- As planned, NASDAQ:LPLA raised $700M, amended covenants to enable higher leverage, extended the maturity of a significant portion of its existing credit facilities, and used $150M of the new funds to fully pay of its revolver.
- The remainder will be used to move forward with the previously announced $500M buyback and the first step is to be a $250M accelerated repurchase plan. It's entered into this with Goldman Sachs and expects the program will take several months to complete.
- The company incurred $21M in debt issuance costs, most of which will be amortized over the life of the loan.
- Source: Press Release