The Firm represented Western Asset Global Corporate Defined Opportunity Fund Inc. (the “Fund”) in connection with its $315 million initial public offering, assuming full exercise of the underwriters' option to purchase additional shares.
The Fund is a newly organized, non-diversified closed-end management investment company, which trades on the New York Stock Exchange under the symbol “GDO.” The underwriting syndicate was led by Citigroup Global Markets Inc., Morgan Stanley & Co. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Legg Mason Partners Fund Advisor, LLC is the Fund’s investment manager. The Fund’s subadviser is Western Asset Management Company, a subsidiary of Legg Mason, Inc. and one of the world's premier fixed-income managers with $506 billion in assets under management as of September 30, 2009.
The Simpson Thacher team included: Sarah Cogan, David Wohl, Robert Griffith and Yeuting Liang (Corporate) and Marcy Geller, Jonathan Cantor and Jeffery Graff (Tax). Paralegal Natalie Kone also provided valuable assistance.
In 2009, the Firm has represented Legg Mason Partners Fund Advisor, LLC and Western Asset Management Company as sponsors of three closed-end management investment companies in their initial public offerings in an aggregate amount of approximately $765 million.