Shearman And Sterling

News March 22, 2016

Shearman & Sterling Advises Legg Mason, Inc. on $450 Million Debt Offering

Shearman & Sterling represented Legg Mason, Inc. (the “Company”) as issuer in connection with a shelf takedown of $450 million aggregate principal amount of 4.750% senior notes due 2026. The Company expects to use the net proceeds of this offering, together with the proceeds of its 6.375% junior subordinated notes due 2056 and a $500 million draw on its revolving facility, to finance the purchase of Clarion Partners and EnTrust Capital, and to pay related expenses and fees.

Legg Mason, Inc. is a global asset management firm with approximately $671 billion in assets under management as of December 31, 2015.

The Shearman & Sterling team was led by of counsel 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).