Moody’s gives Janus loans B1, Caa1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Janus International Group, LLC.

In related actions, the agency assigned a B1 rating to the proposed first-lien senior secured term loan due 2025 and Caa1 to its proposed second-lien senior secured term loan due 2026.

Proceeds, along with an equity contribution in the form of common stock from affiliates of Clearlake Capital Group, LP, will be used to finance the leveraged buyout of Janus from affiliates of Saw Mill Capital.

The outlook is stable.

Moody’s said Janus' new capital structure will consist of a $50 million asset-based senior secured revolving credit facility expiring 2023 (unrated), of which there will be no borrowings expected at closing, $440 million first-lien senior secured term loan maturing 2025, and $130 million second-lien senior secured term loan maturing 2026.

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