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Linsco/Private Ledger to sell $550 million 10-year notes
By Paul A. Harris and Sara Rosenberg
St. Louis, Dec. 16 - LPL Financial Services (Linsco/Private Ledger Corp.) plans to sell $550 million of 10-year senior subordinated notes, according to a market source.
The source said that the guidance on the notes is 10¾%.
No bookrunning names or specific timing on the deal were heard on Friday.
The San Diego brokerage firm is also obtaining a $900 million credit facility that is being led by Morgan Stanley and Goldman Sachs.
Proceeds will be used o help finance the acquisition of a majority equity interest in LPL by Hellman & Friedman LLC and Texas Pacific Group.
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