New Issue: LPL Financial prices $400 million 4 5/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., Nov. 7 – LPL Financial Holdings Inc. priced a $400 million issue of eight-year senior notes (B1/BB) at par to yield 4 5/8% on Thursday, according to market sources.

The yield printed at the tight end of yield talk in the 4¾% area. Initial guidance had the notes coming to yield in the high 4% to 5% area.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., Citizens Bank, Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The Boston-based financial adviser and independent broker-dealer plans to use the proceeds to pay down a portion of its term loan B.

Issuer:	LPL Holdings, Inc.
Amount:	$400 million
Maturity:	Nov. 15, 2027
Securities:	Senior notes
Bookrunners:	Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, BofA Securities Inc., Citigroup Global Markets Inc., Citizens Bank, Goldman Sachs & Co. LLC, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
Coupon:	4 5/8%
Price:	Par
Yield:	4 5/8%
Spread:	276 bps
First call:	Make-whole call at Treasuries plus 50 bps until Nov. 15, 2022, then callable at 102.313
Equity clawback:	40% at 104.625 until Nov. 15, 2022
Trade date:	Nov. 7
Settlement date:	Nov. 12
Ratings:	Moody's: B1
	S&P: BB
Distribution:	Rule 144A for life and Regulation S
Price talk:	4¾% area

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