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Simpson Thacher Represents Funds Advised by Affiliates of Legg Mason in Offerings of Preferred Stock

04.03.15

The Firm represented Legg Mason BW Global Income Opportunities Fund Inc. (“BWG”), ClearBridge Energy MLP Fund Inc. (“CEM”), ClearBridge Energy MLP Opportunity Fund Inc. (“EMO”) and ClearBridge Energy MLP Total Return Fund Inc. (“CTR”) (collectively, the “Funds”) in connection with their private placements of $50 million aggregate principal amount, $42 million aggregate principal amount, $70 million aggregate principal amount and $70 million aggregate principal amount, respectively, of fixed-rate Mandatory Redeemable Preferred Stock. The net proceeds of each offering were used to make new portfolio investments and for general corporate purposes. The Funds are closed-end management investment companies which trade on the New York Stock Exchange under the symbols “BWG,” “CEM,” “EMO” and “CTR,” respectively. Morgan Stanley & Co. LLC acted as placement agent for these offerings.

Legg Mason Partners Fund Advisor, LLC is the Funds’ investment manager, Brandywine Global Investment Management, LLC is the subadvisor for BWG and ClearBridge Investments, LLC is the subadvisor for CEM, EMO and CTR, all of which are wholly-owned subsidiaries of Legg Mason, Inc. Legg Mason, Inc. is a global asset management firm with approximately $709 billion in assets under management as of December 31, 2014.

The Simpson Thacher team included Sarah Cogan, Rafael Vasquez, Benjamin Wells, Alejandro de Ramon-Laca, Jay Jeongseok Yu, Elizabeth Romefelt and Joongwon Park (Capital Markets); Mary B. Touchstone, Brandon Messina, Shana Ramirez and Benjamin Lubarsky (Credit); and Jonathan Cantor and Devin Heckman (Tax).