Janus lifts spread on $634.61 million term loan to Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 2 – Janus International Group increased pricing on its $634.61 million term loan B-1 due February 2025 to Libor plus 325 basis points from Libor plus 300 bps, according to a market source.

Also, the 25 bps step-down is now effective at B1/B+ corporate ratings instead of once the company’s merger and listing becomes effective, and the Libor floor was revised to 1% from 0.75%, the source said.

The term loan still has a par issue price and 101 soft call protection for six months.

UBS Investment Bank, KeyBanc Capital Markets and Stifel are the joint lead arrangers on the deal.

Commitments were scheduled to be due at 2 p.m. ET on Tuesday, the source added.

Proceeds will be used to reprice an existing term loan B-1 down from Libor plus 375 bps with a 1% Libor floor and an existing term loan B-2 down from Libor plus 450 bps with a 1% Libor floor and combine them into one tranche.

In December, the company announced an agreement to become a public company through a merger with Juniper Industrial Holdings Inc., a publicly listed special purpose acquisition company.

Janus is a Temple, Ga.-based manufacturer of roll-up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

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