Article
UPDATE 2: Janus Henderson Sets Final Pricing Terms of S+275 Bps, 99.5 OID for $2.6B 7Y TLB
Wed Mar 25, 2026 01:06 PM ET:
**** JPM LOAN FINAL TERMS – JANUS HENDERSON ****
– Final pricing of S+275 (unch), 0% floor (unch) @ 99.50 (vs. 98.5-99) w/one leverage-based pricing step down (unch)
– Deadline remains 2PM NYT today, allocations thereafter
| COMPANY: | Janus Henderson Group PLC |
| BORROWERS: | Jupiter Borrower, Inc. |
| BUSINESS: | Independent global asset manager, specializing in investment management across all major asset classes |
| UOP: | Along with proceeds from $1BN of convertible preferred and $3.6BN of common equity, fund the acquisition of the Company by Trian and General Catalyst, refinance existing debt, and pay transaction-related fees & expenses. |
| CURRENCY: | USD |
| MATURITY: | 7 years |
| SIZE: | $2,600MM |
| PRICING: | S+275 / 0.00% / 99.50 with one 25bp leverage-based pricing step-down |
| TICKING FEE: | 0-60 days: none, 61-120 days: 50% of margin, 121 days+: 100% of margin |
| CALL PROTECTION: | 101 Soft Call for 6 Months |
| RATINGS: | Corporate: Ba1 (STA) / BB (STA) / BB+ (STA) Facility: Ba1 / BB (RR:3) / BB+ |
| LEAD LEFT / ADMIN AGENT: |
JPM |
| TIMING: | Deadline remains TODAY 3/25 @ 2PM NYT, allocations thereafter |
UPDATE 1: Janus Henderson Upsizes TLB to $2.6B, Accelerates Commitments Deadline to March 25 at 2 PM ET
Wed Mar 25, 2026 10:51 AM ET:
– TLB upsized to $2,600mm (vs. $2,000), concurrent removal of $600mm of other secured debt
– Various doc changes posted to Syndtrak
– No updates to pricing at this time
– Deadline accelerated to TODAY 3/25 @ 2PM NYT (vs. Thursday 3/26 @ 10AM NYT)
| COMPANY: | Janus Henderson Group PLC |
| BORROWERS: | Jupiter Borrower, Inc. |
| BUSINESS: | Independent global asset manager, specializing in investment management across all major asset classes |
| UOP: | Along with proceeds from $1.0bn of convertible preferred and $3.6bn of common equity, fund the acquisition of the Company by Trian and General Catalyst, refinance existing debt, and pay transaction-related fees & expenses. |
| CURRENCY: | USD |
| MATURITY: | 7 years |
| SIZE: | $2,600mm |
| PRICING: | S+275 / 0.00% / 98.50 – 99.00 with one 25bp leverage-based pricing step-down |
| TICKING FEE: | 0-60 days: none, 61-120 days: 50% of margin, 121 days+: 100% of margin |
| CALL PROTECTION: | 101 Soft Call for 6 Months |
| RATINGS: | Corporate: Ba1 (STA) / BB (STA) / BB+ (STA) Facility: Ba1 / BB (RR:3) / BB+ |
| LEAD LEFT / ADMIN AGENT: |
JPM |
| TIMING: | Commitments due TODAY 3/25 @ 2PM NYT |
Original Story 11:06 a.m. UTC on March 17, 2026
Janus Henderson Begins to Market $2B Loan to Fund $7.4B Acquisition by Trian, General Catalyst
Asset manager Janus Henderson is beginning to market a $2 billion leveraged loan financing its $7.4 billion take-private acquisition by Trian Fund Management and General Catalyst Group, according to sources.
Lead arranger JPMorgan will hold a lender call for the offering today, March 17, with commitments due March 26, according to sources. Price talk for the seven-year loan is coming at SOFR+275 bps and 98.5-99 OID.
In December 2025, publicly listed Janus Henderson announced an agreement to be acquired by Trian Fund Management and General Catalyst Group.
In a rival bid, Victory Capital Holdings submitted an offer to acquire the asset manager today, March 17, valuing the company at $40 a share and a fixed exchange ratio of 0.250 shares of Victory Capital common stock for each Janus Henderson share owned, according to a press release.The proposal by Victory Capital reflects $1.2 billion of incremental aggregate consideration and a 16% premium to the Trian proposal.
As a private company following the proposed acquisition by Trian and General Catalyst, the British-American global asset management group will continue to be led by current management and maintain its presence in both London, England, and Denver, Colorado, according to the press release.
Financing for Janus Henderson’s acquisition will also include $600 million of other secured debt, $1 billion of convertible preferred and $3 billion of common equity, according to sources. Additional proceeds from the debt package will refinance its existing debt as well as pay transaction-related fees and expenses.
JPMorgan declined to comment.
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