Legg Mason, Inc. News
Legg Mason Launches $1 Billion Equity Units Offering
BALTIMORE, May 6 PRNewswire-FirstCall — Legg Mason, Inc. (NYSE: LM) today announced that it plans to offer and sell 20 million equity units, each with a stated amount of $50 for an aggregate stated amount of $1 billion. Legg Mason plans to grant the underwriters for the equity units offering an option to purchase during the 13-day period beginning on, and including, the initial issuance date of the equity units up to 3 million additional equity units, or an additional aggregate stated amount of $150 million, solely to cover over-allotments. The equity units will initially consist of a contract to purchase Legg Mason common stock and a 1/20, or 5.0%, undivided beneficial ownership interest in a $1,000 principal amount senior note due June 30, 2021. Under the purchase contract, holders are required to purchase Legg Mason common stock no later than on June 30, 2011. The net proceeds from the equity units offering will be used for general corporate purposes, which may include support of liquidity funds managed by its subsidiaries, financing acquisitions and repayment of outstanding debt.
Citi Global Markets Inc., Merrill Lynch & Co., Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are the joint bookrunners for this offering. Citi Global Markets Inc. and Merrill Lynch & Co. are global coordinators and structuring agents for this offering.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained when available from Citi Global Markets Inc. at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone 877- 858-5407 or Merrill Lynch & Co. at Four World Financial Center, 5th Floor, New York, New York 10080, Attn: Prospectus Department, telephone 212-449-1000.
About Legg Mason
Legg Mason, Inc. is a global asset management firm, with $950 billion in assets under management as of March 31, 2008. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland and its common stock is listed on the New York Stock Exchange (symbol: LM).
This release may contain forward-looking statements subject to risks, uncertainties and other factors that may cause actual results to differ materially. For a discussion of these risks and uncertainties, see "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Legg Mason's Annual Report on Form 10-K for the fiscal year ended March 31, 2007 and its subsequent quarterly reports on Form 10-Q.
SOURCE Legg Mason, Inc.
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