By Kenneth Lim
Boston, July 30 - Affiliated Managers Group, Inc. priced $400 million of 30-year convertible senior notes on Wednesday before the market opened, selling them to yield 3.95% with an initial conversion premium of 40%, market sources said.
The convertibles were reoffered at 95.
There is an over-allotment option for an additional $60 million.
Banc of America was the bookrunner for the Rule 144A offering.
The convertibles are non-callable for the first five years and may be put in years five, 10, 15, 20 and 25.
The notes have dividend and takeover protection.
Affiliated Managers, a Prides Crossing, Mass.-based diversified asset management group, did not say how it will use the proceeds.
| Issuer: | Affiliated Managers Group, Inc.
|
| Issue: | Convertible senior notes
|
| Bookrunner: | Banc of America
|
| Amount: | $400 million
|
| Greenshoe: | $60 million
|
| Maturity: | Aug. 15, 2038
|
| Coupon: | 3.95%
|
| Price: | Par, reoffered at 95
|
| Yield: | 3.95%
|
| Conversion premium: | 40%
|
| Conversion price: | $125.65
|
| Conversion ratio: | 7.9586
|
| Net-share settlement option: | Yes
|
| Dividend protection: | Yes
|
| Takeover protection: | Yes
|
| Call protection: | Non-callable before Aug. 15, 2013
|
| Puts: | Aug. 15, 2013; Aug. 15, 2018; Aug. 15, 2023; Aug. 15, 2028; Aug. 15, 2033
|
| Pricing date: | July 30 before the open
|
| Settlement date: | Aug. 4
|
| Distribution: | Rule 144A
|
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