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.

item 1.01 item 3.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Ares Management Corp: Filed Certificate of Designations to establish Series B Mandatory Convertible Preferred Stock (effective 2024-10-10).

Change: charter amendment
Effective: 2024-10-10

Exact text from the filing

the Company filed a Certificate of Designations (the “Certificate of Designations”) with the Delaware Secretary of State on October 10, 2024, to establish the designations, powers, preferences and rights of the Series B Mandatory Convertible Preferred Stock and the qualifications, limitations and restrictions thereof. The Certificate of Designations became effective upon such filing.

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Ares Management Corp filing history →

Source: SEC EDGAR

accession 0001104659-24-107741

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