Affiliated Managers to retire $65 million Income Prides, $122.5 million floating-rate convertibles

By Jennifer Chiou

New York, Jan. 24 - Affiliated Managers Group, Inc. will retire $65 million of its Income Prides issued in February 2004 as well as $122.5 million of its outstanding floating-rate senior convertible securities due 2033 in the Cobras structure, according to an 8-K filing with the Securities and Exchange Commission.

On or prior to Jan. 31, AMG said it will issue shares in exchange for the Income Prides and Cobras.

The number of shares to be issued in the private exchanges will be based on the market price of AMG's common stock over a number of trading days, but will not exceed in the aggregate 820,000 shares in exchange for the Income Prides, and 2.9 million shares in exchange for the Cobras.

AMG noted that it will not receive any cash proceeds.

The Boston-based asset manager announced that it planned to redeem the floaters on Oct. 11.

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