NEW YORK--(BUSINESS WIRE)--Western Asset Global Corporate Defined Opportunity Fund Inc. (the “Fund”) announced today that pricing has been completed for its initial public offering. The Fund raised approximately $315.8 million in its common stock offering, assuming full exercise of the underwriters’ overallotment option, which may or may not occur. Its shares began trading today on the New York Stock Exchange under the symbol “GDO.”

The Fund’s primary investment objective is to provide current income and then to liquidate and distribute substantially all of the Fund’s net assets to stockholders on or about December 2, 2024. As a secondary objective, the Fund will seek capital appreciation. There can be no assurance the Fund will achieve its investment objectives.

The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its managed assets in a portfolio of U.S. and foreign corporate fixed income securities of varying maturities. Under normal market conditions, the Fund will invest at least 40% of its managed assets in fixed income securities of foreign issuers organized or having a principal place of business outside the United States, including in emerging market countries. In addition, the Fund may invest up to 35% of its managed assets in fixed income securities of below investment grade quality. Under normal market conditions, the Fund expects to maintain on an ongoing basis a dollar-weighted average credit quality of portfolio holdings of investment grade quality.

“Through an investment in shares of GDO, investors are able to take advantage of opportunities in global credit markets. Also, with exposure to global credit markets, GDO has the opportunity to provide investors with potentially greater diversification in their over-all investment portfolios. We are pleased to expand our closed-end fund offerings with a product that taps into Western Asset’s experienced credit analysts around the world,” stated Matt Schiffman, Head of Retail Americas for Legg Mason.

Western Asset Global Corporate Defined Opportunity Fund Inc. is a newly organized, non-diversified, limited term, closed-end management investment company which is advised by Legg Mason Partners Fund Advisor, LLC (“LMPFA”) and subadvised by Western Asset Management Company (“Western Asset”). LMPFA and Western Asset are wholly owned subsidiaries of Legg Mason, Inc. (“Legg Mason”).

The underwriting syndicate was led by Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated, and BoA Merrill Lynch.

For more information, please contact the Fund at 1-888-777-0102 or visit the Fund’s web site at www.leggmason.com/cef.

About Legg Mason

Legg Mason is a global asset management firm with approximately $703 billion in assets under management as of September 30, 2009. The company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (NYSE: LM - News).

About Western Asset

Western Asset is one of the world’s premier fixed-income managers. With offices in Pasadena, New York, London, Singapore, Hong Kong, Melbourne and Sao Paolo, Western Asset offers institutional and retail clients a full range of fixed-income products. By devoting all of its resources to fixed income, Western Asset is able to provide a full commitment to its clients in every area of the firm. Western Asset’s long performance track record and global presence has them positioned to continue their commitment to excellence in fixed-income management and client service. As of September 30, 2009, Western Asset had approximately $505.5 billion in assets under management.

The Fund is a newly organized, non-diversified, limited term, closed-end management investment company. Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus, which contains this and other information about the Fund, should be read carefully before investing. A copy of the final prospectus relating to these securities may be obtained by contacting your financial advisor.

All data and commentary provided in this press release are for informational purposes only. Legg Mason and its affiliates do not engage in selling shares of the Fund. The Fund’s common shares are traded on the New York Stock Exchange. Similar to stocks, the Fund’s share price will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. Shares of closed-end funds often trade at a discount to their net asset value.

This press release contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will,” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual future results to differ significantly from the Fund’s present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; leverage risk; valuation risk; interest rate risk; tax risk; the volume of sales and purchase of shares; the continuation of investment advisory, administration and other service arrangements; and other risks discussed in the Fund’s filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained.

Legg Mason & Co., LLC
Brenda Grandell, 212-857-8087
Director, Closed-End Funds
or
Legg Mason & Co., LLC
Maria Rosati, 212-805-6036
Media Relations