GLG's 5% notes putable, convertible into cash only following merger

By Angela McDaniels

Tacoma, Wash., Oct. 18 - GLG Partners, Inc.'s $228.5 million of 5% convertible subordinated notes due 2014 is convertible into cash only following the acquisition of the company by Man Group plc for $4.50 per share, according to an 8-K filing with the Securities and Exchange Commission.

As a result of the change of control, holders can put back their convertibles to the company at par on the designated event repurchase date, which is expected to be Nov. 19.

Holders who convert prior to the designated event repurchase date will receive $1,301.42 per $1,000 principal amount. This is equal to $4.50 multiplied by 289.2141, which is the sum of the conversion ratio plus a make-whole premium.

After the designated event repurchase date, holders will receive $1,209.68 for each $1,000 principal amount of notes converted. This is equal to $4.50 multiplied by 268.8172, the conversion ratio.

GLG provides alternative, traditional long-only and hybrid investment products and services. Man Group is an alternative investment management business. Both are based in London.

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