Linsco/Private Ledger $1.05 billion credit facility to launch Nov. 30

By Sara Rosenberg

New York, Nov. 22 - Linsco/Private Ledger (LPL Financial Services) is scheduled to hold a bank meeting on Nov. 30 to launch its proposed $1.05 billion credit facility, according to a market source.

Morgan Stanley and Goldman Sachs are the lead banks on the deal.

The facility consists of a $100 million revolver, a $50 million term loan A and a $900 million term loan B, the source said.

Proceeds will be used to help finance the acquisition of a majority equity interest in LPL by Hellman & Friedman LLC and Texas Pacific Group. Following the transaction, LPL's founders and employees will retain about 40% of the company's equity.

Completion of the transaction, which is expected by year-end, is subject to customary closing conditions, including regulatory approval.

LPL is a San Diego-based independent brokerage firm.

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