LPL Holdings to launch $1.07 billion term loan B on Thursday

By Sara Rosenberg

New York Oct. 30 – LPL Holdings Inc. is set to hold a lender call at 11 a.m. ET on Thursday to launch a $1.07 billion seven-year term loan B, according to a market source.

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

Price talk on the term loan B is Libor plus 200 basis points with a 0% Libor floor and an original issue discount of 99.75, the source said.

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

Commitments are due at 5 p.m. ET on Nov. 6, the source added.

In addition, the company plans on increasing its revolving credit facility to $750 million from $500 million and extending the maturity.

Proceeds will be used with $400 million of senior unsecured notes due 2027 and cash on hand to refinance an existing term loan B and to pay fees and expenses related to the transaction.

Closing is expected by the end of November.

LPL Holdings, a wholly owned subsidiary of LPL Financial Holdings Inc., is a Boston-based financial advisor and independent broker-dealer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.