Jefferies Raises $1 B via Notes - Analyst Blog
18 Gennaio 2013 - 2:00PM
Zacks
Investment brokerage company,
Jefferies Group, Inc. (JEF) recently raised funds
amounting to $1 billion from the market through issuance of senior
notes in two tranches, one of $600 million and another of $400
million.
The first lot comprised 5.125% of Senior Unsecured Fixed Rate Notes
due to mature on January 20, 2023. These notes are expected to
yield 5.161% at maturity and were offered at 99.721% of the
principal amount.
The second lot consisted of 6.50% of Senior Unsecured Fixed Rate
Notes, maturing on January 20, 2043. The notes were issued at
98.79% of the principal amount and are expected to yield 6.593% on
maturity.
Moody’s conferred a Baa3 (Stable) rating on these notes while a BBB
(Negative) rating was provided by both S&P and Fitch credit
rating agencies. Interest payments will be made semi-annually with
the first payment due to accrue on July 22, 2013. The proceeds from
the borrowing are likely to be used for repaying existing
debts.
In November 2012, Jefferies Group announced a merger agreement with
Leucadia National Corporation (LUK), according to
which, for each share, shareholders of Jefferies’ will receive 0.81
shares of Leucadia. The merger is expected to consummate in the
first quarter of 2013.
The Zacks Consensus Estimate for the fiscal first quarter 2013 is
36 cents per share, up 13.5% year over year. Estimates for fiscal
2013 and 2014 stand at $1.44 and $1.64 per share, representing
year-over-year increase of 18.0% and 14.2%, respectively.
Currently, Jeffries carries a Zacks #4 (Sell) Rank while its
nearest peer company, Duff & Phelps
Corporation (DUF) has a Zacks #2 Rank (a short-term Buy
rating).
DUFF&PHELPS CP (DUF): Free Stock Analysis Report
JEFFERIES GP-NW (JEF): Free Stock Analysis Report
LEUCADIA NATL (LUK): Free Stock Analysis Report
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