JANUS HENDERSON GROUP PLC Debt Disclosure

Note 11 — Debt

 

Our debt as of December 31, 2025 and 2024, consisted of the following (in millions):

 

		Carrying Value
		December 31, 2025				December 31, 2024
5.450% Senior Notes due 2034		$	395.5			$	395.0

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5.450% Senior Notes Due 2034

 

The 2034 Senior Notes have a principal amount of $400.0 million as of  December 31, 2025, 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 $4.5 million at December 31, 2025, 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.

 

Credit Facility

 

At  December 31, 2025, we had a $200 million 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 could 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 options to extend the term of the Credit Facility on the first and second anniversary of the agreement. The revised maturity date of the Credit Facility is June 30, 2030. 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, 2025, our credit rating was at or above the threshold established by the Credit Facility, and there were no borrowings under the Credit Facility. As part of the Merger Agreement, our borrowings under the Credit Facility may not exceed $75 million without Parent consent.