TPG Inc. (NASDAQ: TPG) announced a senior notes offering due 2031 through its subsidiary, TPG Operating Group II, L.P. The notes are fully and unconditionally guaranteed by TPG and certain direct subsidiaries, providing a strong credit backing for investors.
The offering is being managed by Wells Fargo Securities, BofA Securities, and Morgan Stanley. It is being issued under an automatic shelf registration statement filed with the SEC on February 27, 2024, which became effective upon filing. S&P assigned a BBB+ rating to the notes, while Moody’s affirmed an A3 rating for the same debt instrument.
Proceeds from the offering will be used to pay down outstanding debt under TPG’s revolving credit facility and for general corporate purposes. The transaction is part of TPG’s broader capital‑structure strategy, which aims to refinance short‑term obligations and extend debt maturities in line with its long‑term investment horizon across private equity, credit, real estate, and market‑solutions platforms.
TPG currently carries approximately $2.42 billion in total debt with a debt‑to‑equity ratio of 1.45, while managing $303 billion in assets under management. The new notes add a long‑term debt instrument to the balance sheet, improving liquidity and potentially lowering borrowing costs as the company moves toward a more mature capital structure.
The offering reflects TPG’s confidence in its credit profile and its ability to access capital markets on favorable terms, reinforcing its strategy to support growth initiatives and maintain financial flexibility.
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