LPL Holdings driving by with $400 million 10-year senior notes; initial talk 4¼%-4½%

By Paul A. Harris

Portland, Ore., May 10 – LPL Financial Holdings Inc. plans to price a $400 million offering of 10-year senior notes (expected ratings Ba2/BB) in a Monday drive-by, according to market sources.

Initial guidance is 4¼% to 4½%.

J.P. Morgan Securities LLC is the lead.

The Rule 144A and Regulation S notes come with five years of call protection.

The San Diego-based broker dealer plans to use proceeds plus corporate cash to repay its revolver related to its acquisition of the wealth management business of Waddell & Reed Financial, Inc. on April 30, 2021.

The issuing entity will by LPL Holdings, Inc., a wholly owned subsidiary of LPL Financial Holdings.

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