Affiliated Managers trims conversion price on 5.15% convertibles

By Rebecca Melvin

New York, Aug. 9 – Affiliated Managers Group Inc. has adjusted the conversion rate of its 5.15% junior convertible trust preferred securities due 2037 as a result of quarterly cash dividends paid on the company’s common shares, according to a company news release.

Effective immediately, the conversion rate is 0.2558 common shares per $50.00 junior convertible security, from 0.2525 common shares per $50.00 junior convertible security previously, equivalent to an adjusted conversion price of $195.4652 per common share, compared to the prior conversion price of $198.0198 per common share.

The conversion adjustment period covers the fourth quarter of 2018 through the previously announced quarterly cash dividend with an ex-dividend date of Aug. 7 to be paid on Aug. 22.

The asset management company is based in Prides Crossing, Mass.

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