Janus International shifts funds between first- and second-lien loans

By Sara Rosenberg

New York, Feb. 8 – Janus International Group LLC increased its seven-year first-lien term loan to $470 million from $440 million and decreased its eight-year second-lien term loan to $100 million from $130 million, according to a market source.

Additionally, pricing on the first-lien term loan was lowered to Libor plus 300 basis points from Libor plus 350 bps, the source said.

The first-lien term loan still has a 1% Libor floor and an original issue discount of 99.5.

Pricing on the second-lien term loan remained at Libor plus 775 bps with a 1% Libor floor and a discount of 99.

As before, the first-lien term loan has 101 soft call protection for six months and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $620 million of credit facilities also include a $50 million ABL revolver.

UBS Investment Bank, Jefferies LLC and SunTrust Robinson Humphrey Inc. are the bookrunners on the deal.

Recommitments are due at noon ET on Friday, the source added.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group.

Janus is a Temple, Ga.-based manufacturer of roll up and swing doors, hallway systems and re-locatable storage units for the self-storage industry.

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