By Paul A. Harris
Portland, Ore., Oct. 22 – loanDepot priced an upsized $500 million issue of five-year senior secured notes at par to yield 6½% on Thursday, according to a market source.
The issue size increased from $400 million.
The yield printed 12.5 basis points through yield talk in the 6¾% area. Initial talk was 7% to 7¼%.
J.P. Morgan Securities LLC was at the left of a syndicate of bookrunners that also included Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Jefferies LLC, Morgan Stanley & Co. LLC and UBS Securities LLC.
The notes were sold via LD Holdings Group LLC.
The Foothill Ranch, Calif.-based supplier of mortgage and non-mortgage lending products plans to use the proceeds to repay its unsecured term loan and pay down its secured credit facilities.
Issuer: | LD Holdings Group LLC
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Amount: | $500 million, increased from $400 million
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Maturity: | Nov. 1, 2025
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, Barclays, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Jefferies LLC, Morgan Stanley & Co. LLC and UBS Securities LLC
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Coupon: | 6½%
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Price: | Par
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Yield: | 6½%
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Spread: | 612 bps
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Call protection: | Two years
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Trade date: | Oct. 22
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Settlement date: | Oct. 27
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Distribution: | Rule 144A and Regulation S
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Price talk: | 6¾% area
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Marketing: | Roadshow
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