Published on 11/8/2023 in the Prospect News Investment Grade Daily.
New Issue: LPL Holdings prices $750 million 6.75% five-year notes at Treasuries plus 225 bps
By Wendy Van Sickle
Columbus, Ohio, Nov. 8 – LPL Holdings Inc. priced a $750 million issue of five-year senior notes (Baa2/BBB-) at 99.929 to yield 6.767% on Wednesday, or a spread of 225 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The new notes will be guaranteed by LPL Financial Holdings Inc.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., Citizens JMP Securities, LLC and Truist Securities, Inc. were the bookrunners.
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.
| Issuer: | LPL Holdings, Inc.
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| Guarantor: | LPL Financial Holdings Inc.
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| Amount: | $750 million
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| Issue: | Senior notes
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| Maturity: | Nov. 17, 2028
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| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments, Inc., Citizens JMP Securities, LLC and Truist Securities, Inc.
|
| Co-managers: | Capital One Securities, Inc., Huntington Securities, Inc., M&T Securities, Inc., BofA Securities, Inc., CIBC World Markets Corp., Goldman Sachs & Co. LLC, Academy Securities, Inc. and Siebert Williams Shank & Co., LLC
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Ropes & Gray LLP
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| Counsel to underwriters: | Cravath, Swaine & Moore LLP
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| Coupon: | 6.75%
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| Price: | 99.929
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| Yield: | 6.767%
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| Spread: | Treasuries plus 225 bps
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| Call: | Make-whole call at Treasuries plus 35 bps until Oct. 17, 2028, then a par call
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| Trade date: | Nov. 8
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| Settlement date: | Nov. 17
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| Ratings: | Moody's: Baa2
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| S&P: BBB-
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| Cusip: | 50212YAH7
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