Breaking News
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade OAK now with 

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.

Register
To receive FREE breaking news email alerts for Oaktree Capital Group, LLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Oracle Corp. said Wednesday after the markets closed that its second quarter profit fell 2% from last year, hurt mainly by higher income tax expenses even as revenue increased 3%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Apple's iPhone-based Apple Pay system is gaining momentum nationwide with a host of new banks and retailers signing on. The system allows users to link a credit card directly to their device for payments and Apple now says they have deals with banks that account for 90 percent of the debit card transactions in the US. The current drop in fuel prices could lead to a major sales dip for electric automaker Tesla, according to some industry experts. The Elon Musk led manufacturer had predicted sales of over 500,000 new vehicles by 2020, but now that number could fall by as much as 40 percent.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.