Ares Management issues $1.5B of 6.75% Series B Mandatory Convertible Preferred Stock

Ares Management Corp

Issued 30M shares at $1.5B aggregate liquidation preference, 6.75% cumulative dividend.
Proceeds to fund portion of GCP Acquisition and for general corporate purposes.
Mandatory conversion into 0.2717 to 0.3260 shares of common stock by Oct 1, 2027.
Dividend payable quarterly; company may pay in cash or common stock at its option.
Underwriters exercised full over-allotment of 3M shares; 45-day lock-up on common stock.

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