Business: TPG Operating Group II, L.P. 6.95% Junior Subordinated Notes due 2064, guaranteed by TPG Inc (NYSE: TPG) (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 03/15/2029 at $25 per note plus accrued and unpaid interest, and maturing 03/15/2064. <p>Interest distributions of 6.95% per annum ($1.7375 per annum or $(0.434375 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date that will be 15 days before the payment date (NOTE: the ex-dividend date is one business day prior to the record date). <p> Distributions paid by these debt securities are interest and as such are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> The issuer may elect to defer the interest payable on the Notes on one or more occasions for up to 60 consecutive months (see prospectus for further information). <p> This security is possibly subject to an early call before 03/15/2029 at $25.00 (100%) of their principal amount plus accrued and unpaid interest within 90 days of a tax event; before 03/15/2029 at $25.50 (102%) of their principal amount plus accrued and unpaid interest within 90 days of the occurrence of a rating agency event (see prospectus for further information). <p> This security was rated as Baa1 by Moody’s and BBB- by S&P at the date of its IPO. This security was rated as BBB- by Fitch Ratings Co. at the date of its IPO. The Notes are unsecured, junior subordinated obligations of the company and are unsecured, subordinated obligations of the company and will rank junior to the company's senior debt, junior to unsecured, subordinated indebtedness of the company and will rank equally with all existing and future unsecured, junior subordinated of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.