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Note 11 - Debt
 12 Months Ended
Dec. 31, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

Note 11 — Debt

 

Our debt as of December 31, 2024 and 2023, consisted of the following (in millions):

 

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Carrying Value

 

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December 31, 2024

  

December 31, 2023

 

4.875% Senior Notes due 2025

 $—  $304.6 

5.450% Senior Notes due 2034

  395.0   - 

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5.450% Senior Notes Due 2034

 

On September 10, 2024, JHG's wholly-owned subsidiary, Janus Henderson US (Holdings) Inc., completed a private placement of $400.0 million aggregate principal amount of 2034 Senior Notes. The 2034 Senior Notes have a principal amount of $400.0 million as of  December 31, 2024, pay interest at 5.450% semiannually on March 10 and September 10 of each year, and mature on September 10, 2034. The 2034 Senior Notes include unamortized debt discount and issuance costs of $5.0 million at December 31, 2024, which will be accreted over the remaining life of the notes. The unamortized debt discount and issuance costs are recorded as a non-current contra liability in long-term debt on our Consolidated Balance Sheets.

 

4.875% Senior Notes Due 2025

 

JHG's wholly-owned subsidiary, Janus Henderson US (Holdings) Inc., redeemed its 2025 Senior Notes on November 7, 2024, at the redemption price as outlined in the Fifth Supplemental Indenture, dated May 30, 2017. The notice of redemption was issued to the holders of the 2025 Senior Notes, and the $300.0 million outstanding principal balance and accrued but unpaid interest through the redemption date was settled with existing cash on hand from our balance sheet. 

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Credit Facility

 

On June 30, 2023, we entered into a $200 million, unsecured, revolving Credit Facility. The Credit Facility includes an option for us to request an increase to our borrowing capacity under the Credit Facility of up to an additional $50.0 million. The Credit Facility had a maturity date of June 30, 2028, with two one-year extension options that can be exercised at the discretion of JHG with the lender’s consent on the first and second anniversary of the date of the agreement. We exercised the option to extend the term of the Credit Facility on the first anniversary of the agreement. The revised maturity date of the Credit Facility is June 30, 2029. JHG and its subsidiaries may use the Credit Facility for general corporate purposes. The rate of interest for each interest period is the aggregate of the applicable margin, which is based on our long-term credit rating and the Secured Overnight Financing Rate (“SOFR”) in relation to any loan in USD, the Sterling Overnight Index Average  (“SONIA”) in relation to any loan in GBP, the Euro Interbank Offered Rate (“EURIBOR”) in relation to any loan in EUR or the Bank Bill Swap Rate (“BBSW”) in relation to any loan in AUD. We are also required to pay a quarterly commitment fee on any unused portion of the Credit Facility, which is based on our long-term credit rating. If our credit rating falls below a certain threshold, as defined in the Credit Facility, our financing leverage ratio, cannot exceed 3.00x EBITDA. At December 31, 2024, we were in compliance with all covenants contained in, and there were no borrowings under, the Credit Facility.