Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Sunday, June 7, 9:32 PM
| This Slide: #41 of 666 |
Slide #41. Ares Management Corporation — Preferred Stock Offering
| Company: | Ares Management Corporation (NYSE:ARES) |
| Date announced: | 10/8/2024 |
| Shares Offered: | 27,000,000 |
| Date of Pricing: | 10/8/2024 |
| Price Per Share: | $50.00 |
| Preferred Stock Offering Details: | Ares Management Corporation (NYSE:ARES) ("Ares" or the "Company") today announced the launch of an underwritten public offering (the "Offering") of 27,000,000 shares of Series B Mandatory Convertible Preferred Stock, par value $0.01 per share ("Mandatory Convertible Preferred Stock"), of the Company. Ares expects to grant to the underwriters of the Offering a 30-day option to purchase up to 3,000,000 additional shares of Mandatory Convertible Preferred Stock solely to cover over-allotments. Ares intends to use the net proceeds from the Offering for (i) the payment of a portion of the cash consideration due in respect of the Company's previously announced acquisition of the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China ("GCP International"), and existing capital commitments to certain managed funds (the "GCP Acquisition") and related fees, costs and expenses and/or (ii) general corporate purposes, including repayment of debt, other strategic acquisitions and growth initiatives. Pending such use, Ares may invest the net proceeds in short-term investments and/or repay borrowings under its subsidiaries' revolving credit facility. -updated 10/8- Ares Management Corporation (NYSE:ARES) ("Ares" or the "Company") today announced the pricing of its previously announced underwritten public offering (the "Offering") of 27,000,000 shares of Series B Mandatory Convertible Preferred Stock, par value $0.01 per share ("Mandatory Convertible Preferred Stock"), of the Company at a public offering price of $50.00 per share of Mandatory Convertible Preferred Stock. In addition, Ares has granted to the underwriters of the Offering a 30-day option to purchase up to an additional 3,000,000 shares of Mandatory Convertible Preferred Stock at the public offering price, less underwriting discounts and commissions, solely to cover over-allotments. The Offering is expected to close on or about October 10, 2024, subject to customary closing conditions. |
Ares Management Corporation is an alternative investment manager offering clients complementary primary and secondary investment solutions across various asset classes. Its segments include Credit Group, Private Equity Group, Real Assets Group, Secondaries Group, and Other. The Credit Group segment manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, direct lending and APAC credit. The Private Equity Group segment categorizes its investment strategies as corporate private equity, special opportunities and APAC private equity.
Preferreds: ARES.PRA, ARES.PRB
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