Ares Management Prices IPO Below Range

(RTTNews) - Ares Management, L.P., the asset manager whose private-equity investments include Neiman Marcus Group Ltd. and Jacuzzi Brands Corp., announced the pricing of initial public offering of 11.36 million common units representing limited partner interests at $19.00 per common unit, below the expected range. The offering is expected to close on May 7, 2014

In the amended S-1 filing with the SEC, the company had expected to price the 18.2 million units at between $21 and $23 per unit.

The Los Angeles, California based company's common units are expected to begin trading on May 2, on the New York Stock Exchange under the ticker symbol "ARES."

In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 1.70 million common units at the initial public offering price less the underwriting discount.

The company, which was founded in 1997, intends to use net proceeds it will receive from the offering to purchase newly issued Ares Operating Group Units, to partially repay outstanding indebtedness, for general corporate purposes and to fund growth initiatives.

J.P. Morgan and BofA Merrill Lynch are acting as the lead book-running managers for the offering, and Goldman, Sachs & Co., Morgan Stanley and Wells Fargo Securities are acting as joint bookrunners for the offering.