S&P ups Janus loan

S&P said it upgraded Janus International Group LLC’s first-lien term loan to B+ from B and revised the recovery rating to 2 from 3 (rounded estimate: 75%).

Janus entered into a merger agreement with a special purpose acquisition company, Juniper Industrial Holdings LLC, to become a publicly listed company. The transaction is financed with SPAC cash, rollover sponsor equity, and new private investment in public equity investment.

Janus intends to use a portion of the proceeds to repay some of its $634.6 million outstanding term loan. S&P said it assumes Janus will redeem about 10% of its term loan.

“We expect adjusted debt to EBITDA to decline below 4x by year-end 2021 from about 4.4x in 2020 because of debt repayment and EBITDA growth,” S&P said in a press release.

The agency affirmed Janus’ B issuer rating, and the rating is positive.

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