2021-03-04 07:50:05 LPLA LPL Financial
03/04/21 03/0407:50 03/04/2107:50 | LPL Financial announces proposed leverage-neutral transactionLPL Financial Holdings announced that its wholly owned subsidiary, LPL Holdings intends to refinance its existing $900 million senior unsecured notes due 2025, and increase the size of its revolving credit facility from $750 million to $1,000 million and extend its maturity date. In connection with these transactions, LPL Holdings announced that it intends to offer approximately $900 million in aggregate principal amount of senior unsecured notes with maturities dependent on market conditions. The aggregate amount of LPL's outstanding indebtedness would be substantially unchanged as a result of the transaction, as LPL Holdings intends to use the net proceeds from the senior notes offering, together with cash available for corporate use, to redeem its existing $900 million of senior unsecured notes due 2025 and to pay fees and expenses related to the senior notes offering and the credit agreement amendment. LPL Holdings expects to complete the transaction by the middle of March. The launch and consummation of the credit agreement amendment and the senior notes offering are subject to market and other conditions. The issuance of the senior notes will not be conditioned on the closing of the credit agreement amendment or the redemption of the 2025 Notes. Nothing in this press release shall constitute a notice of redemption of the 2025 Notes and any such redemption of the 2025 Notes would be made in accordance with the terms of the applicable indenture. |
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