Shearman And Sterling

News May 18, 2021

LPL Holdings, Inc.’s $400 Million Senior Notes Issuance

Shearman & Sterling advised the initial purchasers in connection with a Rule 144A/Regulation S offering by LPL Holdings, Inc. (the Company) of $400 million aggregate principal amount of 4.375% senior notes due 2031. The senior notes are guaranteed by certain subsidiaries of the Company.

The Company intends to use the net proceeds from this offering, together with cash available for corporate use, to repay borrowings on its existing revolving credit facility related to its acquisition of the wealth management business of Waddell & Reed Financial, Inc. on April 30, 2021, and to pay fees and expenses related to this offering.

The Company is the direct, wholly-owned subsidiary of LPL Financial Holdings, Inc. (LPL). LPL is a leader in the retail financial advice market and the nation’s largest independent broker-dealer. It serves independent financial advisors and financial institutions, providing them with the technology, research, clearing and compliance services, and practice management programs they need to create and grow thriving practices. LPL enables them to provide objective guidance to millions of American families seeking wealth management, retirement planning, financial planning and asset management solutions.

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