Published on 2/7/2014 in the Prospect News Investment Grade Daily.
New Issue: Affiliated Managers sells upsized $400 million 4.25% 10-year notes at 165 bps spread
By Aleesia Forni
Virginia Beach, Feb. 7 - Affiliated Managers Group Inc. detailed its upsized $400 million sale of 4.25% 10-year senior notes, which priced with a spread of 165 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.
The notes (/BBB/BBB) priced at 99.131 to yield 4.358%.
BofA Merrill Lynch, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC were the joint bookrunners.
Proceeds will be used to repay a portion of the company's currently outstanding debt under its revolving credit facility, with any remaining proceeds being used for general corporate purposes.
Affiliated Managers is a Prides Crossing, Mass.-based asset management company.
| Issuer: | Affiliated Managers Group Inc.
|
| Amount: | $400 million, upsized from $300 million
|
| Description: | Senior notes
|
| Maturity: | Feb. 15, 2024
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Barrington Research Associates, Inc., BMO Capital Markets Corp., Deutsche Bank Securities Inc., Mitsubishi UFJ Securities (USA), Inc., RBC Capital Markets, LLC, RBS Securities Inc., Scotia Capital (USA) Inc., Huntington Investment Co., U.S. Bancorp Investments, | Inc., Wells Fargo Securities, LLC
|
| Coupon: | 4.25%
|
| Price: | 99.131
|
| Yield: | 4.358%
|
| Spread: | Treasuries plus 165 bps
|
| Trade date: | Feb. 7
|
| Settlement date: | Feb. 11
|
| Change-of-control put: | 101%
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | Treasuries plus 170 bps area, tightened from Treasuries plus high-100 bps area
|
| Make-whole call: | Treasuries plus 25 bps
|
| Distribution: | SEC-registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
