Davis Polk advised the representatives of the underwriters in an SEC-registered offering by Legg Mason, Inc. of $450 million aggregate principal amount of its 4.750% senior notes due 2026. The proceeds from the offering will be used to fund a portion of the purchase prices for the acquisitions of Clarion Partners, a diversified real estate investment firm based in New York, and EnTrust Capital, a leading independent hedge fund investor and alternative asset manager headquartered in New York.

Legg Mason is a global asset management company with $671.5 billion in assets under management as of December 31, 2015. Legg Mason provides active asset management in many major investment centers throughout the world.

The Davis Polk corporate team included partner John B. Meade, counsel Derek Dostal and associate Eugene Baek. The tax team included partner Po Sit and associate Catherine L. Chu. All members of the Davis Polk team are based in the New York office.

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