OREANDA-NEWS. Legg Mason, Inc. (NYSE: LM) ("Legg Mason") announced today that it priced its underwritten public offering of $250 million of Junior Subordinated Notes due 2056 (the "Junior Subordinated Notes") at a price equal to 100% of par. The offering is expected to close on March 14, 2016, subject to the satisfaction of customary closing conditions.

The Junior Subordinated Notes will bear interest at a fixed rate of 6.375% per year. Subject to our right to defer interest payments, interest for the Junior Subordinated Notes will be payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on June 15, 2016.

Legg Mason plans to use the net proceeds from the Junior Subordinated Notes offering, together with the proceeds of future financings, to finance the purchase prices for the previously announced acquisitions of Clarion Partners and EnTrust Capital and to pay fees and expenses related to these acquisitions, this offering or any future financing.  If either of these acquisitions is not consummated, we will retain broad discretion to use all or any of the net proceeds from this offering for general corporate purposes.

The offering is being made pursuant to an effective registration statement on Form S-3 filed with the Securities and Exchange Commission (the "SEC"). Interested parties should read the prospectus included in such registration statement and the prospectus supplement for the offering and other documents that Legg Mason has filed with the SEC for more complete information about Legg Mason and the offering.

About Legg Mason

Legg Mason is a global asset management firm with $651.5 billion in assets under management as of January 31, 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).