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Article: Legg Mason Provides Money Market Fund Update and Announces Enhancements to Debt Covenants.
- Article from:
- PR Newswire
- Article date:
- December 1, 2008
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Company Has Identified Cost Savings In Excess of $100 Million To Date
BALTIMORE, Dec. 1 /PRNewswire-FirstCall/ -- Legg Mason, Inc. today announced additional support for four money market funds with exposure to securities issued by Structured Investment Vehicles and other similar conduits (SIVs). Legg Mason also announced that it had renewed for one year a total return swap with a major banking institution in support of $355 million of SIV securities. In addition, to provide flexibility during a time of prolonged market turmoil, Legg Mason has obtained amendments to its existing debt covenants.
The Company also announced it has already identified in ...