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AMG tenders for 6% notes component of 2001 Prides
New York, July 22 - Affiliated Managers Group Inc. said it has begun a cash tender offer for the $230 million principal amount of 6% senior notes due Nov. 17, 2006 originally issued in December 2001 as part of the company's Prides offering.
The purchase contracts that are the other portion of the Prides will not be affected by the tender offer. The notes collateralized the purchase contracts.
"Upon the completion of this tender offer, our 2001 Prides will effectively be replaced by our 2004 Prides," said Darrell Crate, AMG's executive vice president and chief financial officer, in a news release. "These 2004 financing transactions extend the maturity of our obligations and ensure that we have ample capacity to continue to make accretive new investments."
In February, AMG, a Boston-based asset management company, sold $300 million of Prides and repurchased 2.7 million shares of common stock, the number of shares required to satisfy the forward purchase contracts of the old Prides.
Under the tender offer, for each $1,000 principal amount of notes, AMG is offering to pay a fixed cash payment of $21.25 plus the price of a zero-coupon U.S. Treasury security with a principal amount at maturity of $1,000 and a maturity date of Nov. 15, 2004. The Treasury will be priced on the second business day prior to the expiration date.
All holders of record as of Aug. 2 will also receive the regular coupon payment scheduled for Aug. 17.
The tender runs through 5 p.m. ET on Aug. 2.
Merrill Lynch & Co. at (888 654-8637 or 212 449-4914) is dealer manager and D.F. King & Co. Inc. is information agent (800 714-3312, banks and brokers call 212 269-5550).
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