Janus International Group, a provider of cutting-edge access control technologies and building product solutions for the self-storage and other commercial and industrial sectors, entered into a series of related transactions to refinance its debt.
Summary of Transactions
- In Q1/23, Janus made a voluntary prepayment of $35 million toward its first lien term loan using cash on hand.
- Janus entered into an amended and restated first lien term loan agreement and established a new seven-year, $625 million first lien term loan, which refinanced its existing term loans.
- Janus also entered into a new $125 million asset-backed lending revolving credit facility, which replaced and refinanced its existing $80 million ABL revolving credit facility.
The $625 million first lien term loan facility, which was privately placed with institutional lenders in the syndicated loan market, will accrue interest at an annual rate of term SOFR plus a term SOFR adjustment of 10 bps plus 325 bps and will mature on Aug. 3, 2030. Goldman Sachs acted as left lead arranger and joint bookrunner and J.P. Morgan and Bank of America Securities acted as joint lead arrangers and joint bookrunners.
J.P. Morgan acted as left lead arranger and joint bookrunner and administrative agent and Goldman Sachs and Bank of America Securities acted as joint lead arrangers and joint bookrunners under the $125 million ABL revolving credit facility. The new ABL revolving credit agreement will mature on Aug. 3, 2028.
“We are pleased to announce the successful completion of our debt refinancing program,” Anselm Wong, CFO of Janus, said. “This strategic refinancing is another proactive step to ensure we are well positioned to have the financial flexibility to execute on our long-term outlook and drive total shareholder return.”