Janus cuts spread on $625 million term loan to SOFR plus 325 bps

By Sara Rosenberg

New York, July 25 – Janus International Group reduced pricing on its $625 million seven-year term loan B (B1/B+) to SOFR plus 325 basis points from talk in the range of SOFR plus 350 bps to 375 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99 from 98, the source said.

The term loan still has a 25 bps pricing step-down at corporate ratings of B1/B+ with stable outlooks, 10 bps CSA, a 1% floor, 101 soft call protection for six months and amortization of 1% per annum.

Goldman Sachs Bank USA, JPMorgan Chase Bank and BofA Securities Inc. are the lead arrangers on the deal.

Recommitments were scheduled to be due at 12:30 p.m. ET on Tuesday, the source added.

Proceeds will be used to refinance the company’s existing term loan B due February 2025.

Janus is a Temple, Ga.-based provider of self-storage and commercial industrial doors, relocatable storage units, facility automation solutions, and door replacement and self-storage restoration services.

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