AMG Issues New Junior Subordinated Notes
Ticker: MGRE · Form: 8-K · Filed: Aug 20, 2024 · CIK: 1004434
| Field | Detail |
|---|---|
| Company | Affiliated Managers Group, Inc. (MGRE) |
| Form Type | 8-K |
| Filed Date | Aug 20, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $400,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt-issuance, financing, notes
TL;DR
AMG just dropped new debt - junior subordinated notes due 2059-2064. Raising cash.
AI Summary
On August 15, 2024, Affiliated Managers Group, Inc. (AMG) entered into a material definitive agreement related to the issuance of new junior subordinated notes. This agreement creates a direct financial obligation for the company, impacting its balance sheet and future financial commitments.
Why It Matters
This filing indicates AMG is raising capital through debt, which could be used for acquisitions, operations, or refinancing existing debt, impacting its financial leverage and future interest expenses.
Risk Assessment
Risk Level: medium — Issuing new debt increases financial leverage and interest expenses, which can be a risk if the company's earnings decline.
Key Numbers
- 2059-2064 — Maturity Dates (New junior subordinated notes issued by AMG.)
Key Players & Entities
- AFFILIATED MANAGERS GROUP, INC. (company) — Filer
- 0001004434 (company) — Central Index Key
- 2024-08-15 (date) — Report Date
- FivePointEightSeventyFiveJuniorSubordinatedNotesDue2059 (dollar_amount) — Debt Instrument
- FourPointSeventyFiveJuniorSubordinatedNotesDue2060 (dollar_amount) — Debt Instrument
- FourPointTwoJuniorSubordinatedNotesDue2061 (dollar_amount) — Debt Instrument
- SixPointSeventyFiveJuniorSubordinatedNotesDue2064 (dollar_amount) — Debt Instrument
FAQ
What is the total principal amount of the junior subordinated notes issued?
The filing does not specify the total principal amount of the notes issued, only the different series and their maturity dates.
What are the specific interest rates for each series of notes?
The filing lists the coupon rates as 'FivePointEightSeventyFive' (5.875%), 'FourPointSeventyFive' (4.75%), 'FourPointTwo' (4.2%), and 'SixPointSeventyFive' (6.75%).
What is the purpose of issuing these new junior subordinated notes?
The filing states the notes are for 'general corporate purposes,' which can include acquisitions, refinancing, or other strategic initiatives.
When did the agreement for these notes become effective?
The effective date for these obligations appears to be August 15, 2024, as indicated by the filing dates and references.
Are there any specific covenants or restrictions associated with these notes?
The filing mentions 'junior subordinated notes' which typically come with certain covenants, but the specific details are not provided in this summary 8-K.
Filing Stats: 1,094 words · 4 min read · ~4 pages · Grade level 9.7 · Accepted 2024-08-20 16:15:54
Key Financial Figures
- $0.01 — nge on which registered Common Stock ($0.01 par value) AMG New York Stock Excha
- $400,000,000 — ny") completed the issuance and sale of $400,000,000 aggregate principal amount of the Compa
Filing Documents
- d817196d8k.htm (8-K) — 39KB
- d817196dex11.htm (EX-1.1) — 163KB
- d817196dex42.htm (EX-4.2) — 87KB
- d817196dex51.htm (EX-5.1) — 25KB
- g817196g0820060558790.jpg (GRAPHIC) — 2KB
- 0001193125-24-203661.txt ( ) — 560KB
- amg-20240815.xsd (EX-101.SCH) — 4KB
- amg-20240815_def.xml (EX-101.DEF) — 14KB
- amg-20240815_lab.xml (EX-101.LAB) — 24KB
- amg-20240815_pre.xml (EX-101.PRE) — 15KB
- d817196d8k_htm.xml (XML) — 10KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 1.1 Underwriting Agreement, dated as of August 15, 2024, among Affiliated Managers Group, Inc. and Barclays Capital Inc., BofA Securities, Inc. and Citigroup Global Markets Inc., as representatives of the underwriters named therein. 4.1 Indenture for Senior Notes, dated as of June 5, 2020, between Affiliated Managers Group, Inc., as issuer, and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to Affiliated Managers Group, Inc.'s Current Report on Form 8-K filed on June 5, 2020). 4.2 Second Supplemental Indenture, dated as of August 20, 2024, between Affiliated Managers Group, Inc., as issuer, and U.S. Bank Trust Company, National Association, as trustee. 4.3 Form of 5.500% Senior Note due 2034 (included in Exhibit 4.2). 5.1 Opinion of Skadden, Arps, Slate, Meagher & Flom LLP. 23.1 Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.1). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AFFILIATED MANAGERS GROUP, INC. Date: August 20, 2024 By: /s/ Kavita Padiyar Name: Kavita Padiyar Title: General Counsel and Corporate Secretary 4