Legg Mason to Repurchase $1.25 Billion in Debt Held by KKR

Legg Mason Inc. 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.

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