Jefferies Finance LLC Incremental Term Loan Facility Rated 'BB-'

NEW YORK (S&P Global Ratings) Sept. 22, 2020--S&P Global Ratings today said it assigned its 'BB-' senior secured debt rating to Jefferies Finance LLC's (JFIN's; BB-/Negative/--) proposed $350 million seven-year incremental term loan facility. JFIN intends to enter into an amendment under the existing credit agreement dated June 3, 2019, to establish the term loan commitments, as well as an incremental revolving credit facility of $20 million maturing on June 3, 2022. The company intends to use proceeds from the term loan, along with available cash, to redeem its $369 million of 7.25% senior notes due 2024. The refinancing will be essentially leverage neutral and will reduce interest expense in future periods. We still expect leverage will decline to near

...September 22, 2020 NEW YORK (S&P Global Ratings) Sept. 22, 2020--S&P Global Ratings today said it assigned its '##-' senior secured debt rating to Jefferies Finance LLC's (JFIN's; ##-/Negative/--) proposed $350 million seven-year incremental term loan facility. JFIN intends to enter into an amendment under the existing credit agreement dated June 3, 2019, to establish the term loan commitments, as well as an incremental revolving credit facility of $20 million maturing on June 3, 2022. The company intends to use proceeds from the term loan, along with available cash, to redeem its $369 million of 7.25% senior notes due 2024. The refinancing will be essentially leverage neutral and will reduce interest expense in future periods. We still expect leverage will decline to near 4.5x debt to adjusted total equity by November 2020....

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