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TD Ameritrade Holding unit enters $850M credit agreement

TD Ameritrade Holding Corp. unit TD Ameritrade Clearing Inc. entered into a credit agreement May 16.

Pursuant to the agreement, the lenders have committed to make available a new $850 million senior unsecured revolving loan facility to TD Ameritrade Clearing.

The interest rate under the agreement is calculated as a per annum rate equal to, at TD Ameritrade Clearing's option, the London interbank offered rate plus an applicable margin, which is currently 1.00%, or the federal funds effective rate plus an applicable margin, which is currently 1.00%.

The maturity date of the agreement is May 14, 2020.

Borrowings under the agreement may be used for working capital needs and for general corporate purposes.

Wells Fargo Securities LLC, Barclays Bank PLC, Citibank NA, JPMorgan Chase Bank NA, U.S. Bank NA, TD Securities (USA) LLC, Merrill Lynch Pierce Fenner & Smith Inc. and Morgan Stanley Senior Funding Inc. are acting as joint book runners and joint lead arrangers. Wells Fargo Bank NA is acting as an administrative agent.