LPL Holdings to launch $1.5 billion term loan on Friday morning

By Sara Rosenberg

New York, Sept. 7 – LPL Holdings Inc. will hold a lender call at 11 a.m. ET on Friday to launch a $1,495,000,000 term loan due September 2024, according to a market source.

J.P. Morgan Securities LLC is the left lead on the deal.

Price talk on the term loan is Libor plus 200 basis points to 225 bps with a 0% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to help refinance an existing roughly $1.7 billion term loan B due March 2024 priced at Libor plus 250 bps with a 0% Libor floor.

The company disclosed in a news release that it also plans on repricing its existing $500 million senior secured revolving credit facility.

Additionally, the company is issuing $400 million of add-on senior notes due 2025 and will use $200 million of the proceeds to help with the term loan B refinancing and the remaining proceeds for general corporate purposes.

LPL is a Boston-based investment company.

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