LPL Holdings trims spread on $1.7 billion term B to Libor plus 250 bps

By Sara Rosenberg

New York, March 8 – LPL Holdings Inc. reduced pricing on its $1.7 billion term loan B due 2024 to Libor plus 250 basis points from talk of Libor plus 275 bps to 300 bps, according to a market source.

Furthermore, the original issue discount on the term loan B was tightened to 99.75 from 99.5, the source said.

The term loan B still has a 0% Libor floor and 101 soft call protection for six months.

The company’s $2.2 billion credit facility (Ba2/BB-) also includes a $500 million revolver.

J.P. Morgan Securities LLC is the left lead on the deal.

Proceeds will be used to help refinance existing bank debt.

Other funds for the refinancing will come from $500 million in senior notes due 2025.

LPL Holdings is a Boston-based investment company.

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