Jane Street swaps $5.6bn bonds for $14.6bn senior secured notes
Jane Street, a major trading firm, is swapping out $5.6 billion in old bonds for $14.6 billion in new senior-secured notes that stretch out to 2031, 2033, and 2036.
It is also paying off $5.5 billion in floating-rate loans as part of this overhaul.
The goal? To fund its technology infrastructure and expand trading strategies.
Jane Street S&P BB Fitch BBB-
The fresh debt got a BB rating from S&P (thanks to Jane Street's strong profits), and Jane Street's Fitch long-term issuer default rating is BBB-, just squeaking into investment-grade territory.
Fitch Ratings says Jane Street is expected to use some of the proceeds to fund technology infrastructure and expand its trading strategies.
Plus, this setup might mean fewer updates for investors, keeping things a bit more low-key behind the scenes.