By Paul A. Harris
Portland, Ore., March 23 – LD Holdings Group LLC priced an upsized $600 million issue of seven-year senior notes (B2/B+) at par to yield 6 1/8% in a Tuesday drive-by, according to market sources.
The issue size increased from $500 million.
The yield printed at the tight end of yield talk in the 6¼% area. Initial talk was in the low 6% area.
Credit Suisse Securities (USA) LLC was the left lead bookrunner. Joint bookrunners were Barclays, BofA Securities Inc., Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC.
Proceeds will be used for general corporate purposes, including repayment of certain operating debt, and to fund a special dividend to equityholders through a distribution to holders of loanDepot, Inc.’s class A and class D common stock and to holders of Holdco units in the issuer.
The additional proceeds resulting from the $100 million upsizing of the deal will be used to pay down warehouse debt.
LD Holdings Group, through its subsidiary loanDepot, is a Foothill Ranch, Calif.-based technology-empowered online mortgage platform.
| Issuer: | LD Holdings Group LLC
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | April 1, 2028
|
| Securities: | Senior notes
|
| Left lead bookrunner: | Credit Suisse Securities (USA) LLC
|
| Joint bookrunners: | Barclays, BofA Securities Inc., Jefferies LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and UBS Securities LLC
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 484 bps
|
| Call protection: | Three years
|
| Trade date: | March 23
|
| Settlement date: | March 26
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¼% area
|
| Marketing: | Drive-by
|
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