LPL Financial to launch $700 million incremental term loan on Tuesday

By Sara Rosenberg

New York, Oct. 29 – LPL Financial Holdings Inc. is set to hold a lender call on Tuesday to launch a $700 million incremental term loan, according to sources.

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

Proceeds will be used to fund a share repurchase, to repay revolver borrowings and for general corporate purposes, sources said. The company announced on Thursday that its share repurchase authorization has been increased to $500 million.

Also, with the incremental term loan, the company is amending its existing credit facility to provide for the new debt, to extend the maturity of the roughly $1.06 billion term loan B to March 2021 from March 2019 and to modify the restricted payment provisions to enable execution of the full amount of the increased share repurchase authorization.

LPL Financial is a Boston-based investment company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.