$225 billion dollar asset manager TPG Inc. (TPG) has announced the coming issuance of a new $25/share junior subordinated debentures.
The issue will have a maturity date 3/15/2064 with an early redemption date available to the issuer starting 3/15/2029.
This issue should be rated investment grade by the major ratings agencies.
This issue contains the following in the prospectus–
The Issuer has the right, on one or more occasions, to defer the payment of interest on the notes for up to five consecutive years (each such period, an “optional deferral period”). During an optional deferral period, interest will continue to accrue on the notes, and deferred interest payments will accrue additional interest at a rate equal to the interest rate on the notes, compounded quarterly as of each interest payment date to the extent permitted by applicable law. For more detailed information on the option to defer interest payments, see “Description of the Notes—Option to Defer Interest Payments.”
Shares will trade on Nasdaq under ticker TPGXL when they finally being to trade–they are not priced correctly yet.
The preliminary prospectus is here.
Thanks to Earlybird for picking this one up.
Here is the pricing sheet:
https://www.sec.gov/Archives/edgar/data/1880661/000119312524051233/d759716dfwp.htm
6.950% Fixed-Rate Junior Subordinated Notes due 2064
The Issuer intends to apply to list the notes on the NASDAQ Global Select Market under the symbol “TPGXL”.
Expected Ratings: Moody’s: Baa1 / S&P: BBB- / Fitch: BBB-
TPG (NASDAQ:TPG) said Tuesday its unit intends to offer senior notes due 2034 and fixed-rate junior subordinated notes due 2064 in separate registered public offerings.