Legg Mason to Repurchase $1.25 Billion in Debt Held by KKR
Stock Chart for Legg Mason Inc (LM)
Legg Mason Inc. (LM) said it will repurchase $1.25 billion in convertible senior notes held by a fund managed by KKR & Co. to reduce its total debt.
The plan will result in a non-cash expense of $70 million to $80 million in the fiscal first quarter, the Baltimore-based firm said today in a statement. Legg Mason, which said its board authorized an additional $1 billion in share buy backs, rose 4.2 percent to $23.31 today in New York after announcing the plan.
To contact the editor responsible for this story: Sree Vidya Bhaktavatsalam at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.