces Pricing of Fixed-Rate Junior Subordinated Notes
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~ TPG Inc., a global alternative asset management firm, has announced the pricing of a registered public offering of $400 million in fixed-rate junior subordinated notes due 2064. The offering is being made through TPG Operating Group II, L.P., an indirect subsidiary of TPG, and is expected to close on March 4, 2024.

The notes, which will bear interest at a fixed rate of 6.950% per year, will be fully and unconditionally guaranteed by TPG and certain direct subsidiaries of the Issuer. Interest on the notes will be payable quarterly beginning on June 15, 2024.

The net proceeds from this offering, along with the net proceeds from a previously announced senior notes offering, will be used by the Issuer to repay outstanding debt under its revolving credit facility and term loan, as well as for general corporate purposes.

In connection with the offering, the Issuer has applied to list the notes on the Nasdaq Global Market under the symbol "TPGXL". If approved for listing, trading is expected to commence on March 5, 2024.

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Morgan Stanley & Co. LLC, BofA Securities, Inc., UBS Securities LLC, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers for the offering. TPG Capital BD LLC, J.P. Morgan Securities LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Loop Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Citigroup Global Markets Inc., SMBC Nikko Securities America Inc., Academy Securities Inc., Cabrera Capital Markets LLC, Siebert Williams Shank & Co. LLC and Stern Brothers & Co. are acting as co-managers for the offering.

The notes are being offered under TPG's existing shelf registration statement filed with the Securities and Exchange Commission (SEC) on February 27, 2024. The offering is being conducted as a separate public offering from the previously announced senior notes offering, and neither offering is contingent upon the other.

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Interested investors are encouraged to read the prospectus and related prospectus supplement for more information about TPG and the offering. Copies of these documents can be obtained from the joint book-running managers or by visiting the SEC's website.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

TPG, founded in San Francisco in 1992, is a leading global alternative asset management firm with $222 billion in assets under management. The firm invests across a diverse range of strategies including private equity, impact investing, credit, real estate, and market solutions. TPG's unique approach is driven by collaboration, innovation, and inclusion to add value for its fund investors, portfolio companies, management teams, and communities around the world.
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