TD Ameritrade Clearing Inc. on May 17 secured an $850 million senior unsecured revolving loan facility from a lending party.
The facility will mature on May 16, 2019. Borrowings may be used for working capital and for general corporate purposes.
At the option of the TD Ameritrade Holding Corp. subsidiary, the facility's annual interest rate is equal to either the London Interbank Offered Rate plus an applicable margin or the federal funds effective rate plus an applicable margin. The applicable margins, currently at 1.00% for both the LIBOR and federal funds rate borrowings, may change from at least 0.75% to a maximum of 1.25% depending on TD Ameritrade Holding's senior unsecured long-term debt ratings.
Wells Fargo Securities LLC, Barclays Bank PLC, Citibank NA, JPMorgan Chase Bank NA, U.S. Bank National Association and TD Securities (USA) LLC served as joint bookrunners and joint lead arrangers. Wells Fargo Bank National Association served as administrative agent.