NEW YORK - Sixth Street Specialty Lending, Inc. (NYSE:TSLX), a specialty finance company, has announced the pricing of a $350 million public offering of 6.12% notes due on March 1, 2029.
These notes can be redeemed at any time at the company's discretion, either in full or in part, at par plus a "make-whole" premium if applicable.
The company has stated that the net proceeds from the offering will go towards repaying outstanding debt under its revolving credit facility. Following this repayment, TSLX plans to re-borrow under the same facility to fund new investments in line with its investment objectives and strategies.
To manage its interest rate exposure, TSLX also intends to enter into an interest rate swap agreement. This strategic move is aimed at aligning the interest rates of its liabilities with the predominantly floating rate loans that make up its investment portfolio.
A consortium of financial institutions, including BofA Securities, Goldman Sachs & Co (NYSE:GS). LLC, J.P. Morgan, and SMBC Nikko, are serving as joint book-running managers for the offering.
Other institutions such as Morgan Stanley (NYSE:MS), RBC Capital Markets, and HSBC, among others, are also participating as book-running managers. The offering is scheduled to close on January 16, 2024, subject to customary closing conditions.
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