LEGG MASON, INC. (NYSE:LM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement.
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Citibank, N.A., as Administrative Agent; and the other banks
party thereto (collectively, the Lenders) entered into a third
amendment (the Third Amendment), to the Companys unsecured Credit
Agreement, dated as of December 29, 2015 (as amended by the First
Amendment dated as of March 31, 2016, and the Second Amendment,
dated September 7, 2016, the Credit Agreement) to which the
Lenders made available to the Company a multi-currency revolving
credit facility.
commitment to make loans to the Company under the Credit
Agreement from $1 billion to $500 million (which may be increased
by an aggregate amount of up to $500 million at the Companys
discretion, subject to the consent of the Lenders). The Company
will take a non-cash charge of $1.5 million for unamortized
financing costs resulting from the reduction in the Lenders
commitment to make loans available to the Company.
Ratio (as defined in the Credit Agreement) permitted under the
Credit Agreement to increase the Leverage Ratio for the period
from January 1, 2017 through and including March 31, 2018, so
that the Leverage Ratio shall be no greater than 3.5 to 1 at any
time during that period.
business relationships with most of the Lenders.
to be complete and is qualified in its entirety by reference to
the Third Amendment, which is filed as an exhibit hereto and is
incorporated herein by reference.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Subject Matter
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1.1
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Third Amendment, dated as of March 31, 2017, to the
Credit Agreement, dated as of December 29, 2015 (as amended by the First Amendment to the Credit Agreement, dated as of March 31, 2016, and the Second Amendment to the Credit Agreement, dated as of September 7, 2016), by and among Legg Mason, Inc., as Borrower, Citibank, N.A., as Administrative Agent, and each of the lenders from time to time party thereto, filed herewith. |
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About LEGG MASON, INC. (NYSE:LM)
Legg Mason, Inc. is a holding company. The Company and its subsidiaries are principally engaged in providing asset management and related financial services to individuals, institutions, corporations and municipalities. The Company operates through Global Asset Management segment. Global Asset Management provides investment advisory services to institutional and individual clients and to the Company-sponsored investment funds. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, Company-sponsored investment funds and retail separately managed account programs. It offers its products and services directly and through various financial intermediaries. It has operations principally in the United States and the United Kingdom and also has offices in Australia, Bahamas, Brazil, Canada, Chile, China, Dubai, France, Germany, Italy, Japan, Luxembourg, Poland, Singapore, Spain, Switzerland and Taiwan. LEGG MASON, INC. (NYSE:LM) Recent Trading Information
LEGG MASON, INC. (NYSE:LM) closed its last trading session down -0.26 at 36.11 with 1,183,460 shares trading hands.
