Legg Mason To Buy Back $1.25B In Notes From KKR

Law360, New York (May 16, 2012, 6:30 PM EDT) -- Legg Mason Inc. will buy back $1.25 billion in senior notes due to New York-based private equity firm Kohlberg Kravis Roberts & Co., reducing its debt as part of a new capital plan unveiled Wednesday.

The plan will shave off $350 million in debt immediately, Legg Mason said, even after the asset management firm forks over a $6.25 million prepayment fee – the notes are due in 2015 – and a non-cash charge of between $70 million and $80 million in the firm's first quarter....
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