Legg Mason price $1bln equity offering

NEW YORK (MarketWatch) — Legg Mason, Inc. said Wednesday it priced its offering of 20 million equity units, each with a stated amount of $50 for an aggregate stated amount of $1 billion. Legg said 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 on Tuesday. Legg granted underwriters a 3 million unit over allotment option.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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