...July 26, 2021 NEW YORK (S&P Global Ratings) July 26, 2021--S&P Global Ratings today said it assigned its '##-' ratings to Jefferies Finance LLC's (JFIN) $1.650 billion senior secured revolver maturing in 2026 and proposed issuance of $1.0 billion of senior unsecured notes due in 2028. JFIN expects to use proceeds from the senior unsecured debt issuance, together with proceeds from a new $250 million subordinated loan and balance sheet cash, to repay $1.082 billion of senior secured term loans and $400 of senior secured notes. JFIN's leverage declined to 3.1x debt to adjusted total equity (ATE) as of May 2021, from a high of 5.0x a year earlier. At the same time, operating results have continued to improve since the onset of the pandemic, with JFIN posting record net income of $145 million in the first half of 2021 on strong net fee generation arising from strong leveraged finance business volumes. Provisions for loan losses were modest because asset quality risks have receded. We include...
