14 04 2016

Legg Mason, Inc. $450 Million Senior Notes Offering

Davis Polk advised the representatives of the underwriters in an SEC-registered offering by Legg Mason, Inc. of $450 million aggregate principal amount of its 4.750% senior notes due 2026.


Citigroup, J.P. Morgan acted as Joint Book-Running Managers. HSBC, MUFG, RBC Capital Markets acted as Senior Co-Managers. ANZ Securities, BNY Mellon Capital Markets, LLC, Credit Agricole, CIB, Morgan Stanley, Wells Fargo Securities and UBS Investment Bank acted as Co-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. Shearman & Sterling represented Legg Mason, Inc. with a team including James S. Scott Sr. (New York-Capital Markets) and associates Ana Aur (Toronto-Capital Markets) and Minkyu Park (New York-Corporate Group). Other key members of the team included partners Robert Evans (New York-Capital Markets), Lisa Jacobs (New York-Capital Markets) and Kristen Garry (Washington, DC-Tax); of counsel Paul Schreiber (New York-Investment Funds); and associates Adam Sternberg (New York-Tax), Amy Watt (London-Investment Funds) and Sean Anderson (New York-Corporate). 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; James Scott - Shearman & Sterling; Ana Aur - Shearman & Sterling; Minkyu Park - Shearman & Sterling; Robert Evans - Shearman & Sterling; Lisa Jacobs - Shearman & Sterling; Sean Anderson - Shearman & Sterling; Paul Schreiber - Shearman & Sterling; Amy Watt - Shearman & Sterling; Kristen Garry - Shearman & Sterling; Adam Sternberg - Shearman & Sterling;

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