Legg Mason plans retirement of 5.6% notes, part of equity units

By Jennifer Chiou

New York, June 16 - Legg Mason, Inc. expects to retire its $103 million of 5.6% senior notes due June 30, 2021 at the end of the month following the remarketing period running from June 23 to June 27, according to an 8-K filing with the Securities and Exchange Commission.

The Baltimore asset management firm said that its equity units provide for the remarketing period. The notes are part of the equity units.

Also on June 30, the company said that holders of the equity units will purchase about 1.8 million Legg Mason shares for cash, using the proceeds from the remarketed notes, under the terms of the units' purchase contracts.

The company added in the filing that if any holders of the units elect to withhold their notes from the remarketing, those securities will remain outstanding.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.