By Aleesia Forni
Virginia Beach, Feb. 10 – Affiliated Managers Group Inc. sold an upsized $350 million of 3.5% 10-year senior notes (A3/BBB+/) during Tuesday’s session at a spread of Treasuries plus 160 basis points, according to an informed source.
The debt priced at 99.239 to yield 3.588%.
Affiliated Managers increased the size from an originally announced $300 million.
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., MUFG, RBC Capital Markets LLC and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to repay borrowings on the company’s revolving credit facility, with any remaining proceeds to be used for general corporate purposes.
Affiliated Managers is a Prides Crossing, Mass.-based asset management company.
| Issuer: | Affiliated Managers Group Inc.
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| Amount: | $350 million, upsized from $300 million
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| Description: | Senior notes
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| Maturity: | Aug. 1, 2025
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| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., MUFG, RBC Capital Markets LLC, Wells Fargo Securities LLC
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| Coupon: | 3.5%
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| Price: | 99.239
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| Yield: | 3.588%
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| Spread: | 160 bps
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| Trade date: | Feb. 10
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| Settlement date: | Feb. 13
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| Ratings: | Moody’s: A3
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| Standard & Poor’s: BBB+
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| Distribution: | SEC-registered
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| Price talk: | 170 bps area
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