New York, May 10 – Oaktree Capital Group, LLC priced $180 million of series A perpetual non-cumulative preferred units with a dividend of 6.625% after the market close on Thursday, according to a news release.
The offering of $25-par preferreds has a greenshoe for an additional $27 million.
Morgan Stanley, Bank of America Merrill Lynch, UBS Investment Bank and Wells Fargo Securities are the joint bookrunners.
The units will be callable after five years.
Oaktree Capital plans to use the proceeds for general corporate purposes, including funding investments.
The company intends to list the units on the New York Stock Exchange under the symbol “OAKPrA.”
Oaktree Capital is a Los Angeles-based investment management company.
| Issuer: | Oaktree Capital Group, LLC
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| Issue: | Series A non-cumulative preferred units
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| Amount: | $180 million, or 7.2 million units
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| Greenshoe: | $27 million, or 1.08 million units
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| Maturity: | Perpetual
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| Dividend: | 6.625%
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| Liquidation preference: | $25.00
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| Call option: | After five years
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| Bookrunners: | Morgan Stanley, Bank of America Merrill Lynch, UBS Investment Bank and Wells Fargo Securities
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| Ratings: | S&P: BBB
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| Fitch: BBB+
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| Symbol: | NYSE: OAKPrA (expected)
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| Pricing date: | May 10
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| Settlement date: | May 17
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| Distribution: | Off shelf
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