The operating group of global asset management firm TPG has priced US$500 million in senior notes.
TPG holds US$261 billion in assets under management and investment.
Due 2036, and with a coupon of 5.375%, interest will be payable semi-annually on 15 January and 15 July, effective January 2026. The notes’ offering is expected to close on 14 August.
Proceeds from the offering are expected to be used to repay outstanding debt under TPG’s revolving credit facility, which S&P Global estimates has an outstanding balance of US$570 million. Funds will also be used for general corporate purposes.
The notes have been rated BBB+ by S&P Global. The firm states that this label reflects expectations that the TPG Operating Group will continue to operate with a 1.5-2x leverage and interest coverage around 10x, maintain solid investment performance, and meet fundraising targets over the next 18-24 months.
©Markets Media Europe 2025
