Affiliated Managers Prices Baby Bonds

Affiliated Managers (AMG) has priced their previously announced baby bond.

The coupon will be 4.75%. The issue is investment grade being Baa1 by Moodys and BBB- by Standard and Poors.

The issue has a maturity date in 2060 and an optional redemption period starting in 2025.

The company can defer interest payments for 20 consecutive quarters without being in default.

The pricing term sheet can be found here.

2 thoughts on “Affiliated Managers Prices Baby Bonds”

  1. This issue started trading on the NYSE today (9-29-20).
    I had purchased some shares @ IPO so I got those @ par. I had seen evidence that some trading was done on this issue last week in the bond market via the gray market. Saw additional activity there yesterday. Was thinking about looking into that source since I have new calls coming up bringing funds available. But this AM when the market first opened, I stumbled on to the fact that this one was open on the NYSE. I was able to add a fair amount of shares @25.37 b4 it started moving up. Pure luck. It may be down tomorrow. Who knows? I’m 73 and I like to sleep in till maybe 8AM. In this market, sleeping in is not a good choice. Also, old age ain’t for sissies.

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