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Article: Legg Mason Prices Offering of $1 Billion of Equity Units.
- Article from:
- PR Newswire
- Article date:
- May 7, 2008
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Copyright informationCOPYRIGHT 2008 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BALTIMORE, May 7 /PRNewswire-FirstCall/ -- Legg Mason, Inc. today announced that it has priced its offering of 20 million equity units, each with a stated amount of $50 for an aggregate stated amount of $1 billion. The equity units carry a total distribution rate of 7%, and the threshold appreciation price of the equity units is $67.56, which represents a premium of 20% over the closing price of Legg Mason's common stock of $56.30 on May 6, 2008. Legg Mason has granted the underwriters for the equity units offering an option to purchase during the 13-day period beginning on, and including, the initial issuance date of the equity units up to 3 million additional equity units, ...
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