Citadel Limited Partnership's Proposed Senior Unsecured Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Jan. 15, 2025--S&P Global Ratings today assigned its 'BBB' issue ratings to Citadel Limited Partnership's (CLP; BBB/Stable/--) proposed mix of five- and seven-year senior unsecured notes, for a combined total of no more than $1.0 billion. The company plans to use the net proceeds to fund a distribution to equity holders. Pro forma for this transaction, we expect leverage (adjusted debt to EBITDA) to rise to about 0.9x, still well below our downside threshold of 2.0x. CLP demonstrated consistently strong returns in 2024, with its flagship Wellington fund returning about 15.1% for the year ended Dec. 31, 2024, relative to 15.3% in 2023. Overall, the company's Wellington fund has achieved an annualized return of 19.5%

...January 15, 2025 NEW YORK (S&P Global Ratings) Jan. 15, 2025--S&P Global Ratings today assigned its '###' issue ratings to Citadel Limited Partnership's (CLP; ###/Stable/--) proposed mix of five- and seven-year senior unsecured notes, for a combined total of no more than $1.0 billion. The company plans to use the net proceeds to fund a distribution to equity holders. Pro forma for this transaction, we expect leverage (adjusted debt to EBITDA) to rise to about 0.9x, still well below our downside threshold of 2.0x. CLP demonstrated consistently strong returns in 2024, with its flagship Wellington fund returning about 15.1% for the year ended Dec. 31, 2024, relative to 15.3% in 2023. Overall, the company's Wellington fund has achieved an annualized return of 19.5% since its inception, helping to differentiate CLP as the management company of one of the top performing hedge funds globally. As of Jan. 1, 2025, CLP manages total investment capital of $65.0 billion, which has grown from $56.8...

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