AMG trims conversion price for 5.15% junior trust preferreds due 2037

By Susanna Moon

Chicago, Aug. 10 – Affiliated Managers Group, Inc. said it lowered the conversion price for its 5.15% junior convertible trust preferred securities due 2037.

The conversion price was reduced to $198.0198 per common share from $200 per common share, effective immediately, according to an announcement.

The conversion rate was adjusted to 0.2525 common shares per $50.00 junior convertible security from 0.2500 common shares per $50.00 junior convertible security.

The adjustment was due to the quarterly cash dividends paid by AMG on common shares beginning in the first quarter of 2017 and the previously announced quarterly cash dividend with an ex-dividend date of Aug. 8 to be paid on Aug. 23, the release noted.

AMG is an asset management company based in West Palm Beach, Fla.

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