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LPL Financial term loan debt softens on earnings results; Edgewood Partners readies deal
By Sara Rosenberg
New York, Feb. 12 – LPL Financial Holdings Inc.’s term loans headed lower in the secondary market on Friday as investors reacted to the company’s fourth quarter numbers that showed a year-over-year decline in net income, net revenues and adjusted EBITDA.
Meanwhile, in the primary market, Edgewood Partners Insurance Center Inc. (EPIC) surfaced with new term loan plans.
LPL Financial retreats
LPL Financial’s term loans dropped in trading on Friday on the back of disappointing fourth quarter results, according to market sources.
The 2022 term loan was quoted by one source at 96½ bid, 97½ offered, down from 99 bid, par offered on Thursday, and the 2021 term loan was quoted by a source at 95½ bid, 96½ offered, down from 98¼ bid, 99¼ offered.
“The market environment was volatile and challenging in 2015, particularly for brokerage sales” said Mark Casady, LPL Financial’s chairman and chief executive officer, in a news release.
“As we move into 2016, market volatility has only increased, and we expect continued pressure on brokerage sales,” Casady added.
For the quarter, the Boston-based investment company reported net income of $27 million, or $0.28 per share, compared to net income of $49 million, or $0.49 per share in the fourth quarter of 2014.
Also, net revenues for the quarter were around $1.02 billion, versus about $1.1 billion in the prior year’s fourth quarter, and adjusted EBITDA for the quarter was about $100.3 million, compared to around $138 million in the comparable period in the previous year.
Edgewood on deck
Edgewood Partners Insurance set a bank meeting for Tuesday to launch a $200 million term loan B, according to a market source.
J.P. Morgan Securities LLC is leading the loan that will be used to fund an acquisition and repay existing debt.
Edgewood is a San Francisco-based insurance brokerage and consulting company.
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