BALTIMORE, March 22, 2016 /PRNewswire/ -- Legg Mason, Inc., (NYSE: LM) today announced that it has completed the public portion of its financing to fund the acquisitions of Clarion Partners and EnTrust Capital. The net proceeds from the offerings of Legg Mason's Senior Notes and Junior Notes will be used, together with a $500 million draw on the Company's revolving credit facility, to finance the purchase prices for the acquisitions and to replenish cash on the balance sheet used to close the RARE transaction in October 2015. The acquisitions of Clarion Partners and EnTrust Capital are expected to close in the first quarter of Legg Mason's 2017 fiscal year.
Joseph A. Sullivan, Chairman and Chief Executive of Legg Mason said: "We are pleased by the strong execution of these transactions in the market, with support from both new and existing bondholders, who are critical partners for us as we build an enduring asset management business. We are grateful for their confidence in Legg Mason. We remain committed to executing on our straightforward and focused strategy: providing our global clients with an increasing number of choices for investment strategies, products, vehicles and access."
The Company also announced that it has reinstated the Company's existing buyback program effective March 22, 2016, retroactive to February 1, 2016. Specifically, the Company expects to resume its $90 million quarterly buyback pace in the Company's first quarter of fiscal year 2017 and to buyback $60 million of its stock related to the Company's fourth quarter of fiscal year 2016, subject to market conditions and other business priorities.
About Legg Mason
Legg Mason is a global asset management firm with $657 billion in assets under management as of February 29, 2016. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).
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SOURCE Legg Mason, Inc.