Ares Management, L.P. Announces Pricing of Secondary Offering of Common Units
March 02 2017 - 08:55AM
Business Wire
Ares Management, L.P. (NYSE:ARES) today announced the pricing of
its previously announced secondary public offering of 7,500,000
common units representing limited partnership interests by a
strategic investor of Ares (the “Selling Unitholder”) at a price to
the public of $20.00 per common unit. The Selling Unitholder has
granted to the underwriters of the offering an option to purchase
up to approximately 1,125,000 additional common units. None of
Ares, its officers, directors or employees are offering any common
units in this transaction; neither Ares nor any of its officers,
directors or employees will receive any proceeds from the sale of
the common units by the Selling Unitholder. The offering is
expected to be consummated on or about March 7, 2017, subject to
certain customary closing conditions.
In connection with the offering, Ares and its directors and
executive officers (including its co-founders) and the Selling
Unitholder have each agreed to enter into a customary lock-up
agreement with the underwriters for the offering.
Wells Fargo Securities, LLC, BofA Merrill Lynch, Morgan
Stanley & Co. LLC, UBS Securities LLC and Goldman, Sachs &
Co. are acting as joint book-running managers for the offering.
Barclays Capital Inc., Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, Keefe, Bruyette & Woods, Inc., RBC
Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. are
acting as senior co-managers for the offering. MUFG Securities
Americas Inc. and SMBC Nikko Securities America, Inc. are acting as
co-managers for the offering.
The offering may be made only by means of a prospectus
supplement and accompanying prospectus. To obtain a copy of the
preliminary prospectus supplement and related base prospectus for
this offering, please contact (a) Wells Fargo Securities,
Attention: Equity Syndicate Department, 375 Park Avenue, New York,
New York, 10152, at (800) 326-5897 or email a request to
cmclientsupport@wellsfargo.com, (b) BofA Merrill Lynch,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte,
North Carolina 28255-0001, Attention: Prospectus Department, or
e-mail: dg.prospectus_requests@baml.com (c) Morgan Stanley
& Co. LLC, 180 Varick Street, Second Floor, New York, New York
10014, Attn: Prospectus Department, (d) UBS Securities LLC,
Attention: Prospectus Department, 1285 Avenue of the Americas, New
York, New York, 10019 or by calling 1-888-827-7275 or (e) Goldman,
Sachs & Co., Prospectus Department, 200 West Street, New York,
New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316
or by emailing prospectus-ny@ny.email.gs.com.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor does it
constitute an offer, solicitation or sale of these securities in
any jurisdiction in which such offer, solicitation or sale is
unlawful. A registration statement on Form S-3 relating
to these securities has been filed with the Securities and Exchange
Commission and has become effective.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global
alternative asset manager with approximately $99 billion of assets
under management as of December 31, 2016, including approximately
$3.6 billion of AUM pro forma for Ares Capital Corporation’s
acquisition of American Capital, Ltd., which closed on January 3,
2017, and more than 15 offices in the United States, Europe and
Asia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares
believes each of its three distinct but complementary investment
groups in Credit, Private Equity and Real Estate is a market leader
based on assets under management and investment performance. Ares
was built upon the fundamental principle that each group benefits
from being part of the greater whole.
Forward-Looking Statements
Statements included herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in Ares’ filings with the Securities and Exchange Commission. Ares
Management, L.P. undertakes no duty to update any forward-looking
statements made herein.
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version on businesswire.com: http://www.businesswire.com/news/home/20170302005775/en/
Media:Mendel CommunicationsBill Mendel,
212-397-1030bill@mendelcommunications.comorInvestors:Carl Drake,
800-340-6597cdrake@aresmgmt.com
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