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Oaktree Prices IPO Of 8.84 Million Class A Unit At $43, At Bottom End Of Range

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Oaktree Capital Group, LLC global investment management firm focused on alternative markets, announced the pricing of its initial public offering of 8.84 million shares at $43.00 per Class A unit, the bottom of the proposed range.

Of the Class A units to be sold in the offering, Oaktree is offering 7.89 million Class A units and the selling unitholders are offering 954 thousand Class A units.

In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had expected to offer 11.25 million units at $43 to $46 per share.

Oaktree's Class A units will begin trading on the New York Stock Exchange under the symbol "OAK" on April 12, 2012.

In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1.18 million Class A units from Oaktree and 143 thousand Class A units from the selling unitholders.

The Los Angeles-based asset manager said it will not retain any of the proceeds from the sale of Class A units by the selling unitholders and will use its offering proceeds to acquire interests in the company's business from Oaktree's principals, employees and other investors.

Goldman, Sachs & Co. and Morgan Stanley are acting as joint global coordinators and BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities and J.P. Morgan are acting as joint bookrunners for this offering.

Oaktree had $74.9 billion in assets under management as of Dec. 31, down from $82.7 billion a year earlier.

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by RTT Staff Writer

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After ending the previous session mostly higher, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 17 points. The Bank of Spain on Wednesday boosted its growth projections for Spain this year and the next after the economy grew at a faster rate in the second quarter. In its monthly economic bulletin, the bank raised the growth forecast for this year to 1.3 percent from the 1.2 percent seen previously. The projection for the next year was lifted to 2 percent from 1.7 percent. Bank of England policymakers unanimously decided to maintain the key interest rate and quantitative easing at the meeting held on July 9 and 10, but signaled the possibility of a rate hike late this year as growth became more established.
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