Legg Mason (LM) Prices $1B Equity Units Offering

May 7, 2008 7:36 AM EDT

Legg Mason, Inc. (NYSE: LM) 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.

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