19 03 2016

Legg Mason, Inc. $250 Million Junior Subordinated Notes Offering

Davis Polk advised the underwriters in an SEC-registered offering by Legg Mason, Inc. of $250 million aggregate principal amount of its 6.375% junior subordinated notes due 2056.


Morgan Stanley, BofA Merrill Lynch, Citigroup, J.P. Morgan,  Wells Fargo Securities acted as Joint Book-Running Managers The proceeds from the offering will be used to fund a portion of the purchase prices for the acquisitions of Clarion Partners, a diversified real estate investment firm based in New York, and EnTrust Capital, a leading independent hedge fund investor and alternative asset manager headquartered in New York. Legg Mason is a global asset management company with $671.5 billion in assets under management as of December 31, 2015. Legg Mason provides active asset management in many major investment centers throughout the world. The Davis Polk corporate team included partner John B. Meade (Picture), counsel Derek Dostal and associate Eugene Baek. The tax team included partner Po Sit and associate Catherine L. Chu. Involved fees earner: John Meade - Davis Polk & Wardwell; Derek Dostal - Davis Polk & Wardwell; Eugene Baek - Davis Polk & Wardwell; Po Sit - Davis Polk & Wardwell; Catherine Chu - Davis Polk & Wardwell;

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