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Affiliated Managers Group prices $280M junior subordinated notes offering

Affiliated Managers Group Inc. priced its underwritten public offering of $280 million of junior subordinated notes due 2059 at a price equal to 100% of par.

The asset management company also granted the underwriters an option to buy up to an additional $42 million notes. The offering is expected to close March 27.

The notes will bear interest at a fixed rate of 5.875% per year. Subject to the company's right to defer interest payments, interest for notes will be payable quarterly in arrears on March 30, June 30, Sept. 30 and Dec. 30 of each year, beginning June 30, 2019.

Affiliated Managers Group intends to use the net proceeds primarily to pay down its revolving credit facility.

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