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Legg Mason affiliate Western Asset completes IPO

Western Asset Middle Market Income Fund Inc. has completed its initial public offering and raised approximately $327 million through its common stock, the firm announced Wednesday. Western Asset Middle Market Income Fund, a closed-end investment management company, is advised by two subsidiaries of Baltimore’s Legg Mason Inc. — Legg Mason Partners Fund Advisor LLC and Western Asset Management Co. BofA Merrill Lynch and Morgan Stanley & Co. LLC acted as dealers in connection with the IPO. Western Asset will employ an opportunistic strategy that invests in fixed income securities issued by middle market companies. Under normal market conditions, at least 80 percent of the fund’s managed assets will consist of securities, including loans. The fund will not be publicly traded but, beginning in 2016, intends to conduct quarterly tender offers for up to 2.5 percent of its common stock.