Legg Mason to repay term loan facility via notes offering proceeds

By Tali Rackner

Minneapolis, Jan. 16 - Legg Mason Global Asset Management plans to use the proceeds from a senior notes offering to repay borrowings under a five-year term loan facility, according to a 424B3 filed with the Securities and Exchange Commission.

As of Sept. 30, there was $450 million outstanding under the term loan facility, which currently bears interest at Libor plus 150 basis points and matures June 27, 2017.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the joint bookrunners for the offering. Some of their affiliates are lenders under the term loan facility and will receive a portion of the net proceeds from this offering through repayment, the filing noted.

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