Sixth Street Specialty Lending, Inc. · NYSE:TSLX
Sixth Street Specialty Lending — TPG Specialty Lending — Shareholder Meeting (April 2020)
14 slides from Sixth Street Specialty Lending's shareholder meeting presentation, Apr 22, 2020
Slide 1: Expanding Tools for Value Creation and Financial Flexibility
TPG Specialty Lending Expanding Tools for Value Creation and Financial Flexibility April 2020
Slide 2: Disclaimer and Forward-Looking Statement
Disclaimer and Forward-Looking Statement General Disclaimer The information contained in this presentation (the ʺPresentationʺ) is preliminary, may not be complete and may be changed. By acceptance hereof, you agree that the information contained herein may not be used, reproduced or distributed t
Slide 3: Special Meeting of TSLX Stockholders
Special Meeting of TSLX Stockholders To Our Stockholders: We will be holding a Special Meeting of Stockholders of TPG Specialty Lending, Inc. on May 28, 2020, at 9:30 AM, local time, at the offices of Cleary Gottlieb Steen & Hamilton LLP, 450 Park Avenue, 28th Floor, New York, NY 10022.* At the meet
Slide 4: Market Conditions May Create Attractive Investment Opportunities
Market Conditions May Create Attractive Investment Opportunities 4 From time to time, there may be volatility in the broader capital markets, disruption in liquidity in the debt capital markets, significant write-offs in the financial services sector, and / or repricing of credit risk in the broadly
Slide 5: Track Record of Performance
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV Track Strong Record of Performance Performance Since TSLX IPO Note: (1) BDC Top quartile Peers consist constituents of 22 externally for each metric managed and BDCs time period in the varies S&P BDC based Index on BDC with peer tot
Slide 6: Total Returns (since TSLX IPO)
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV Track Strong Record of Performance Total Returns (since TSLX IPO) Note: 1) BDC Returns Peers from consist 3/20/2014 of 22 externally through managed 3/31/2020 BDCs in the S&P BDC Index with total assets greater than $600 million as
Slide 7: Discipline in Accessing the Equity Capital Markets
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV Canceled pre-IPO capital commitments Potential to raise equity above book value (2) Authority to issue equity below book value (3) Primary Equity raises since IPO 1) 2) BDC Reflects Peers trading consist days of that 22 externally T
Slide 8: Equity Raise Discipline (March 2018)
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV Equity Raise Discipline (March 2018) Disciplined Capital Allocation 2) 1) Reflects Average base all-in dividend yield required per share on annualized new assets in and order expressed to achieve as a 8 percentage .9% ROE of based o
Slide 9: Potential Accretive ROE Opportunities
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3 Potential Accretive ROE -Opportunities Flexibility for the Company to sell its common stock below NAV is in the Company’s best interests and the best interests of its stockholders as it would provide:  Access to the capital mar
Slide 10: Analysis Framework: Illustrative NAV Dilution
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV 3 Potential Accretive ROE -Opportunities Analysis Framework Illustrative NAV Dilution (%)(2) 1) Inclusive of underwriting discount and other offering expenses 2) Based on preliminary estimated 3/31/20 NAV/share of $15.07 (which incl
Slide 11: Analysis Framework: Illustrative Annual ROE Accretion
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV Analysis Framework Illustrative Annual ROE Accretion (%)(2) 3 Potential Accretive ROE -Opportunities 1) Inclusive of underwriting discount and other offering expenses. Assumes an issuance of 7.5% of shares outstanding prior to issua
Slide 12: Illustrative Payback Period on Equity Raise
Reasons For TSLX to Have Flexibility to Sell Common Stock Below NAV Analysis Framework Illustrative Payback Period on Equity Raise (years)(2) All-in-Yield on New Investments 1) Inclusive of underwriting discount and other offering expenses. Assumes an issuance of 7.5% of shares outstanding prior to
Slide 13: To Vote
To Vote The proxy statement is now available. You may use one of the following methods to provide your voting instructions: Vote by Internet: Online at www.proxyvote.com. Have your control number listed on the proxy card or voting instruction form ready and follow the instructions; or Vote by Teleph
Slide 14: Contact Us
Contact Us: For assistance voting your TSLX shares: D.F. King Toll-free at (866) 416-0553 or Collect at (212) 269-5550 For other questions: TSLX Investor Relations (212) 601-4753 (212) 601-4739 IRTSL@tssp.com
TPG Specialty Lending — Shareholder Meeting (April 2020) on 6ix