Ares Management Corp. has launched an underwritten public offering of 27 million shares of Series B mandatory convertible stock, according to an Oct. 8 press release.
The offering has not yet been priced. The company expects to grant the underwriters a 30-day option to purchase up to 3 million additional shares.
The net proceeds from the offer will be used to cover a portion of the cash consideration for its previously announced $3.7 billion acquisition of the international business of GLP Capital Partner.
The mandatory stock is expected to have a liquidation preference of $50 per share, Ares said.
Morgan Stanley and Citigroup are acting as joint bookrunning managers for the offering.
As of June 30 Ares Management’s global platform had over $447 billion of assets under management, the release stated.
Recommended Reading
Energy Sector Sees Dramatic Increase in Private Equity Funding
2024-11-21 - In a 10-day period, private equity firms announced almost $20 billion in energy funding. Is an end in sight for the fossil fuel capital drought?
Expand Energy Announces $500MM Tender Offer for 2026 Notes
2024-11-20 - Expand also issued a conditional notice of redemption for all of its outstanding 8.375% Senior Notes due 2028.
Vistra to Offer Senior Notes for Equity Interest Repayment
2024-11-19 - Vistra Corp. said the proceeds from the offer will be used toward an early payout for the installment purchase of Avenue Capital Management II’s interest in Vistra Vision.
US Energy Secretary Nominee Chris Wright Champions Energy at DUG GAS
2024-11-19 - President-elect Donald Trump's energy secretary nominee Chris Wright championed energy's role in bettering human lives earlier this year on stage at Hart Energy’s DUG GAS Conference and Expo.
Carbon Removal Company Equatic Appoints New CEO
2024-11-18 - Equatic appointed a new CEO in preparation to launch the world’s largest ocean-based carbon removal plant.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.