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JNS > SEC Filings for JNS > Form 8-K on 25-Nov-2013All Recent SEC Filings

Show all filings for JANUS CAPITAL GROUP INC



Entry into a Material Definitive Agreement, Creation of a Direct Financia

Item 1.01 Entry into a Material Definitive Agreement

On November 25, 2013, Janus Capital Group Inc. ("Janus" or "Company") entered into a 5-Year, $200 million unsecured, revolving credit facility (the "New Facility") with JPMorgan Chase Bank, N.A, as administrative agent, and Wells Fargo Bank, National Association, as syndication agent.

The New Facility replaces the Company's existing 3-year $250 million revolving credit facility and will, among other things, (i) provide Janus with continued financial flexibility under the business covenants, (ii) reduce the bank syndicate's commitment from $250 million under the prior credit facility to $200 million, and (iii) increase the credit facility's term to 5 years. The New Facility is guaranteed by Janus's material subsidiaries.

To date, Janus has not borrowed under the prior credit facility or the New Facility, and the New Facility is available for working capital and general corporate purposes. Subject to the consent of the applicable lenders, Janus may elect to increase the aggregate principal amount of the New Facility to $300 million. The drawn costs and the unused commitment fees under the New Facility fluctuate based on our long-term senior unsecured non-credit-enhanced debt ratings. The New Facility contains financial and other covenants, including, but not limited to, limitations on the ability of the Company and its subsidiaries to incur debt or liens, leverage and interest coverage ratios, and certain restrictions on the sale of assets and the payment of extraordinary dividends. A violation of these covenants would result in a default under the New Facility, which would permit the participating banks to restrict our ability to access the New Facility and require the immediate repayment of any outstanding advances under it.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Please see the discussion set forth in response to Item 1.01 above.

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