TPG Specialty Lending (TSL) has priced its initial public offering at $16 per share. Shares of the business development began trading on the New York Stock Exchange under the symbol TSLX Friday morning.
TSL granted the underwriters an overallotment option to purchase up to 1,050,000 shares of common stock, according to a statement released by the firm. JPMorgan, BofA Merrill Lynch, Goldman Sachs, Citigroup, Wells Fargo Securities and Barclays acted as joint bookrunners on the offering.
Shares of the BDC were trading at $16.08 at press time, according to MarketWatch.
TSL announced its intention to list on the New York Stock Exchange last week. The BDC will use proceeds from both offerings to pay down debt under a revolving credit facility.
Earlier this week, Golub Capital’s business development company priced 3.5 million of its shares at $18.05 on the Nasdaq stock exchange. The firm indicated that net proceeds from the offering would be used to capitalise the GC SBIC V fund and its Senior Loan Fund offering. Additional proceeds will be invested in portfolio companies and to pay outstanding balances on the BDC’s credit facilities, according to a statement.