Bulletin: Jane Street Group LLC's Announced Term Loan B Upsizing Remains Consistent With Ratings Expectations

COLUMBIA (S&P Global Ratings) Feb. 3, 2025--S&P Global Ratings expects Jane Street Group LLC's (BB/Positive/--) risk-adjusted capital (RAC) ratio to fall to about 13%--still in line with our ratings expectations. The decrease in the RAC ratio from 16% at the end of June 2024 will occur because of Jane Street's announced upsizing of its first-lien term loan B, distributions to partners at the end of 2024, and revenue growth last year that will translate into a higher RAC operational risk charge this year. Jane Street announced today its intention to upsize its first-lien term loan B by about $500 million. In total, the company has added about $4.9 billion of long-term debt since January 2024 (including today's upsize), illustrating the

...February 3, 2025 COLUMBIA (S&P Global Ratings) Feb. 3, 2025--S&P Global Ratings expects Jane Street Group LLC's (##/Positive/--) risk-adjusted capital (RAC) ratio to fall to about 13%--still in line with our ratings expectations. The decrease in the RAC ratio from 16% at the end of June 2024 will occur because of Jane Street's announced upsizing of its first-lien term loan B, distributions to partners at the end of 2024, and revenue growth last year that will translate into a higher RAC operational risk charge this year. Jane Street announced today its intention to upsize its first-lien term loan B by about $500 million. In total, the company has added about $4.9 billion of long-term debt since January 2024 (including today's upsize), illustrating the company's fast growth. We view the addition of stable funding resources, coupled with the surge in shareholders' equity, as contributing to Jane Street's improving funding position....

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