Chicago, Feb. 20 – Advisor Group Holdings, Inc. (Advisor Group Inc.) sold a $63 million add-on to its 10¾% senior notes due Aug. 1, 2027, according to a market source.
The notes were sold via private placement to nine institutional investors across multiple sub-funds or accounts.
The notes priced at 107.375 plus accrued interest.
The notes are fungible with the initial $350 million of notes issued on Aug. 1, 2019, in a Rule 144A and Regulation S offering.
Proceeds will be used, with cash on hand, to purchase $76 million principal amount of 7¼% senior notes due 2028 issued by Ladenburg Thalmann Financial Services Inc.
The unlisted Ladenburg notes will be purchased for $67 million in a negotiated transaction.
Advisor Group expects to retire the Ladenburg notes upon completion of purchase.
Advisor Group is a network of independent financial advisers with headquarters in Phoenix.
| Issuer: | Advisor Group Holdings, Inc.
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| Amount: | $63 million
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| Issue: | Senior notes
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| Maturity: | Aug. 1, 2027
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| Coupon: | 10¾%
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| Price: | 107.375
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 20
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| Distribution: | Private placement
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| Original issue: | $350 million sold Aug. 1, now $413 million principal amount
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