Legg Mason to redeem LYONs on June 6 put date

By Angela McDaniels

Seattle, April 27 - Legg Mason, Inc. will redeem all its outstanding 0% Liquid Yield Option Notes due 2031 on June 6, according to a company news release.

The company said it will redeem the LYONs at a price equal to the original issue price plus accrued original issue discount through the redemption date, or $505.19 per $1,000 principal amount at maturity of notes.

Holders may convert each LYON into 11.5593 shares of Legg Mason common stock at any time prior to 5 p.m. ET on June 2. The company's stock closed at $123.65 on Thursday.

If no LYONs are converted, the cash payment to redeem the outstanding LYONS will be about $33 million.

The LYONs were originally putable on June 6 at $465.44 per $1,000 principal amount at maturity.

Legg Mason is an asset management firm structured as a holding company and based in Baltimore.

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