Oaktree Debuts as Double-Busted IPO (OAK)

Banking, finance, and taxes

Published: April 12, 2012 9:56 am

Last Updated: April 28, 2020 2:59 am

Oaktree Capital Group, LLC (NYSE: OAK) is looking to be an initial public offering which went from bad to worse. Let’s call is a double-busted IPO. The initial public offering price was $43.00 per unit with more than 8.8 million units sold in total. Oaktree sold 7,888,864 units and the selling unitholders sold 954,159 Class A units.

Here is why this was a double-busted IPO. The amended filing was a range of $43 to $46 per unit, and the original offering was supposed to be for 10.295 million units. This sold at the bottom of the range and sold far fewer units than what it hoped. Shares are currently trading under $41.50 per unit. Maybe this is a triple-busted IPO.

Goldman Sachs and Morgan Stanley were the joint global coordinators and BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities and J.P. Morgan were the joint bookrunners for this offering. This underwriting syndicate has been granted a 30-day option to purchase up to an additional 1,183,331 Class A units from Oaktree and 143,123 Class A units from the selling unitholders.

Oaktree is an investment management firm focused on alternative markets with investments in distressed debt, corporate debt, control investing, convertible securities, real estate and listed equities.

Welcome to the markets!

JON C. OGG

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.