Affiliated Managers selling $400m in notes

Affiliated Managers Group Inc., an asset management firm based in Prides Crossing, said today it will sell $400 million in convertible senior notes.

The notes, due in 2038, will have an annual interest rate of 3.95 percent and a conversion price of $125.65, a 40 percent premium over Affiliated Managers Group's Tuesday closing price of $89.75.

Upon conversion, Affiliated Managers Group can pay the holders of the debt with either cash or shares of common stock. (AP)