Citadel Finance LLC today completed a $600 million offering of 3.375% 5-year senior notes due March 9, 2026, at T+275, or 25 bps through early whispers.
The issuer, a newly created financing vehicle incorporated in 2020, netted a first-time rating assignment of BBB- at S&P Global Ratings on March 1, 2021. The outlook is stable.
The BBB- rating and stable outlook extend across affiliated open-ended funds Citadel Kensington Global Strategies Fund Ltd. (Kensington), Citadel Kensington Global Strategies Fund II Ltd. (Kensington II), and Citadel Wellington LLC (Wellington). S&P Global Ratings today characterized Citadel Finance LLC as "core to the funds," which trade in equities, fixed income and macro, credit, commodities and quantitative strategies.
"Our ratings on Kensington and Wellington reflect the funds' successful 30-plus-year record, low leverage (as measured by our adjusted value at risk [VaR]-to-net asset value [NAV] ratio), strong portfolio diversification, and focus on investing in liquid securities. However, the funds' dependence on short-term wholesale funding, the lack of permanence in their capital base, and their demonstrated high risk appetite weigh on the ratings," S&P Global Ratings stated today.
S&P Global Ratings Inc. made the ratings assignment under expectations for Citadel to raise about $500 million from today's offering. Terms:
METAL4_BREAKFST on March 15th, 2021 at 22:10 UTC »
And to think, less than two months ago they were LENDING Melvin 2.8 Billion...
Oh yeah. Everything's going just fine over there.
Ashpro2000 on March 15th, 2021 at 20:10 UTC »
That is a lot of 0s
Jaded_Tackle724 on March 15th, 2021 at 20:06 UTC »
Again lol maybe we should start a wsb banking dept and we can lend them money at 28 percent above prime