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Ares Management Corp. has launched an underwritten public offering of 27 million shares of Series B mandatory convertible stock, according to an Oct. 8 press release.
The offering has not yet been priced. The company expects to grant the underwriters a 30-day option to purchase up to 3 million additional shares.
The net proceeds from the offer will be used to cover a portion of the cash consideration for its previously announced $3.7 billion acquisition of the international business of GLP Capital Partner.
The mandatory stock is expected to have a liquidation preference of $50 per share, Ares said.
Morgan Stanley and Citigroup are acting as joint bookrunning managers for the offering.
As of June 30 Ares Management’s global platform had over $447 billion of assets under management, the release stated.
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