GLG Partners Completes Private Offering

NEW YORK (AP) — Asset manager GLG Partners Inc. has completed its private offering of $214 million of its dollar-denominated convertible subordinated notes due 2014.

The notes bear interest at a rate of 5 percent per year and are subordinate to all of GLG's existing and future senior debt, the company said Friday.

Noam Gottesman, the company's chairman and co-chief executive; Emmanuel Roman, a co-chief executive, and Pierre Lagrange, its senior managing director, purchased a combined $30 million of the notes as part of this offering.

The notes are convertible, at the option of the holder, into shares of GLG common stock at an initial rate of 268.8 shares per $1,000 principal amount of notes. The rate is equivalent to a conversion price of about $3.72 per share.

GLG used part of the net proceeds from the offering to acquire some of the debt outstanding under its credit agreement in a deal that closed at the same time as the note offering.

About $285 million of $570 million principal amount of loans outstanding under the credit facility were acquired at 60 percent of par value. Proceeds not used to acquire outstanding debt will be used for general corporate purposes, the company said.