By Cristal Cody
Tupelo, Miss., June 2 – Affiliated Managers Group Inc. priced $350 million of 3.3% 10-year senior notes (A3/BBB+/BBB+) on Tuesday at a spread of Treasuries plus 262.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the 287.5 bps spread area.
The deal was upsized from $300 million.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay debt under the company’s revolving credit facility and senior unsecured term loan facility.
The asset management company is based in Prides Crossing, Mass.
| Issuer: | Affiliated Managers Group Inc.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2030
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Coupon: | 3.3%
|
| Spread: | Treasuries plus 262.5 bps
|
| Trade date: | June 2
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 287.5 bps area
|
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