04:09 AM EDT, 03/13/2025 (MT Newswires) -- TPG RE Finance Trust ( TRTX ) said late Wednesday it priced a $1.1 billion managed commercial real estate collateralized loan obligation.

The company said it expects about $962.5 million of investment-grade securities to be placed with institutional investors, providing it with term financing on a non-mark-to-market, non-recourse basis.

The CLO includes a 30-month reinvestment period, an advance rate of 87.5%, and a weighted average interest rate of term secured overnight financing rate plus 1.83% before transaction costs.

As part of the transaction, expected to close on March 28, TPG RE Finance Trust ( TRTX ) said it will redeem its TRTX 2019-FL3 commercial real estate collateralized loan obligation on March 17, with about $114.6 million of investment-grade securities outstanding.

The company said the new issuance and the redemption will generate net cash proceeds of about $211.1 million for investment and other corporate purposes.