US fund manager Legg Mason, which is seeking to shore up its balance sheet after bailing out some of its money market funds, has received a boost after selling $1.25bn (â¬906m) in convertible debt to private equity group Kohlberg Kravis Roberts.
KKR will become a minority investor in Legg Mason following the purchase of the contingent convertible senior notes, and KKR partner Scott Nuttall will be recommended for election to the Legg Mason board of directors. The sale is expected to close by February 5.
