Reuters: Private Equity: Legg Mason will buy back KKR stake, take charge

Reuters: Private Equity Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Legg Mason will buy back KKR stake, take charge May 16th 2012, 15:04 Wed May 16, 2012 11:04am EDT May 16 (Reuters) - Legg Mason Inc said it plans to buy back a stake in the company held by private equity firm KKR & Co LP and take a charge. KKR had purchased $1.25 billion in convertible senior notes in the Baltimore asset manager in 2008. Legg Mason said on Wednesday it will repurchase the senior notes and expects to take a non-cash charge of between $70 million and $80 million in its fiscal first quarter due to the early extinguishment of the notes.

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