Ares Management Corporation (the “Company”) (NYSE: ARES) today
announced that it has priced an offering of $500,000,000 aggregate
principal amount of its 6.375% Senior Notes due 2028 (the “notes”).
The notes will be fully and unconditionally guaranteed by Ares
Holdings L.P., Ares Management LLC, Ares Investments Holdings LLC,
Ares Finance Co. LLC, Ares Finance Co. II LLC, Ares Finance Co. III
LLC and Ares Finance Co. IV LLC. The offering is expected to close
on November 10, 2023, subject to the satisfaction of customary
closing conditions.
The notes will bear interest at a rate of 6.375% per annum.
Interest on the notes will be payable semi-annually in arrears on
May 10 and November 10 of each year, commencing May 10, 2024.
The net proceeds from the offering will be approximately $496.0
million, after deducting the underwriting discount but before
offering expenses. The Company intends to use the net proceeds from
this offering for general corporate purposes, including debt
repayment and to fund growth initiatives.
Morgan Stanley & Co. LLC, BofA Securities, Inc., SMBC Nikko
Securities America, Inc. and Wells Fargo Securities, LLC are acting
as joint book-running managers, Citigroup Global Markets Inc.,
Deutsche Bank Securities Inc. and MUFG Securities Americas Inc. are
acting as senior co-managers and Academy Securities, Inc., Loop
Capital Markets LLC, R. Seelaus & Co., LLC, Samuel A. Ramirez
& Company, Inc. and Siebert Williams Shank & Co., LLC are
acting co-managers for the offering. The offering is being made
pursuant to an effective shelf registration statement on file with
the U.S. Securities and Exchange Commission (the “SEC”).
The offering is being made only by means of a preliminary
prospectus supplement and accompanying prospectus. An electronic
copy of the preliminary prospectus supplement, together with the
accompanying prospectus, is available on the SEC’s website at
www.sec.gov. Alternatively, copies of the preliminary prospectus
supplement and accompanying prospectus may be obtained by
contacting the joint book-running managers: (i) Morgan Stanley
& Co. LLC, 180 Varick Street, New York, NY 10014, Attention:
Prospectus Department, by email at prospectus@morganstanley.com or
toll-free at 1-866-718-1649, (ii) BofA Securities, Inc.,
NC1-022-02-25, 201 North Tryon Street, Charlotte, NC, 28255-0001,
Attention: Prospectus Department, by email at
dg.prospectus_requests@bofa.com or toll-free at 1-800-294-1322,
(iii) SMBC Nikko Securities America, Inc., 277 Park Avenue, New
York, NY, 10172 or by email at prospectus@smbcnikko-si.com, or (iv)
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN, 55402, Attention: WFS Customer Service, by email
at wfscustomerservice@wellsfargo.com or toll-free at
1-800-645-3751.
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase the notes or any other
securities, and shall not constitute an offer, solicitation or sale
in any state or jurisdiction in which such an offer, solicitation
or sale would be unlawful.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global
alternative investment manager offering clients complementary
primary and secondary investment solutions across the credit,
private equity, real estate and infrastructure asset classes. We
seek to provide flexible capital to support businesses and create
value for our stakeholders and within our communities. By
collaborating across our investment groups, we aim to generate
consistent and attractive investment returns throughout market
cycles. As of September 30, 2023, Ares Management Corporation's
global platform had approximately $395 billion of assets under
management, with over 2,800 employees operating across North
America, Europe, Asia Pacific and the Middle East.
Forward-Looking Statements
In this press release, references to “Ares,” “we,” “us,” “our”
and the “Company” refer collectively to Ares Management Corporation
and its subsidiaries, or as the context may otherwise require. This
press release may contain “forward-looking statements” that are
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements include, but are not limited to,
discussions related to the Company’s expectations regarding the
completion of, and the use of proceeds from, the sale of the notes,
the performance of its business, its liquidity and capital
resources and the other non-historical statements in the discussion
and analysis. These forward-looking statements are based on
management’s beliefs, as well as assumptions made by, and
information currently available to, management. When used in this
press release, the words “outlook,” “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “seeks,”
“predicts,” “intends,” “plans,” “estimates,” “anticipates,”
“foresees” or negative versions of those words, other comparable
words or other statements that do not relate to historical or
factual matters are intended to identify forward-looking
statements. The forward-looking statements are based on our
beliefs, assumptions and expectations of our future performance,
taking into account all information currently available to us. Such
forward-looking statements are subject to various risks and
uncertainties and assumptions relating to our operations, financial
results, financial condition, business prospects, growth strategy
and liquidity. Some of these factors are described in our Annual
Report on Form 10-K for the year ended December 31, 2022. These
statements are not guarantees of future performance, condition or
results and involve a number of risks and uncertainties. Actual
results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those
described from time to time in the Company’s filings with the SEC.
Ares Management Corporation undertakes no duty to update any
forward-looking statements made herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20231107274726/en/
Ares Management Corporation Carl Drake 888-818-5298
cdrake@aresmgmt.com
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