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Shares of Legg Mason jumped after the money manager said it will repurchase $1.25 billion of convertible senior notes from private equity firm Kohlberg Kravis Roberts, perhaps signaling a floor in its stock price.
Shares of Legg Mason (LM) rose about 8% to $24.09 on news of itsnew capital plan, which will cut expenses by reducing debt. Shares are 30% below their 52-week high of $34.40
Legg’s board also authorized $1.0 billion in additional share repurchases.
Legg CEO Mark Fetting said reducing gross debt by $350 million in the near term means
“we will also have flexibility to return a significant portion of the cash we generate to our shareholders when it is appropriate to do so.”
Shares of Kohlberg Kravis Roberts (KKR) fell 2.5%, or 31 cents, to $12.08.
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