0001140361-16-051885.txt : 20160212 0001140361-16-051885.hdr.sgml : 20160212 20160211203420 ACCESSION NUMBER: 0001140361-16-051885 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20160212 DATE AS OF CHANGE: 20160211 GROUP MEMBERS: SILVER CREEK ADVISORY PARTNERS LLC GROUP MEMBERS: SILVER CREEK CREDIT OPPORTUNITIES II MASTER FUND A, L.P. GROUP MEMBERS: SILVER CREEK CREDIT OPPORTUNITIES III MASTER FUND B, L.P. GROUP MEMBERS: SILVER CREEK SPECIAL OPPORTUNITIES FUND CAYMAN III, L.P. GROUP MEMBERS: SILVER CREEK SPECIAL OPPORTUNITIES FUND III, L.P. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: TPG Specialty Lending, Inc. CENTRAL INDEX KEY: 0001508655 IRS NUMBER: 273380000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-86304 FILM NUMBER: 161413817 BUSINESS ADDRESS: STREET 1: 301 COMMERCE STREET, SUITE 3300 CITY: FORT WORTH STATE: TX ZIP: 76102 BUSINESS PHONE: 817-871-4000 MAIL ADDRESS: STREET 1: 301 COMMERCE STREET, SUITE 3300 CITY: FORT WORTH STATE: TX ZIP: 76102 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SILVER CREEK CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001394542 IRS NUMBER: 911997788 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 1301 FIFTH AVENUE STREET 2: 40TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 BUSINESS PHONE: 206-774-6000 MAIL ADDRESS: STREET 1: 1301 FIFTH AVENUE STREET 2: 40TH FLOOR CITY: SEATTLE STATE: WA ZIP: 98101 SC 13G 1 formsc13g.htm SILVERCREEK CAPITAL MANAGEMENT LLC SC 13G 12-31-2015 (TPG SPECIALTY LENDING)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13G
 
 
Under the Securities Exchange Act of 1934
(Amendment No. n/a )*
 
TPG Specialty Lending, Inc. 
(Name of Issuer)
 
Common Stock, $.01 par value
(Title of Class of Securities)
 
87265K102
(CUSIP Number)
 
Calendar Year 2015
(Date of Event Which Requires Filing of this Statement)
 
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
     o  Rule 13d-1(b)
 
     x  Rule 13d-1(c)
 
     o  Rule 13d-1(d)
 
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
 
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
 
 
CUSIP No.  87265K102            
 
           
1   NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  SILVER CREEK CAPITAL MANAGEMENT LLC
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   x
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Washington
       
NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH:  5   SOLE VOTING POWER
   
 
     
6   SHARED VOTING POWER
   
  1952194
     
7   SOLE DISPOSITIVE POWER
   
 
     
8   SHARED DISPOSITIVE POWER
   
  1952194
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1952194
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  x
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  3.61%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA ,  IA
 

FOOTNOTES
   
  This Schedule 13G is being filed pursuant to Rule 13d-1(c) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), on behalf of Silver Creek Capital Management LLC, a Washington limited liability company (“Silver Creek Capital”), Silver Creek Advisory Partners LLC, a Delaware limited liability company (“Silver Creek Partners”) and the following private investment funds they manage: Silver Creek Special Opportunities Fund III, L.P., a Delaware limited partnership (“SO3”); Silver Creek Special Opportunities Fund Cayman III, L.P., a Cayman Islands exempted limited partnership (“SO3C”); Silver Creek Credit Opportunities II Master Fund A, L.P, a Cayman Islands exempted limited partnership (“CO2AM”); and Silver Creek Credit Opportunities III Master Fund B, L.P., a Cayman Islands exempted limited partnership (“CO3BM”) (together, the “Funds”, Silver Creek Capital and Silver Creek Partners, each a “Reporting Person”). Silver Creek Capital serves as the investment adviser for SO3 and SO3C. Silver Creek Partners serves as the investment adviser for CO2AM and CO3BM. Each of Silver Creek Capital and Silver Creek Partners is also the investment manager or adviser to a variety of other private investment funds.

This Schedule 13G relates to the Common Stock, par value $.01 per share, of TPG Specialty Lending, Inc. (the “Company”). Unless the context otherwise requires, references herein to the “Common Stock” are to such Common Stock of the Company. The Funds directly own the Common Stock to which this Schedule 13G relates, and each of Silver Creek Capital and Silver Creek Partners may be deemed to have beneficial ownership over such Common Stock by virtue of the authority granted to them by the respective Funds that they advise to vote and to dispose of the securities held by such Funds, including the Common Stock.
 
 
CUSIP No.  87265K102            
 
           
1   NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Silver Creek Advisory Partners LLC
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   x
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH:  5   SOLE VOTING POWER
   
 
     
6   SHARED VOTING POWER
   
  1225857
     
7   SOLE DISPOSITIVE POWER
   
 
     
8   SHARED DISPOSITIVE POWER
   
  1225857
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1225857
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  x
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  2.27%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  IA ,  IA
 

FOOTNOTES
   
  Please refer to footnote above for Silver Creek Capital Management LLC.
 
 
CUSIP No.  87265K102            
 
           
1   NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Silver Creek Special Opportunities Fund Cayman III, L.P.
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   x
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Cayman Islands
       
NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH:  5   SOLE VOTING POWER
   
 
     
6   SHARED VOTING POWER
   
  1059859
     
7   SOLE DISPOSITIVE POWER
   
 
     
8   SHARED DISPOSITIVE POWER
   
  1059859
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  1059859
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  x
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  1.96%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN ,  PN
 

FOOTNOTES
   
  Please refer to footnote above for Silver Creek Capital Management LLC.
 
 
 
CUSIP No.  87265K102            
 
           
1   NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Silver Creek Special Opportunities Fund III, L.P.
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   x
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Delaware
       
NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH:  5   SOLE VOTING POWER
   
 
     
6   SHARED VOTING POWER
   
  892335
     
7   SOLE DISPOSITIVE POWER
   
 
     
8   SHARED DISPOSITIVE POWER
   
  892335
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  892335
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  x
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  1.65%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN ,  PN
 

FOOTNOTES
   
  Please refer to footnote above for Silver Creek Capital Management LLC.
 
 
CUSIP No.  87265K102            
 
           
1   NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Silver Creek Credit Opportunities III Master Fund B, L.P.
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   x
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Cayman Islands
       
NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH:  5   SOLE VOTING POWER
   
 
     
6   SHARED VOTING POWER
   
  696168
     
7   SOLE DISPOSITIVE POWER
   
 
     
8   SHARED DISPOSITIVE POWER
   
  696168
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  696168
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  x
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  1.29%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN ,  PN
 

FOOTNOTES
   
  Please refer to footnote above for Silver Creek Capital Management LLC.
 
 
 
CUSIP No.  87265K102            
 
           
1   NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  Silver Creek Credit Opportunities II Master Fund A, L.P.
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
  (a)   o
  (b)   x
     
3   SEC USE ONLY
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION
   
  Cayman Islands
       
NUMBER OF SHARES BENEFICIALLY  OWNED BY EACH REPORTING PERSON WITH:  5   SOLE VOTING POWER
   
 
     
6   SHARED VOTING POWER
   
  529689
     
7   SOLE DISPOSITIVE POWER
   
 
     
8   SHARED DISPOSITIVE POWER
   
  529689
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
   
  529689
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
   
  x
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
   
  0.98%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
   
  PN ,  PN
 

FOOTNOTES
   
  Please refer to footnote above for Silver Creek Capital Management LLC.
 
 
 
Item 1.
(a)
Name of Issuer
 
TPG Specialty Lending, Inc.

(b)
Address of Issuer’s Principal Executive Offices
 
301 Commerce Street, Suite 3300
Fort Worth, Texas 76102

Item 2.
(a)
Name of Person Filing
 
SILVER CREEK CAPITAL MANAGEMENT LLC

(b)
Address of Principal Business Office or, if none, Residence
 
1301 Fifth Avenue, 40th Floor
Seattle, Washington 98101

(c)
Citizenship
 
Washington

(d)
Title of Class of Securities
 
Common Stock, $.01 par value

(e)
CUSIP Number
 
87265K102

 
Item 3.
If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)
☐
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)
☐
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)
☐
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)
☐
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).
 
(e)
☒
An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)
☐
An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)
☐
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)
☐
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)
☐
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)
☐
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J).

(k)
☐
A group, in accordance with § 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
 
 
Item 4.
Ownership.
 
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a)
Amount beneficially owned: 3,178,051

(b)
Percent of class: 5.88%

(c)
Number of shares as to which the person has:

(i)
Sole power to vote or to direct the vote: 0

(ii)
Shared power to vote or to direct the vote: 3,178,051

(iii)
Sole power to dispose or to direct the disposition of: 0

(iv)
Shared power to dispose or to direct the disposition of: 3,178,051

Item 5.
Ownership of Five Percent or Less of a Class
 
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following o .
 
Not applicable
 
Item 6.
Ownership of More than Five Percent on Behalf of Another Person.
 
Please refer to footnote above for Silver Creek Capital Management LLC.
 
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
 
Not applicable
 
Item 8.
Identification and Classification of Members of the Group
 
Exhibit 1: Joint Filing Agreement, dated February 12, 2016, by and between the Reporting Persons.
 
Item 9.
Notice of Dissolution of Group
 
Not applicable
 
Item 10. Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

 
SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
 
  SILVER CREEK CAPITAL MANAGEMENT LLC
 
       
Date: February 12, 2016
By:
/s/  Eric E. Dillon  
    Name: Eric E. Dillon  
    Title:  Manager  
       
 
 
  SILVER CREEK ADVISORY PARTNERS LLC
 
       
Date: February 12, 2016
By:
/s/  Eric E. Dillon  
    Name: Eric E. Dillon  
    Title:  Manager  
       
 
 
  SILVER CREEK SPECIAL OPPORTUNITIES FUND III CAYMAN, L.P.
 
       
Date: February 12, 2016
By:
/s/  Eric E. Dillon  
    Name: Eric E. Dillon  
    Title:  Director, Silver Creek Special Opportunities III GP Ltd., its General Partner 
       
 
 
  SILVER CREEK SPECIAL OPPORTUNITIES FUND III, L.P.
 
       
Date: February 12, 2016
By:
/s/  Eric E. Dillon  
    Name: Eric E. Dillon  
    Title:  Manager, Silver Creek Special Opportunities III GP LLC, its General Partner 
       
 
 
  SILVER CREEK CREDIT OPPORTUNITIES III MASTER FUND B, L.P.
 
       
Date: February 12, 2016
By:
/s/  Eric E. Dillon  
    Name: Eric E. Dillon  
    Title:  Manager, Silver Creek Credit Opportunities I-III GP, L.L.C., its General Partner 
       
 
 
  SILVER CREEK CREDIT OPPORTUNITIES II MASTER FUND A, L.P.
 
       
Date: February 12, 2016
By:
/s/  Eric E. Dillon  
    Name: Eric E. Dillon  
    Title:  Manager, Silver Creek Credit Opportunities II GP, L.L.C., its General Partner 
       
 
Footnotes:

Attention:
Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)
 
 
 EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 1

JOINT FILING AGREEMENT FOR SCHEDULE 13D WITH RESPECT TO
TPG SPECIALTY LENDING, INC.
PURSUANT TO RULE 13d-1(k)(1)

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that it knows or has reason to believe that such information is inaccurate. This Agreement may be executed in any number of counterparts and all of such counterparts taken together shall constitute one and the same instrument.

Dated: February 12, 2016


SILVER CREEK CAPITAL MANAGEMENT LLC

By:
/s/ Eric E. Dillon
  
Name:
Eric E. Dillon
  
Title:
Manager
  
     
SILVER CREEK SPECIAL OPPORTUNITIES FUND III, L.P.
     
By:
/s/ Eric E. Dillon
  
Name:
Eric E. Dillon
  
Title:
Manager, Silver Creek Special Opportunities III GP LLC, its General Partner
     
SILVER CREEK SPECIAL OPPORTUNITIES FUND III CAYMAN, L.P.
     
By:
/s/ Eric E. Dillon
  
Name:
Eric E. Dillon
  
Title:
Director, Silver Creek Special Opportunities III GP Ltd., its General Partner
     
SILVER CREEK ADVISORY PARTNERS LLC
     
By:
/s/ Eric E. Dillon
  
Name:
Eric E. Dillon
  
Title:
Manager
  
     
SILVER CREEK CREDIT OPPORTUNITIES II MASTER FUND A, L.P.
     
By:
/s/ Eric E. Dillon
  
Name:
Eric E. Dillon
  
Title:
Manager, Silver Creek Credit Opportunities II GP, L.L.C., its General Partner
     
SILVER CREEK CREDIT OPPORTUNITIES III MASTER FUND B, L.P.
     
By:
/s/ Eric E. Dillon
  
Name:
Eric E. Dillon
  
Title:
Manager, Silver Creek Credit Opportunities I-III GP, L.L.C., its General Partner