Affiliated Managers Group of Boston announced last week that it has privately sold approximately $175 million in 20-year zero-coupon convertible senior bonds. Affiliated Managers Group is a holding company for 15 affiliates that collectively manage almost $70 billion in assets. Its affiliates include Essex Investment Management of Boston, The Managers Fund of Norwalk, Conn., and Tweedy Browne Company of New York and London.
The company announced that the bonds were priced at 90.495 cents on the dollar, and carry a yield to maturity of 0.5 percent. The bonds may be converted into common shares of Affiliated Managers Group's stock at $77.88 per share, under specified conditions. The sale is expected to close on May 7, said Darrell W. Crate, senior vice president and chief financial officer for Affiliated Managers.