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Affiliated Managers brings buybacks of notes underlying Prides to $154 million
New York, Aug. 18 - Affiliated Managers Group Inc. said it has now bought back $154 million principal amount of the senior notes underlying its mandatory convertible securities in the Prides structure issued in 2001.
The repurchases were through a tender offer, in a privately negotiated purchase and in the remarketing of the notes.
Affiliated Managers previously disclosed it had bought back $51 million of the notes in a tender offer.
Following the transactions, the Boston-based asset management company now has $76 million principal amount of the notes outstanding and $190 million of the forward purchase contracts.
Affiliated Managers originally issued $230 million of the convertibles.
Under the remarketing, the interest rate on the notes was reduced to 5.406% from 6%.
The forward purchase contracts will be settled in November 2004, and the remaining notes will mature in November 2006.
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