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News Mar 14, 2016

Shearman & Sterling Advises Legg Mason on $250 Million Notes Offering

Shearman & Sterling represented Legg Mason, Inc. (the “Company”) as issuer in connection with the filing of a shelf registration statement and a shelf takedown of $250 million aggregate principal amount of 6.375% junior subordinated notes due 2056. The Company expects to use the net proceeds of this offering, together with the proceeds of a subsequent senior notes offering 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). Other key members of the team included partners Robert Evans (New York-Capital Markets), Lisa Jacobs (New York-Capital Markets), Kristen Garry (Washington, DC-Tax); of counsel Paul Schreiber (New York-Investment Funds); and associates Adam Sternberg (New York-Tax) and Amy Watt (London-Investment Funds).