S&P rates Janus B, loans B+, CCC+

S&P said it assigned its B corporate credit rating to Janus International Group LLC.

The outlook is stable.

The agency also assigned a B+ issue-level rating to the company’s proposed $440 million senior secured first-lien term loan due in 2025. The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 85%) recovery to lenders in the event of a default.

In addition, S&P assigned a CCC+ issue-level rating to the company's proposed $130 million second-lien term loan due in 2026. The 6 recovery rating indicates negligible (0%-10%, rounded estimate: 0%) recovery.

Janus is being purchased by private equity financial sponsor Clearlake Capital Group, and the company is proposing the new first-lien term loan and second-lien term loan to partially fund the purchase.

The agency said the corporate credit rating and stable outlook on Janus reflect a view of the company's very narrow niche product focus, limited to steel overhead doors used primarily in self-storage facilities, and to a lesser extent, in commercial applications such as warehouses and distribution facilities.

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