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News Aug 08, 2016

Shearman & Sterling Advises Legg Mason on $500 Million Offering

Shearman & Sterling represented Legg Mason, Inc. (the “Company”) as issuer in connection with a shelf takedown of $500 million aggregate principal amount of 5.45% junior subordinated notes due 2056. The Company expects to use the net proceeds of this offering, together with cash on hand, to repay the outstanding borrowings under its existing revolving credit facility and to pay fees and expenses related to this offering of notes.

Legg Mason, Inc. is a global asset management firm with approximately $742 billion in assets under management as of June 30, 2016.

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 (Toronto-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).