Janus Capital Group To Sell $300 Million Of Common Shares, Senior Notes
July 15, 2009 (FinancialWire) — Janus Capital Group Inc. (NYSE: JNS) said it has launched a public offering of $150 million of its common stock and $150 million principal amount of convertible senior notes due in 2014. J.P. Morgan Securities (NYSE: JPM) and Goldman, Sachs & Co. (NYSE: GS) are acting as joint book-running managers.
The convertible senior notes will be convertible, under certain circumstances, into cash, shares of Janus Capital Group common stock or a combination of cash and shares of Janus Capital Group common stock, at Janus’ election.
Janus will grant the underwriters an option to purchase up to an additional 15 percent of the number of shares offered to cover over-allotments, and an option to purchase up to an additional $22.5 million principal amount of the convertible senior notes to cover over-allotments, if any.
The company plans to use the net proceeds of the concurrent common stock and convertible senior notes offerings, together with cash on hand, to repurchase up to $400 million of the firm’s outstanding 2011, 2012 and 2017 senior notes in a tender offer and for general corporate purposes, including the repayment or repurchase of any of the foregoing series of notes that remain outstanding.
Denver-based Janus Capital Group is a investment firm offering strategies from three individual investment boutiques.
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