Simpson Thacher represented Oaktree Capital Group, LLC (the “Company”) in its public offering of 9,400,000 units of its 6.55% Series B Preferred units representing limited liability company interests in the Company, resulting in approximately $228 million in net proceeds to the Company.
Morgan Stanley & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC were the joint bookrunning managers for the offering. The Series B Preferred units are listed on the New York Stock Exchange under the symbol “OAK PR B.”
The Company intends to use the net proceeds from the offering for general corporate purposes, including to fund investments.
Oaktree Capital Group, LLC is a leader among global investment managers specializing in alternative investments, with $121.6 billion in assets under management as of June 30, 2018. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide.
The Simpson Thacher team included Dan Webb (Picture), Ryan Coombs and Sangitha Palaniappa (Capital Markets); and Katharine Moir and Jacqueline Clinton (Tax).
Involved fees earner: Daniel Webb – Simpson Thacher & Bartlett; Ryan Coombs – Simpson Thacher & Bartlett; Sangitha Palaniappa – Simpson Thacher & Bartlett; Katharine Moir – Simpson Thacher & Bartlett; Jacqueline Clinton – Simpson Thacher & Bartlett;
Law Firms: Simpson Thacher & Bartlett;
Clients: Oaktree Capital Management;