(Source: Shutterstock.com)
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
Italy's Intesa Sanpaolo Adds to List of Banks Shunning Papua LNG Project
2025-02-13 - Italy's largest banking group, Intesa Sanpaolo, is the latest in a list of banks unwilling to finance a $10 billion LNG project in Papua New Guinea being developed by France's TotalEnergies, Australia's Santos and the U.S.' Exxon Mobil.
Velocity Management Invests in Pipeline Builder M Wright Services
2025-01-16 - Velocity Management Advisors has made a minority investment in M Wright Services and three of Velocity’s partners will join the construction firm’s board.
Dividends Declared Week of Jan. 13
2025-01-17 - With 2024 year-end earnings season underway, here is a compilation of dividends declared from select upstream, midstream and downstream companies.
Hess Midstream Signs Deal to Repurchase $100MM of Class B Units
2025-01-14 - Hess Midstream said the repurchase is expected to result in increased distributable cash flow per Class A share.
Pearl Again Backs Williston E&P Eagle Mountain Energy Partners
2025-01-16 - Private equity firm Pearl Energy Partners will back Eagle Mountain Energy Partners II, which last year exited its Williston Basin assets in a nearly $300 million deal with TXO Partners.
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.