Oaktree Capital Group LLC has priced its secondary offering of 7 million shares at $53.50 a share, the company said Thursday.

The downtown L.A. investment management company will use the nearly $375 million in proceeds from the offering to buy equity from executives and directors including Chairman Howard Marks and President Bruce Karsh.

The underwriters of the offering have been granted a 30-day option to buy up to 1.05 million additional Class A shares.

Morgan Stanley, BofA Merrill Lynch and Credit Suisse are coordinating the offering. Goldman Sachs & Co., J.P. Morgan and Wells Fargo Securities are acting as joint book-runners.

The number of shares has increased since the company announced the secondary offiering. Previously, Oaktree announced it would sell 6 million shares.