AMG greenshoe fully exercised, lifts 3.95% convertibles to $460 million

By Devika Patel

Knoxville, Tenn., Aug. 12 - Underwriters for Affiliated Managers Group, Inc.'s offering of 3.95% 30-year convertible senior notes exercised their over-allotment option in full for $60 million more of the convertibles, increasing the size of the issue to $460 million, the company said in a press release.

As previously reported, the company reoffered the notes at 95 on July 30, before the open, via bookrunner Banc of America.

The notes have a conversion premium of 40% and a conversion price of $125.65, which equals a conversion ratio of 7.9586.

The notes are non-callable for the first five years and may be put in years five, 10, 15, 20 and 25.

They 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.

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