Penson to repay about $100 million of bank borrowings with notes

By Sara Rosenberg

New York, April 20 - Penson Worldwide Inc. plans to repay about $100 million of its bank debt using proceeds from a $200 million senior second-lien secured notes offering, according to a news release.

Remaining proceeds will be used to provide working capital to support the Ridge Clearing & Outsourcing Solutions Inc. correspondents, whose clearing contracts Penson intends to acquire from Broadridge Financial Solutions Inc., and for other general corporate purposes.

Penson is a Dallas-based provider of execution, clearing, custody, settlement and technology infrastructure products and services to the financial services industry.

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