Moody’s rates Janus loan B2

Moody’s Investors Service said it assigned a B2 rating to Janus International Group, LLC’s senior secured term loan maturing 2025.

“This rating action is due to the recent amendment that reduced pricing for Janus’ existing term loans and combined its two term loans into one facility in a leverage neutral transaction,” the agency said in a press release.

“Moody’s views the lower pricing for the term loan as credit positive, since cash interest savings will approximate $4 million per year and improve cash flow. Also, Janus’ pending merger with Juniper Industrial Holdings (JIH), a specialty purpose acquisition company (SPAC), is a credit positive, since Janus will become a publicly traded company and will now file its financial statements with the SEC, which will enhance transparency,” Moody’s said.

All other major terms are the same as the company’s term debt. The agency said it will withdraw the B2 on the company’s senior secured term loans maturing 2025. Janus B2 corporate family rating and B2-PD probability of default rating are not affected.

The outlook is stable.

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