LPL Holdings offers senior notes as rising star IG issuer

Chicago, Nov. 8 – LPL Holdings, Inc. is offering guaranteed senior notes on Wednesday, according to a 424B5 filing with the Securities and Exchange Commission.

The last time Prospect News caught the issuer in the bond market, LPL was a high-yield issuer. Since that time, the company was lifted by both Moody’s Investors Service and S&P Global Ratings to investment-grade status.

The new notes will be guaranteed by LPL Financial Holdings Inc.

The notes will have make-whole call protection and then a par call option.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments, Inc. are joint bookrunners.

Citizens JMP Securities, LLC and Truist Securities, Inc. are also bookrunners.

U.S. Bank Trust Co., NA will be the trustee.

Ropes & Gray LLP is advising LPL. Cravath, Swaine & Moore LLP is working as counsel for the underwriters.

Proceeds from the new offering will be used to repay outstanding borrowings under the company’s revolving credit facility and for general corporate purposes.

The issuer is a San Diego-based broker dealer.

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