S&P rates TPG convertibles BBB-

Standard & Poor's said it assigned its BBB- issue-level rating on TPG Specialty Lending Inc.'s proposed $100 million convertible senior unsecured notes due in 2019.

The issuer credit rating on TPG is BBB- with a stable outlook.

The company intends to use the proceeds to reduce the existing outstanding balance on its senior secured revolving credit facility. Pro forma for the transaction, it will have $407 million of debt outstanding.

TPG has also increased the total availability under its revolving credit facility to $781.3 million from $581.3 million. S&P expects the company to have about $679 million of liquidity, which includes cash ($29 million) and undrawn capacity in its credit facilities ($650 million).

The issuer credit rating incorporates S&P's expectation that TPG will further diversify its sources of funding over time.

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