Commercial mREIT TPG Real Estate Finance Trust (TRTX) has priced their new preferred stock issue.
The SEC documents have not been published so all the details are not known, but this press release gives the basics–priced at 6.25% for 7 million shares with another 1.05 million shares available for overallotments.
The press release can be read here. Details will be published when known.
As noted earlier in the day the OTC grey market ticker will be TRTXP for trading immediately (or when you broker gets the ticker ‘set up’).
10 thoughts on “TPG Real Estate Finance Trust Prices New Preferred Issue”
If you go to their website and read all the stuff there you will see that between “Office Space & Hotels” their portfolio is around 70% of those 2 categories. Better Hope & Pray the pandemic is indeed over with. For that reason Iam going to skip this one, even though I do like it. Like I say, I do like it but this last 16 months has taught all of us a very valuable lesson.
LOL rate ho that I am the McReits are one of the few areas left with any sort of yield. Last time I went there in size was feb 2020.
thanks Tim. First new bond I am quite excited about.
What do you know about this company? I have never heard of it.
Same question. Why are you excited about this one, James?
I checked their properties and one of my criteria is that properties must be in coastal areas. TPTX checks all my boxes. they have properties in New York, Florida, California. the second criteria is BBB rating and they are rated BBB by Egan (of course you would love a S&P BBB rating) but the yield of 6.25% justifies a Egan triple B.
James – You’ve just described Egan Jones’ raison d’etre. When all else is impossible, pay EJ… lol
Does anyone know if the companies issuing new paper are required to pay S&P, Moody’s, and Egan? If so, how much does it cost them to get a rating? Also I was wondering …if a company gets a rating, are they required to report what the rating is or can they simply omit it and refer to the issue as non-rated?
Companies are not “required” to get a rating but as most institutional buyers require it most will be rated. The company pays for the rating. It is quite expensive, except for Egan-Jones.
I don’t believe a company has the right to hide a rating.