secwatch.observer — SEC 8-K summary
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Issuer:     Ares Management Corp (ARES)
CIK:        0001176948
Form:       8-K
Filed at:   2024-10-10T23:59:59+00:00
Accession:  0001104659-24-107741
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1176948/000110465924107741/0001104659-24-107741-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1176948/000110465924107741/tm2425002d9_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-107741

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