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

COLUMBIA (S&P Global Ratings) Dec. 2, 2024--S&P Global Ratings expects Jane Street Group LLC's RAC ratio to decline, but remain above 13%--in line with our current ratings expectations--after Jane Street's announced upsizing of its first-lien term loan B. We expect the S&P Global Ratings risk-adjusted capital (RAC) ratio to decrease from 16% at the end of June 2024 following the transaction, expected distributions to partners by year-end, and revenue growth this year that will translate into a higher RAC operational risk charge next year. Jane Street (BB/Positive/--) announced today its intention to upsize its first-lien term loan B by up to $1 billion and to extend the maturity from January 2028 to December 2031. In total, the company has added

...December 2, 2024 COLUMBIA (S&P Global Ratings) Dec. 2, 2024--S&P Global Ratings expects Jane Street Group LLC's RAC ratio to decline, but remain above 13%--in line with our current ratings expectations--after Jane Street's announced upsizing of its first-lien term loan B. We expect the S&P Global Ratings risk-adjusted capital (RAC) ratio to decrease from 16% at the end of June 2024 following the transaction, expected distributions to partners by year-end, and revenue growth this year that will translate into a higher RAC operational risk charge next year. Jane Street (##/Positive/--) announced today its intention to upsize its first-lien term loan B by up to $1 billion and to extend the maturity from January 2028 to December 2031. In total, the company has added about $4.5 billion of long-term debt this year (including today's upsize), and we view this transaction as supportive of funding....

Bulletin