GLG Partners Increases Notes Offering To $214M

NEW YORK (AP) — Asset manager GLG Partners Inc. said late Tuesday that it increased the size of its offering of notes due 2014 to $214 million.

Originally, the offering of dollar-denominated convertible subordinated notes was expected to total $200 million.

Additionally, GLG determined to eliminate its offering of euro-denominated convertible subordinated notes due 2014, in light of market demand.

GLG has granted purchasers the option to buy up to an additional $15 million of dollar notes. The dollar notes, which have a conversion rate of $3.72 per share, will have an annual interest rate of 5 percent. The sale is expected to close on May 15.

Three GLG executives — Chairman and co-Chief Executive Noam Gottesman, co-CEO Emmanuel Roman and Senior Managing Director Pierre Lagrange — have agreed to buy $30 million of the dollar notes from the initial purchasers as part of the offering.

GLG said it plans to use proceeds from the offering repay debt.

In morning trading, GLG share fell 9 cents to $3.20.