Oaktree Capital Group LLC has priced a $180 million offering of 7.2 million of 6.625% series A preferred units representing limited liability company interests with a liquidation preference of $25 per unit.

Oaktree Capital has granted the underwriters an option to purchase up to an additional 1,080,000 series A preferred units to cover any overallotment.

The offering is expected to close May 17.

The company intends to use the net proceeds from the sale of the units for general corporate purposes, including to fund investments. Distributions on the units will be paid quarterly and are noncumulative.

Oaktree Capital intends to apply to list the series A preferred units on the NYSE under the ticker symbol "OAK PR A."

Morgan Stanley & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., UBS Securities LLC and Wells Fargo Securities LLC are acting as joint book-running managers for the offering.