Affiliated Managers buys $51 million 6% notes underlying 2001 Prides

New York, Aug. 9 - Affiliated Managers Group Inc. said it bought $51 million of 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 notes were cancelled, the Boston-based asset management company said in a 10-Q filing with the Securities and Exchange Commission.

The related forward purchase contracts are now collateralized with Treasuries instead of the senior notes. Affiliated Managers bought the Treasuries on behalf of the tendering holders with the tender offer proceeds.

Affiliated Managers announced the tender on July 22.

The purchase contracts that are the other portion of the Prides were not affected by the tender offer. The notes collateralized the purchase contracts.

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 expired at 5 p.m. ET on Aug. 2.

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