LPL Holdings cuts spread on $1.07 billion loan to Libor plus 175 bps

By Sara Rosenberg

New York Nov. 7 – LPL Holdings Inc. reduced pricing on its $1.07 billion seven-year term loan B (Ba1/BB+) to Libor plus 175 basis points from Libor plus 200 bps, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

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

Proceeds will be used with $400 million of senior notes due 2027 and cash on hand to refinance an existing term loan B priced at Libor plus 225 bps and to pay fees and expenses related to the transaction.

The company is also increasing its revolving credit facility to $750 million from $500 million and extending the maturity to 2024.

Closing is expected on Tuesday.

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

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