21 Jan, 2021

Jane Street completes term loan add-on, refinancing; terms

Jane Street Group LLC completed a $577 million fungible add-on to its first-lien term loan and a refinancing of the existing $1.573 billion tranche that reduced pricing and extended the maturity, according to sources. Pricing for the pro forma $2.15 billion, seven-year term loan is L+275, with a 0% Libor floor. The new money add-on was issued at 99.875, while existing lenders were offered a 10-basis-point amendment fee. Proceeds from the add-on term loan will be used for general corporate purposes. With this transaction, the issuer extends the maturity of the loan from January 2025 and revises pricing from L+300. J.P. Morgan led the deal. Jane Street is a global electronic market maker with trading capabilities across all asset classes. Terms:

Borrower Jane Street Group LLC
Issue $2.15 billion term loan B (including $577 million add-on)
UoP Refinancing, GCP
Spread L+275
Libor floor 0%
Price 99.875 (add-on)
Tenor 7-year
YTM 3.03%
Four-year yield 3.04%
Call protection 101 soft call for 6 months
Corporate ratings BB-/Ba2
Facility ratings BB-/Ba3
Recovery ratings N/A
Financial covenants N/A
Arrangers JPM
Admin agent JPM
Px Talk L+300/0%/99.75
Sponsor Private
Notes Existing lenders receive 10 bps consent fee. Add-on upsized from $300 million.

Article amended at 3:21 p.m. ET on Jan. 22 to revise issue price and add upsizing.