Jane Street has issued US$14.6 billion in senior secured notes as it restructures its corporate funding profile.
The bumper issuance dwarfs the market maker’s activity to date; last April it issued US$1.35 billion in senior secured notes, taking its total yearly issuance to US$5.4 billion.
READ MORE: Jane Street issues US$1.35 billion bond as market makers bulks up balance sheet
The US$14.6 billion is split across three tranches. The first has a 7.294% coupon and is due 13 August 2031, the second has a 7.686% coupon and is due 13 August 2033, and the third has an 8.088% coupon and is due 13 August 2036.
According to Fitch Ratings, these will cover the early repayment of its US$5.5 billion floating rate senior secured term loan B and the redemption of the full US$5.7 billion in outstanding senior-secured notes.
In its rating report, S&P Global Ratings predicts, “Jane Street will use the proceeds to retire the outstanding US$11.1 billion of long-term borrowings consisting of its term loan and senior secured notes.”
Remaining proceeds will be used for general corporate purposes including additional trading capital, it says. Fitch also noted technology infrastructure funding as a spending space.
S&P Global gave the bonds a BB rating, recognising Jane Street’s long-standing profitability along with its significant risk profile.
Earlier this month Jane Street took an approximate US$15 billion hit when hedge fund Situational Awareness went under.
Fitch Ratings states that it does not expect the refinancing to impact Jane Street’s ratings in the short term, citing good market risk management, appropriate leverage and a strong operating performance.
It adds that the expected investor base includes “large established financial institutions”, adding to the company’s stability.
Moody’s has not assigned a rating to this issuance, but affirmed Jane Street’s Ba1 long-term issuer rating in July. The agency shifted the outlook for this rating from positive to stable.
Jane Street did not respond to requests for comment on the issuance.
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