Ares Management, L.P. (the “Company” or “Ares”) today announced the
pricing of its initial public offering of 11,363,636 common units
representing limited partner interests at a public offering price of
$19.00 per common unit. Ares’ common units are expected to begin trading
tomorrow, May 2, on the New York Stock Exchange under the ticker symbol
“ARES.”
In addition, the Company has granted the underwriters a 30-day option to
purchase up to an additional 1,704,545 common units at the initial
public offering price less the underwriting discount. The offering is
expected to close on May 7, 2014, subject to satisfaction of customary
closing conditions. There are no selling unitholders in the offering.
The Company intends to use net proceeds it will receive from the
offering to purchase newly issued Ares Operating Group Units, to
partially repay outstanding indebtedness, for general corporate purposes
and to fund growth initiatives.
J.P. Morgan and BofA Merrill Lynch are acting as the lead book-running
managers for the offering, and Goldman, Sachs & Co., Morgan Stanley and
Wells Fargo Securities are acting as joint bookrunners for the offering.
Barclays; Citigroup; Credit Suisse; Deutsche Bank Securities; RBC
Capital Markets; UBS Investment Bank; BMO Capital Markets; Keefe,
Bruyette & Woods; SunTrust Robinson Humphrey; BNY Mellon Capital
Markets, LLC; Houlihan Lokey; Imperial Capital; JMP Securities;
Mitsubishi UFJ Securities; and SMBC Nikko are acting as co-managers for
the offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy nor will there be any sale of any of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration and
qualification under the securities laws of such state or jurisdiction. A
registration statement relating to these securities was filed with and
has been declared effective by the U.S. Securities and Exchange
Commission.
The offering may be made only by means of a prospectus. A copy
of the final prospectus relating to the offering may be obtained, when
available, from:
J.P. Morgan
c/o Broadridge Financial Solutions
1155
Long Island Avenue
Edgewood, NY 11717
Attention:
Prospectus Department
Telephone: 1-866-803-9204
BofA Merrill Lynch
222 Broadway, New York, NY 10038
Attn:
Prospectus Department
Email: dg.prospectus_requests@baml.com
Goldman, Sachs & Co.
Attention: Prospectus Department
200
West Street, New York, NY 10282
Telephone: (866) 471-2526
Facsimile:
(212) 902-9316
Email: prospectus-ny@ny.email.gs.com
Morgan Stanley
180 Varick Street, 2nd Floor
New
York, NY 10014
Attention: Prospectus Dept.
Telephone:
(866) 718-1649
Email: prospectus@morganstanley.com
Wells Fargo Securities
Attention: Equity Syndicate
Department
375 Park Avenue, New York, New York, 10152
Telephone:
(800) 326-5897
Email: cmclientsupport@wellsfargo.com
About Ares Management, L.P.
Ares is a leading global alternative asset manager with approximately
$74 billion of assets under management and approximately 700 employees
in over 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 four distinct but complementary investment groups in Tradable
Credit, Direct Lending, 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.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 that reflect the
Company’s current views with respect to, among other things, future
events and financial performance. Forward-looking statements can be
identified by the use of terminology such as “outlook,” “believes,”
“expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates” or the negative version of those words or other comparable
words. The forward-looking statements are based on the Company’s
beliefs, assumptions and expectations of future performance, taking into
account all information currently available to the Company. Such
forward-looking statements are subject to various risks and
uncertainties and assumptions relating to the Company’s operations,
financial results, financial condition, business prospectus, growth
strategy and liquidity. If one or more of these or other risks or
uncertainties materialize, or if our underlying assumptions prove to be
incorrect, our actual results may vary materially from those indicated
in these forward-looking statements. New risks and uncertainties arise
over time, and it is not possible for the Company to predict those
events or how they may affect it. Therefore, you should not place undue
reliance on these forward-looking statements. The Company does not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as required by law.
Copyright Business Wire 2014