JNS » Topics » Credit Facility

These excerpts taken from the JNS 10-K filed Feb 24, 2010.

Credit Facility

On June 12, 2009, JCG and the syndicate of banks amended the existing $350 million Five-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility"). Under the amended Credit Facility, the bank syndicate's commitment has been decreased to $125 million, any borrowings will be secured by a large majority of JCG's assets, and the maturity date has been accelerated from June 1, 2012, to December 1, 2010. The covenants under the Credit Facility were amended to allow for a higher leverage ratio and a lower interest coverage ratio. In addition, a minimum assets under management covenant has been included in the amended Credit Facility. At December 31, 2009, JCG was in compliance with all covenants and there were no borrowings under the amended Credit Facility.

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The covenants and the calculations of the ratios, as defined in the amended Credit Facility, are as follows (in millions):

 
  Last Four
Quarters Ended
December 31, 2009
 

Net loss attributable to JCG

  $ (757.1 )

Add back:

       
   

Gain on early extinguishment of debt

    (5.8 )
   

Tender costs

    17.6  
   

Goodwill and intangible asset impairment charges

    856.7  
   

Interest expense

    74.0  
   

Income tax provision

    (6.3 )
   

Depreciation and amortization

    35.9  
   

Non-cash amortization of long-term incentive compensation

    61.0  
   

Unrealized gains or losses on investments

    (9.2 )
   

Other nonrecurring cash charges

    25.8  
   

Cash paid for deferred commissions and mutual fund share awards

    (45.0 )
       

Adjusted net income

  $ 247.6  
       

Debt (including capital leases and letters of credit)

  $ 794.2  
       

Leverage Ratio (Debt divided by adjusted net income)

    3.21  
       
   

Cannot exceed 8.00

       

Interest Coverage Ratio

       
   

(Adjusted net income divided by last four quarters interest expense)

    3.3  
       
   

Must equal or exceed 2.0

       

Minimum long-term assets under management (in billions)

 
$

158.0
 
       
 

Must exceed $80.0 billion

       

JCG intends to negotiate a new credit facility in 2010.

Credit Facility

On June 12, 2009, JCG and the syndicate of banks amended the existing $350 million Five-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility"). Under the amended Credit Facility, the bank syndicate's commitment has been decreased to $125 million, any borrowings will be secured by a large majority of JCG's assets, and the maturity date has been accelerated from June 1, 2012, to December 1, 2010. The covenants under the Credit Facility were amended to allow for a higher leverage ratio and a lower interest coverage ratio. In addition, a minimum assets under management covenant has been included in the amended Credit Facility. At December 31, 2009, JCG was in compliance with all covenants and there were no borrowings under the amended Credit Facility.

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Table of Contents

This excerpt taken from the JNS 8-K filed Jul 14, 2009.

Credit Facility

JCG has a $350 million Five-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility") with a syndicate of banks. The Credit Facility contains a number of financial covenants, including a specified financing leverage ratio and interest coverage ratio. At December 31, 2008, JCG was in compliance with all covenants and there were no borrowings under the Credit Facility. In the event that assets under management continue to decline, JCG may not be able to access or utilize all or a portion of its credit available under the Credit Facility. Accordingly, JCG may seek less restrictive financial covenants that, if obtained, would allow for continued access to the Credit Facility in the event that current market conditions persist or further deteriorate. JCG's credit line may decrease and its costs to borrow under the Credit Facility may increase in exchange for less restrictive financial covenants. There is no guarantee that any efforts undertaken by JCG to renegotiate the terms of the Credit Facility will be successful.

These excerpts taken from the JNS 10-K filed Feb 26, 2009.

Credit Facility

JCG has a $350 million Five-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility") with a syndicate of banks. The Credit Facility contains a number of financial covenants, including a specified financing leverage ratio and interest coverage ratio. At December 31, 2008, JCG was in compliance with all covenants and there were no borrowings under the Credit Facility. In the event that assets under management continue to decline, JCG may not be able to access or utilize all or a portion of its credit available under the Credit Facility. Accordingly, JCG may seek less restrictive financial covenants that, if obtained, would allow for continued access to the Credit Facility in the event that current market conditions persist or further deteriorate. JCG's credit line may decrease and its costs to borrow under the Credit Facility may increase in exchange for less restrictive financial covenants. There is no guarantee that any efforts undertaken by JCG to renegotiate the terms of the Credit Facility will be successful.

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Table of Contents

Credit Facility



JCG has a $350 million Five-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility") with a
syndicate of banks. The Credit Facility contains a number of financial covenants, including a specified financing leverage ratio and interest coverage ratio. At December 31, 2008, JCG was in
compliance with all covenants and there were no borrowings under the Credit Facility. In the event that assets under management continue to decline, JCG may not be able to access or utilize all or a
portion of its credit available under the Credit Facility. Accordingly, JCG may seek less restrictive financial covenants that, if obtained, would allow for continued access to the Credit Facility in
the event that current market conditions persist or further deteriorate. JCG's credit line may decrease and its costs to borrow under the Credit Facility may increase in exchange for less restrictive
financial covenants. There is no guarantee that any efforts undertaken by JCG to renegotiate the terms of the Credit Facility will be successful.



24










HREF="#bg42401a_main_toc">Table of Contents



Credit Facility

JCG has a $350 million Five-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility") with a syndicate of banks. The Credit Facility contains a number of financial covenants, including a specified financing leverage ratio and interest coverage ratio. At December 31, 2008, JCG was in compliance with all covenants and there were no borrowings under the Credit Facility. In the event that assets under management continue to decline, JCG may not be able to access or utilize all or a portion of its credit available under the Credit Facility. Accordingly, JCG may seek less restrictive financial covenants that, if obtained, would allow for continued access to the Credit Facility in the event that current market conditions persist or further deteriorate. JCG's credit line may decrease and its costs to borrow under the Credit Facility may increase in exchange for less restrictive financial covenants. There is no guarantee that any efforts undertaken by JCG to renegotiate the terms of the Credit Facility will be successful.

Credit Facility



JCG has a $350 million Five-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility") with a
syndicate of banks. The Credit Facility contains a number of financial covenants, including a specified financing leverage ratio and interest coverage ratio. At December 31, 2008, JCG was in
compliance with all covenants and there were no borrowings under the Credit Facility. In the event that assets under management continue to decline, JCG may not be able to access or utilize all or a
portion of its credit available under the Credit Facility. Accordingly, JCG may seek less restrictive financial covenants that, if obtained, would allow for continued access to the Credit Facility in
the event that current market conditions persist or further deteriorate. JCG's credit line may decrease and its costs to borrow under the Credit Facility may increase in exchange for less restrictive
financial covenants. There is no guarantee that any efforts undertaken by JCG to renegotiate the terms of the Credit Facility will be successful.



This excerpt taken from the JNS 10-Q filed Oct 23, 2008.

Credit Facility

 

Janus has a $350 million Three-Year Competitive Advance and Revolving Credit Facility Agreement (the “Credit Facility”) with a syndicate of banks.  The Credit Facility contains a number of financial covenants including a specified financing leverage ratio and interest coverage ratio.  At September 30, 2008, Janus was in compliance with all covenants and there were no borrowings under the Credit Facility.  In the event that assets under management continue to decline, Janus may not be able to utilize all or a portion of its credit available under the Credit Facility.

 

This excerpt taken from the JNS 10-Q filed Jul 24, 2008.

Credit Facility

 

Janus has a $350 million Three-Year Competitive Advance and Revolving Credit Facility Agreement (the “Credit Facility”) with a syndicate of banks.  The Credit Facility contains a number of financial covenants including a specified financing leverage ratio and interest coverage ratio.  At June 30, 2008, Janus was in compliance with all covenants and there were no borrowings under the Credit Facility.

 

This excerpt taken from the JNS 10-Q filed Apr 24, 2008.

Credit Facility

 

Janus has a $350 million Three-Year Competitive Advance and Revolving Credit Facility Agreement (the “Credit Facility”) with a syndicate of banks.  The Credit Facility contains a number of financial covenants including a specified financing leverage ratio and interest coverage ratio.  At March 31, 2008, Janus was in compliance with all covenants and there were no borrowings under the Credit Facility.

 

14



 

These excerpts taken from the JNS 10-K filed Feb 28, 2008.

Credit Facility

On June 1, 2007, the Company and the syndicate of banks amended the then existing $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement (the "Credit Facility"). Under the amended Credit Facility, the bank syndicate's commitment was increased to $350 million and the maturity date was extended from October 19, 2008 to June 1, 2012. The Credit Facility contains a

48



number of financial covenants including a specified financing leverage ratio and interest coverage ratio. At December 31, 2007, there were no borrowings under the Credit Facility.

Credit Facility



On June 1, 2007, the Company and the syndicate of banks amended the then existing $200 million Three-Year Competitive Advance and Revolving Credit
Facility Agreement (the "Credit Facility"). Under the amended Credit Facility, the bank syndicate's commitment was increased to $350 million and the maturity date was extended from
October 19, 2008 to June 1, 2012. The Credit Facility contains a



48











number
of financial covenants including a specified financing leverage ratio and interest coverage ratio. At December 31, 2007, there were no borrowings under the Credit Facility.



This excerpt taken from the JNS 10-Q filed Oct 25, 2007.

Credit Facility

 

On June 1, 2007, the Company and the syndicate of banks amended the existing $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement (the “Credit Facility”).  Under the amended Credit Facility, the bank syndicate’s commitment has been increased to $350 million, and the maturity date has been extended from October 19, 2008, to June 1, 2012.  The Credit Facility contains a number of financial covenants including a specified financing leverage ratio and interest coverage ratio.  At September 30, 2007, there were no borrowings under the Credit Facility.

 

This excerpt taken from the JNS 10-Q filed Jul 30, 2007.

Credit Facility

On June 1, 2007, the Company and the syndicate of banks amended the existing $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement (the “Credit Facility”).  Under the amended Credit Facility, the bank syndicate’s commitment has been increased to $350 million and the maturity date has been extended from October 19, 2008 to June 1, 2012.  The Credit Facility contains a number of financial covenants including a specified financing leverage ratio and interest coverage ratio.  At June 30, 2007, there were no borrowings under the Credit Facility.

This excerpt taken from the JNS 10-Q filed May 1, 2007.

Credit Facility

Janus has a $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement (“Credit Facility”) with a syndicate of banks.  The Credit Facility contains a number of financial covenants such as a specified financing leverage ratio, minimum net worth and interest coverage ratio.  At March 31, 2007, there were no borrowings under the Credit Facility.

This excerpt taken from the JNS 10-K filed Feb 26, 2007.

Credit Facility

On October 19, 2005, the Company entered into a $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement with a syndicate of banks (the “Facility”). The Facility contains a number of financial covenants such as a specified financing leverage ratio, minimum net worth and interest coverage ratio. Janus was in compliance with the provisions of the Facility, including the financial covenants, as of December 31, 2006. Janus had no borrowings under the Facility during 2006.

This excerpt taken from the JNS 10-Q filed Nov 7, 2006.

Credit Facility

Janus has a $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement ("Credit Facility") with a syndicate of banks. The Credit Facility contains a number of financial covenants such as a specified financing leverage ratio, minimum net worth and interest coverage ratio. At September 30, 2006, there were no borrowings under the Credit Facility.

This excerpt taken from the JNS 10-Q filed Jul 27, 2006.

Credit Facility

Janus has a $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement ("Credit Facility") with a syndicate of banks. The Credit Facility contains a number of financial covenants such as a specified financing leverage ratio, minimum net worth and interest coverage ratio. At June 30, 2006, there were no borrowings under the Credit Facility.

This excerpt taken from the JNS 10-Q filed Apr 27, 2006.

Credit Facility

Janus has a $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement ("Credit Facility") with a syndicate of banks. The facility contains a number of financial covenants such as a specified financing leverage ratio, minimum net worth and interest coverage ratio. At March 31, 2006, there were no borrowings under the Credit Facility.

This excerpt taken from the JNS 10-K filed Mar 3, 2006.

Credit Facility

 On October 19, 2005, the Company entered into a $200 million Three-Year Competitive Advance and Revolving Credit Facility Agreement with a syndicate of banks (the "Facility"). The Facility contains a number of financial covenants such as a specified financing leverage ratio, minimum net worth and interest coverage ratio. Janus was in compliance with the provisions of the Facility, including the financial covenants, as of December 31, 2005. Janus had no borrowings under the Facility during 2005.

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