Janus Capital tenders for up to $100 million of 6.119%, 6.7% notes

By Susanna Moon

Chicago, Feb. 21 - Janus Capital Group Inc. said it began cash tender offers for up to $100 million principal amount of its outstanding 6.119% senior notes due 2014 and 6.7% senior notes due 2017.

The company is offering to purchase any and all of the $82,385,000 outstanding 6.119% notes and plans a modified Dutch auction for its $368,561,000 outstanding 6.7% notes, according to a company press release.

The total purchase price for the 6.119% notes is $1,080, and the bid price range for the 6.7% notes will be a minimum price of $1,060 and a maximum of $1,090. Pricing for the Dutch auction offer will be equal to the minimum bid price plus a clearing premium.

Holders who tender their notes by the early tender deadline, 5 p.m. ET on March 5, will receive a premium of $30.00 per $1,000 principal amount. Holders who tender their notes after the early date will receive the total purchase price less the early tender premium.

The tender limit for the Dutch auction offer is the lesser of $50 million or $100 million minus the total principal amount of notes accepted for purchase in the any and all offer for the 6.119% notes.

Holders must specify the minimum total payment, or bid price, that they would be willing to receive in exchange for each $1,000 principal amount of notes tendered in the Dutch auction offer. The bid price will include the early tender payment, which holders will receive only for notes tendered by the early tender deadline.

The offers will end at 11:59 p.m. ET on March 19.

Tendered notes may be withdrawn by the early deadline.

Bank of America Merrill Lynch (888 292-0070 or collect 980 387-3907) is the dealer manager. Global Bondholder Services Corp. (866 488-1500 or collect 212 430-3774) is the depositary and information agent.

Janus is a Denver-based investment firm.

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