Ares Management Corp S-3ASR, filed Feb 27, 2023

Ares Management Corp (ARES)

S-3ASR 2023-02-27

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	ABOUT THIS PROSPECTUS					1
	ARES MANAGEMENT CORPORATION					2
	Subsidiary Registrants					3
	RISK FACTORS					4
	DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS					5
	USE OF PROCEEDS					6
	DESCRIPTION OF CAPITAL STOCK					7
	DESCRIPTION OF DEBT SECURITIES AND GUARANTEES					14
	DESCRIPTION OF DEPOSITARY SHARES					26
	DESCRIPTION OF WARRANTS					27
	DESCRIPTION OF PURCHASE CONTRACTS					28
	DESCRIPTION OF UNITS					29
	SELLING STOCKHOLDERS					30
	PLAN OF DISTRIBUTION					31
	LEGAL MATTERS					33
	EXPERTS					34
	WHERE YOU CAN FIND MORE INFORMATION					35
	INFORMATION INCORPORATED BY REFERENCE					36

SEC registration fee	$	*
Accounting fees and expenses		**
Legal fees and expenses		**
Printing fees		**
Rating agency fees		**
Miscellaneous		**
Total	$

	Exhibit Number			Exhibit Description
	1.1*			Form of Underwriting Agreement.
	3.1			Second Amended and Restated Certificate of Incorporation of Ares Management Corporation (incorporated by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q (File No. 001-36429) filed with the SEC on November 5, 2021).
	3.2			Bylaws of Ares Management Corporation (incorporated by reference to Exhibit 99.4 to the Registrant’s Current Report on Form 8-K (File No. 001-36429) filed with the SEC on November 15, 2018).
	4.1			Description of Ares Management Corporation’s Securities (incorporated by reference to Exhibit 4.1 to the Registrant’s Annual Report on Form 10-K (File No. 001-36429) filed with the SEC on February 24, 2023).
	4.2*			Form of Preferred Stock Certificate.
	4.3*			Form of Certificate of Designation of Preferred Stock.
	4.4			Form of Indenture between Ares Management Corporation and the trustee (incorporated by reference to Exhibit 4.4 to the Registrant’s Registration Statement on Form S-3 (File No. 333-236771) filed with the SEC on on February 28, 2020).
	4.5			Form of Subsidiary Issuer Indenture among (i) Ares Management Corporation, as guarantor; (ii) Ares Holdings L.P., Ares Investments Holdings LLC, Ares Management LLC, Ares Finance Co. LLC, Ares Finance Co. II LLC, Ares Finance Co. III LLC, or Ares Finance Co. IV LLC, a subsidiary issuer or guarantor; and (iii) the trustee.
	4.6*			Form of Debt Securities.
	4.7*			Form of Depositary Share Agreement.
	4.8*			Form of Depositary Certificate.
	4.9*			Form of Warrant Agreement.
	4.10*			Form of Warrant Certificate.
	4.11*			Form of Purchase Contract Agreement.
	4.12*			Form of Purchase Certificate.
	4.13*			Form of Unit Agreement.
	4.14*			Form of Unit Certificate.
	5.1			Opinion and Consent of Kirkland &Ellis LLP regarding the legality of the securities being registered.
	23.1			Opinion and Consent of Kirkland & Ellis LLP (included in Exhibit 5.1).
	23.2			Consent of Ernst & Young LLP.
	24.1			Power of Attorney (included on signature page).
	25.1**			Statement of Eligibility on Form T-1 of Trustee under the Trust Indenture Act.
	107			Filing Fee Table

				ARES MANAGEMENT CORPORATION
				By:			/s/ JARROD PHILLIPS
							Name: Jarrod Phillips
							Title: Chief Financial Officer

Signatures	Title	Date
By: /s/ ANTONY P. RESSLER Antony P. Ressler	Executive Chairman & Co-Founder	February 27, 2023
By: /s/ JARROD PHILLIPS Jarrod Phillips	Chief Financial Officer (Principal Financial & Accounting Officer)	February 27, 2023
By: /s/ MICHAEL J AROUGHETI Michael J Arougheti	Director, Co-Founder, Chief Executive Officer & President (Principal Executive Officer)	February 27, 2023
By: /s/ DAVID B. KAPLAN David B. Kaplan	Director & Co-Founder	February 27, 2023
By: /s/ BENNETT ROSENTHAL Bennett Rosenthal	Director, Co-Founder & Chairman of Private Equity Group	February 27, 2023
By: /s/ R. KIPP DEVEER R. Kipp deVeer	Director & Head of Credit Group	February 27, 2023
By: /s/ ASHISH BHUTANI Ashish Bhutani	Director	February 27, 2023
By: /s/ ANTOINETTE BUSH Antoinette Bush	Director	February 27, 2023

Trust Indenture Act Section	Indenture Section
Section 3.10(a)(1)	Section 6.09
(a)(2)	Section 6.09
(a)(3)	Not Applicable
(a)(4)	Not Applicable
(b)	Section 6.08
	Section 6.10
Section 3.11(a)	Section 6.13
(b)	Section 6.13
Section 3.12(a)	Section 7.01
	Section 7.02
(b)	Section 7.02
(c)	Section 7.02
Section 3.13(a)	Section 7.03
(b)	Section 7.03
(c)	Section 7.03
(d)	Section 7.03
Section 3.14(a)	Section 7.04
(a)(4)	Section 10.04
(b)	Not Applicable
(c)(1)	Section 1.02
(c)(2)	Section 1.02
(c)(3)	Not Applicable
(d)	Not Applicable
(e)	Section 1.02
Section 3.15(a)	Section 6.01
(b)	Section 6.02
(c)	Section 6.01
(d)	Section 6.01
(e)	Section 5.13
Section 3.16(a)	Section 1.01
(a)(1)(A)	Section 5.02
	Section 5.11
(a)(1)(B)	Section 5.12
(a)(2)	Not Applicable
(b)	Section 5.08
(c)	Section 1.04
Section 3.17(a)(1)	Section 5.04
(a)(2)	Section 5.04
(b)	Section 10.03
Section 318(a)	Section 1.07

ARTICLE I Definitions and Other Provisions of General Application		1
Section 1.01	Definitions	1
Section 1.02	Compliance Certificates and Opinions	8
Section 1.03	Form of Documents Delivered to Trustee	8
Section 1.04	Acts of Holders; Record Dates	9
Section 1.05	Notices, Etc., to Trustee, Company and Guarantors	10
Section 1.06	Notice to Holders; Waiver	11
Section 1.07	Conflict with Trust Indenture Act	11
Section 1.08	Effect of Headings and Table of Contents	12
Section 1.09	Successors and Assigns	12
Section 1.10	Separability Clause	12
Section 1.11	Benefits of Indenture	12
Section 1.12	Governing Law, Jurisdiction, Venue	12
Section 1.13	Legal Holidays	12
Section 1.14	No Recourse Against Others	12
Section 1.15	Waiver of Jury Trial	12
Section 1.16	Compliance with Applicable Law	13

ARTICLE II Security Forms		13
Section 2.01	Forms Generally	13
Section 2.02	Form of Legend for Global Securities	13
Section 2.03	Form of Trustee’s Certificate of Authentication	14

ARTICLE III The Securities		14

Section 3.01	Amount Unlimited; Issuable in Series	14
Section 3.02	Denominations	17
Section 3.03	Execution, Authentication, Delivery and Dating	17
Section 3.04	Temporary Securities	18
Section 3.05	Registration, Registration of Transfer and Exchange	19
Section 3.06	Mutilated, Destroyed, Lost and Stolen Securities	20
Section 3.07	Payment of Interest; Interest Rights Preserved	21
Section 3.08	Persons Deemed Owners	22
Section 3.09	Cancellation	22
Section 3.10	Computation of Interest	22
Section 3.11	CUSIP or ISIN Numbers	22
Section 3.12	Original Issue Discount	23
Section 3.13	General Provisions Relating to Global Securities	23
Section 3.14	No Gross Up	23

ARTICLE IV Satisfaction and Discharge		23
Section 4.01	Satisfaction and Discharge of Indenture	23
Section 4.02	Application of Trust Money	24

ARTICLE V REMEDIES		25
Section 5.01	Events of Default	25

Section 5.02	Acceleration of Maturity; Rescission and Annulment	27
Section 5.03	Collection of Indebtedness and Suits for Enforcement by Trustee	27
Section 5.04	Trustee May File Proofs of Claim	28
Section 5.05	Trustee May Enforce Claims Without Possession of Securities	28
Section 5.06	Application of Money Collected	29
Section 5.07	Limitation on Suits	29
Section 5.08	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert Securities	29
Section 5.09	Rights and Remedies Cumulative	30
Section 5.10	Delay or Omission Not Waiver	30
Section 5.11	Control by Holders	30
Section 5.12	Waiver of Past Defaults	30
Section 5.13	Undertaking for Costs	31
Section 5.14	Waiver of Usury, Stay or Extension Laws	31
Section 5.15	Restoration of Rights and Remedies	31

ARTICLE VI The Trustee		31
Section 6.01	Certain Duties and Responsibilities of Trustee	31
Section 6.02	Notice of Defaults	32
Section 6.03	Certain Rights of Trustee	33
Section 6.04	Not Responsible for Recitals or Issuance of Securities	34
Section 6.05	May Hold Securities	34
Section 6.06	Money Held in Trust	34
Section 6.07	Compensation and Reimbursement	34
Section 6.08	Conflicting Interests	35
Section 6.09	Corporate Trustee Required; Eligibility	35
Section 6.10	Resignation and Removal; Appointment of Successor	36
Section 6.11	Acceptance of Appointment by Successor	37
Section 6.12	Merger, Conversion, Consolidation or Succession to Business	38
Section 6.13	Preferential Collection of Claims Against Company	38
Section 6.14	Trustee’s Application for Instructions from the Company	38

ARTICLE VII Holders’ Lists And Reports By The Trustee, The Company and The Guarantors		39
Section 7.01	Company to Furnish Trustee Names and Addresses of Holders	39
Section 7.02	Preservation of Information; Communications to Holders	39
Section 7.03	Reports by Trustee	39
Section 7.04	Reports by the Company and the Guarantors	39

ARTICLE VIII Consolidation, Merger, Sale Of Assets and Other Transactions		40
Section 8.01	Company and Guarantors May Merge or Transfer Assets on Certain Terms	40
Section 8.02	Successor Person Substituted	40

ARTICLE IX Supplemental Indentures		40
Section 9.01	Supplemental Indentures Without Consent of Holders	40

Section 9.02	Supplemental Indentures With Consent of Holders	41
Section 9.03	Execution of Supplemental Indentures	43
Section 9.04	Effect of Supplemental Indentures	43
Section 9.05	Conformity with Trust Indenture Act	43
Section 9.06	Notice of Supplemental Indenture; Reference in Securities to Supplemental Indentures	43

ARTICLE X Covenants		43
Section 10.01	Payment of Principal, Premium, if any, and Interest	43
Section 10.02	Maintenance of Office or Agency	44
Section 10.03	Money for Securities Payments to Be Held in Trust	44
Section 10.04	Statement by Officers as to Default	45
Section 10.05	Waiver of Certain Covenants	45

ARTICLE XI Redemption of Securities		46
Section 11.01	Applicability of Article	46
Section 11.02	Election to Redeem; Notice to Trustee	46
Section 11.03	Selection by Trustee of Securities to Be Redeemed	46
Section 11.04	Notice of Redemption	47
Section 11.05	Deposit of Redemption Price	47
Section 11.06	Securities Payable on Redemption Date	48
Section 11.07	Securities Redeemed in Part	48

ARTICLE XII Sinking Funds		48
Section 12.01	Applicability of Article	48
Section 12.02	Satisfaction of Sinking Fund Payments with Securities	49
Section 12.03	Redemption of Securities for Sinking Fund	49

ARTICLE XIII Defeasance and Covenant Defeasance		49
Section 13.01	Company’s Option to Effect Defeasance or Covenant Defeasance	49
Section 13.02	Defeasance and Discharge	49
Section 13.03	Covenant Defeasance	50
Section 13.04	Conditions to Defeasance or Covenant Defeasance	50
Section 13.05	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	51
Section 13.06	Reinstatement	52

ARTICLE XIV Guarantee of Securities		52
Section 14.01	Guarantee	52
Section 14.02	Additional Guarantors	52
Section 14.03	Waiver	52
Section 14.04	Guarantee of Payment	53
Section 14.05	No Discharge or Diminishment of Guarantee	53
Section 14.06	Defenses of Company Waived	53
Section 14.07	Continued Effectiveness	53
Section 14.08	Subrogation	54

Section 14.09	Subordination	54
Section 14.10	Release of Guarantor and Termination of Guarantee	54
Section 14.11	Limitation of Guarantors’ Liability	55
Section 14.12	No Obligation to Take Action Against the Company	55
Section 14.13	Execution and Delivery	55

	[        ], as Issuer

	By:
		Name:
		Title:

	ARES MANAGEMENT CORPORATION, as Guarantor,

	By:
		Name:
		Title:

	[        ], as Guarantor,

	By:
		Name:
		Title:

	[        ], as Trustee

	By:
		Name:
		Title:

	Very truly yours,

	/s/ Kirkland & Ellis LLP

	Kirkland & Ellis LLP

Subsidiary		State of Incorporation or Formation
Ares Holdings L.P.		Delaware
Ares Investments Holdings LLC		Delaware
Ares Management LLC		Delaware
Ares Finance Co. LLC		Delaware
Ares Finance Co. II LLC		Delaware
Ares Finance Co. III LLC		Delaware
Ares Finance Co. IV LLC		Delaware

	[ ], as Trustee

	By:
		Authorized Signatory