Legg Mason (LM) plans to buy back $1.25B of convertible senior notes that KKR (KKR +0.4%)...

|About: Legg Mason Inc. (LM)|By:, SA News Editor

Legg Mason (LM) plans to buy back $1.25B of convertible senior notes that KKR (KKR +0.4%) purchased in 2008. Legg Mason will take non-cash charge of $70M-$80M in FQ1 for the early extinguishment of the notes. The company also intends to repurchase $1B in shares. Shares +11.3%. (PR)