LPL Financial Holdings Inc

Closed on the acquisition of Atria Wealth Solutions, Inc.

On February 13, 2024, the Company announced that it had entered into a definitive purchase agreement to acquire Atria, a wealth management solutions holding company that supports approximately 2,200 advisors and approximately 160 banks and credit unions which manage approximately $110 billion of brokerage and advisory assets. The transaction closed on October 1, 2024, for an initial cash payment of approximately $859 million and includes potential contingent consideration of up to $330 million based on future conversion, retention, and other milestones. See Note 4 -Acquisitions, within the notes to the consolidated financial statements for additional information.

Completed transition of Prudential Advisors to the Company’s platform

On November 18, 2024, the Company announced the transition of Prudential Advisors, Prudential’s retail wealth management business, to LPL Enterprise, finalizing the launch of the strategic relationship that was first announced in 2023.

Completed debt refinancing and a $1.0 billion debt offering

On December 5, 2024, the Company entered into the ninth amendment to its amended and restated Credit Agreement to, among other changes, refinance its existing $1.0 billion senior secured Term Loan B (“Term Loan B”) facility with a new $1.0 billion Term Loan A (“Term Loan A”) facility due 2026, release the Company’s subsidiary guarantees under the Credit Agreement, release all of the security interests and liens granted by the Company to the collateral agent to secure the borrowing, and suspend certain restrictive covenants. See Note 11 -Corporate Debt and Other Borrowings, Net, within the notes to the consolidated financial statements for further detail.

On May 20, 2024, the Company completed the issuance and sale of $500.0 million in aggregate principal amount of 5.700% senior unsecured notes due 2027 and $500.0 million in aggregate principal amount of 6.000% senior unsecured notes due 2034. See Note 11 -Corporate Debt and Other Borrowings, Net, within the notes to the consolidated financial statements for further detail.

Executive appointments

On October 21, 2024, the Board confirmed Rich Steinmeier as Chief Executive Officer and elected him to the Board, and named Matthew Audette as President and Chief Financial Officer. This followed the departure of Dan H. Arnold, the Company’s former CEO.