JPMorgan Chase is leading the sale of a $2bn leveraged loan package tied to the planned acquisition of Janus Henderson Group Plc by hedge fund Trian Fund Management and General Catalyst, according to a report by Bloomberg.
The loan offering, aimed at supporting the $7.4bn buyout, also includes refinancing existing debt and features $600m in secured debt, $1bn in convertible preferred, and $3.6bn in common equity. Pricing discussions are centred around 2.75 percentage points above the Secured Overnight Financing Rate, with a discounted price range of 98.5–99 cents on the dollar. Commitments for the facility are due by 26 March.
JPMorgan is hosting calls this week to generate demand for the deal, alongside other major LBO financings, including a $5.75bn offering for Electronic Arts Inc, and deals for Select Medical Corp, and mining equipment supplier Molycop Ltd. A roughly $7.15bn debt package to fund Clayton Dubilier & Rice’s acquisition of Sealed Air Corp is also expected to hit the market imminently.
Trian, which has held a 20.6% stake in Janus Henderson since 2022, agreed to acquire the firm in December alongside General Catalyst. Victory Capital recently submitted a competing bid, offering a 16% premium over Trian’s deal, but Janus Henderson’s board rejected it, citing fiduciary obligations to stakeholders, clients, and employees.
