LPL Financial flexes $1.08 billion term loan B to Libor plus 250 bps

By Sara Rosenberg

New York, May 9 - LPL Financial LLC reduced pricing on its $1,084,000,000 term loan B (Ba2/BB-) due March 2019 to Libor plus 250 basis points from Libor plus 275 bps, according to a market source.

Furthermore, the offer price on the new money was tightened to par from 993/4, the source said.

As before, the loan has a 0.75% Libor floor, 101 soft call protection for six months and a par offer price on the existing debt.

Recommitments were due on Thursday, the source added.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the lead banks on the deal.

Proceeds will be used to refinance term loan A and term loan B debt.

LPL Financial is a broker-dealer, an RIA custodian and a consultant to retirement plans with offices in Boston, Charlotte, N.C., and San Diego.

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