Simpson Thacher Represents Fund Advised by Affiliates of Legg Mason in Private Placement of Mandatory Redeemable Preferred Stock
01.03.20
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Simpson Thacher represented Brandywine GLOBAL - Global Income Opportunities Fund Inc. (the “Fund”) in a private placement of fixed-rate mandatory redeemable preferred stock. The offering raised aggregate proceeds of $50 million. Net proceeds from the offering will be used to refinance existing leverage.
The Fund is a non-diversified closed-end investment management company advised by Legg Mason Partners Fund Advisor, LLC and sub-advised by Brandywine Global Investment Management, LLC, each of which are wholly owned subsidiaries of Legg Mason, Inc. Legg Mason, Inc. is a global asset management firm with approximately $781.8 billion in assets under management as of September 30, 2019. The Fund seeks to provide investors with a global, flexible portfolio that uses a macro, value-oriented approach to invest across countries, currencies and credits. The Fund’s primary investment objective is to provide current income. As a secondary investment objective, the Fund seeks capital appreciation. Its common shares trade on the New York Stock Exchange under the symbol “BWG.”
The Simpson Thacher team for the transaction included David Blass, Ryan Brizek and Debbie Sutter (Registered Funds).