Franklin Resources to fund 2% notes redemption with note proceeds

By Ashley Montgomery

Kansas City, Kan., Sept. 19 - Franklin Resources, Inc. plans to use proceeds from its notes offering to redeem all of its outstanding 2% notes due May 20, 2013, according to a filing with the Securities and Exchange Commission.

The company plans to use $305 million of proceeds for the redemption.

Proceeds will also be used for the company's acquisition of a majority stake in K2 and for general corporate purposes.

The holding company for investment manager Franklin Templeton Investments is based in San Mateo, Calif.

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