Jane Street to refinance $1.573B term loan alongside $300M fungible add-on

Jane Street Group LLC has revised the transaction for its $300 million fungible add-on term loan B and will now refinance its existing $1.573 billion first-lien term loan alongside the add-on term loan, with the tranche size totaling $1.873 billion pro forma for the add-on, according to sources. Commitments are now due by 5 p.m. ET on Wednesday, Jan. 20, versus noon ET on Jan. 20 previously.

Price talk on the seven-year term loan is set at L+275, with a 0% Libor floor and the new money add-on is offered at an original issue discount of 99.75, while existing lenders will receive a 10-basis-point amendment fee. The entire tranche will have six months of 101 soft call protection. At talk, yield to maturity on the add-on term loan is approximately 3.05%.

J.P. Morgan is lead arranger on the transaction.

Proceeds from the add-on term loan will be used for general corporate purposes.

The issuer was last in the loan market in January 2020 when it tacked on $100 million to the TLB while extending the maturity of the entire tranche to January 2025. Existing pricing on the loan is L+300, with a 0% Libor floor.

First-lien ratings are BB-/Ba3 while corporate ratings are BB-/Ba2.

Jane Street is a global electronic market maker with trading capabilities across all asset classes.