Ares Management Corporation Announces Issuance of Series B Mandatory Convertible Preferred Stock

Summary

Ares Management Corporation has issued 30,000,000 shares of its new 6.75% Series B Mandatory Convertible Preferred Stock, totaling $1.5 billion, as part of an underwritten public offering. The shares were issued on October 10, 2024, with an option for underwriters to purchase up to an additional 3,000,000 shares to cover over-allotments. The issuance was completed on October 10, 2024, and the Company intends to use the net proceeds for the acquisition of GLP Capital Partners Ltd.'s international business and other general corporate purposes.