New Issue: Linsco/Private Ledger $330 million 10-year notes yield 10¾%

By Paul A. Harris

St. Louis, Jan. 3 - LPL Holdings, Inc., a holding company for Linsco/Private Ledger Corp., priced a $330 million issue of senior subordinated notes due Dec. 15, 2015 (Caa1/CCC+) at par on Dec. 28 to yield 10¾%, according to an informed source.

No official price talk had been issued.

Goldman Sachs & Co. ran the books for the notes, which were issued via Rule 144A and Regulation S.

Proceeds will be used to help finance the acquisition of a majority equity interest in LPL by Hellman & Friedman LLC and Texas Pacific Group.

The issuer is an independent brokerage firm that has headquarters in San Diego.

Issuer:	LPL Holdings, Inc.
Amount:	$330 million
Maturity:	Dec. 15, 2015
Security description:	Senior subordinated notes
Bookrunner:	Goldman Sachs & Co.
Coupon:	10¾%
Price:	Par
Yield:	10¾%
Spread:	639 basis points
Call features:	Callable after Dec. 15, 2009 at 105.375, 103.583, 101.792, par on and after Dec. 15, 2012
Equity clawback:	Until Dec. 15, 2008 for 40% at 110.75
Trade date:	Dec. 28
Settlement date:	Dec. 28
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC+
Distribution:	Rule 144A and Regulation S
Price talk:	None

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