Unit of Fort Worth-based private equity firm to go public

TPG Specialty Lending, a unit of Fort Worth-based private equity firm TPG Capital, says it will go public this week with an offering valued at up to $119 million.

TPG Specialty will go public by issuing 7 million shares at between $16 and $17, as well as issue another million shares if demand is sufficient, according to its filing with the Securities and Exchange Commission. TPG Specialty Lending also plans to sell $50 million of its common stock to certain existing investors, including TSL Advisers, through a separate private placement. The firm will use proceeds to pay down debt.

TPG Specialty will trade on the New York Stock Exchange under the ticker symbol TSLX. J.P. Morgan; BofA Merrill Lynch; Goldman, Sachs & Co.; Citigroup; Wells Fargo Securities and Barclays are acting as joint book-running managers for this offering. TPG Capital BD LLC; Janney Montgomery Scott and JMP Securities are acting as co-managers.