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Legg Mason, Inc. Announces Pricing Of Senior Notes Offering

BALTIMORE, Jan. 16, 2014 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today that it priced its underwritten public offering of $400 million aggregate principal amount of 5.625% senior notes due 2044 at a price equal to 98.435% of par, to yield 5.735%.  Legg Mason plans to use the net proceeds of approximately $389 million, after deducting underwriting discounts and offering expenses, plus cash on hand to repay all outstanding borrowings under its bank term loan.  The offering is expected to close on January 22, 2014, subject to the satisfaction of customary closing conditions.  Although, at current interest rates, the company will incur additional interest expense of approximately $15 million per year as a result of the refinancing, the offering allows Legg Mason to lock in long term debt capital at historically low interest rates.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering; Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Morgan Stanley & Co. LLC are acting as senior co-managers for the offering; and Barclays Capital Inc., BNY Mellon Capital Markets, LLC, HSBC Securities ( USA) Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are acting as co-managers for the offering. The offering is being made only by means of a base prospectus and accompanying prospectus supplement, copies of which may be obtained when available by contacting J.P. Morgan Securities LLC at 383 Madison Avenue, New York, New York 10179, Attention: Investment Grade Syndicate Desk – 3rd Floor, or by calling collect (212) 834-4533 and by contacting Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling 1-800-831-9146.  An electronic copy of the base prospectus and prospectus supplement may also be obtained at no charge at the Securities and Exchange Commission's website at http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities, in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

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