Franklin Resources’ $750 Million Senior Notes Offering

Franklin Resources' $750 Million Senior Notes Offering

Cleary Gottlieb represented BofA Securities and Citigroup Global Markets as representatives of the underwriters for the offering, while Willkie Farr & Gallagher represented Franklin Resources.

Franklin Resources executed a $750 million registered offering of its 1.600% notes due 2030. The investment-grade senior notes offering launched and priced on October 14, 2020 and is expected to close on October 19, 2020. This was the first time in more than five years that Franklin Resources tapped the public capital markets.

Franklin Resources, Inc. is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships.

The Cleary corporate team advising BofA Securities and Citigroup Global Markets included partner Jeff Karpf (Picture), senior attorney Elizabeth Chang, associates Katherine Denby and Amanda Brown, international lawyer Stav Harel and law clerk Sophia Yang. Senior attorney David Stewart Fisher and associate Victoria Ju advised on tax matters. Counsel Mary Alcock and associate Allison McQueeney advised on ERISA matters. Senior attorney James Corsiglia advised on regulatory matters, while partner Breon Peace and associate Ryan Redway advised on litigation matters.

Willkie Farr & Gallagher represented Franklin Resources with a team led by partners David Boston and Laura Acker and included associate Andrew Kim.

Involved fees earner: Mary Alcock – Cleary Gottlieb Steen & Hamilton; Amanda Brown – Cleary Gottlieb Steen & Hamilton; Elizabeth Chang – Cleary Gottlieb Steen & Hamilton; James Corsiglia – Cleary Gottlieb Steen & Hamilton; Katherine Denby – Cleary Gottlieb Steen & Hamilton; Stav Harel – Cleary Gottlieb Steen & Hamilton; Victoria Ju – Cleary Gottlieb Steen & Hamilton; Jeff Karpf – Cleary Gottlieb Steen & Hamilton; Allison McQueeney – Cleary Gottlieb Steen & Hamilton; Breon Peace – Cleary Gottlieb Steen & Hamilton; Ryan Redway – Cleary Gottlieb Steen & Hamilton; David Stewart Fisher – Cleary Gottlieb Steen & Hamilton; Laura Acker – Willkie Farr & Gallagher; David Boston – Willkie Farr & Gallagher; Andrew Kim – Willkie Farr & Gallagher;

Law Firms: Cleary Gottlieb Steen & Hamilton; Willkie Farr & Gallagher;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Franklin Templeton Investments;

Author: Ambrogio Visconti