Legg Mason’s $500 million of 5.45% $25-par junior subordinated notes due 2056 admitted to NYSE

By Stephanie N. Rotondo

Seattle, Aug. 16 – Legg Mason Global Asset Management’s $500 million of 5.45% $25-par junior subordinated notes due Sept. 15, 2056 listed on the New York Stock Exchange, according to a market source on Tuesday.

The ticker symbol is “LMHB.”

The deal came Aug. 3. Price talk was in the 5.625% area.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.

Interest will be payable on the 15th day of March, June, September and December, beginning Dec. 15. The Baltimore-based firm has the right to defer the payments on one or more occasions for up to 20 consecutive quarterly periods.

The notes become redeemable on or after Sept. 15, 2021 at par plus accrued interest. The notes can also be redeemed in whole prior to that date upon a tax law change.

Additionally, in the event of a rating agency event, the notes can be redeemed at 102% of par plus accrued interest.

Proceeds will be used to repay a portion of outstanding borrowings under an existing revolving credit facility and for general corporate purposes.

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