Jefferies Finance this afternoon completed an offering of senior notes under Rule 144A for life via sole lead Jefferies, according to sources. The commercial finance firm is back in the market after seven months with another offering to support general corporate purposes. Take note that ratings of B/B1 that were assigned this week came with an S&P revision of the outlook for the credit to positive due to reduced leverage and improved liquidity.
Terms:
| Issuer | Jefferies Finance | |
| Ratings | B/B1 | |
| Amount | $425 million | |
| Issue | senior notes (144A-life) | |
| Coupon | 7.5% | |
| Price | 100 | |
| Yield | 7.5% | |
| Spread | T+549 / 7-year | |
| Maturity | April 15, 2021 | |
| Call | nc3 @ par+75% coupon | |
| Trade | Oct. 8, 2014 | |
| Settle | Oct. 14, 2014 (t+3) | |
| Bookrunners | Jefferies | |
| Price talk | 7.5% area | |
| Notes | upsized by $25 million; first call par+75% coupon |