News Flash- Janus Gives up DST Shares To Reduce $840M Debt
September 1, 2003
Janus plans to swap 32.3 million of the nearly 40 million shares it owns in DST Systems, its data processing subsidiary, in exchange for ownership of a commercial printing and graphics design unit of DST that Janus will rename JCG Partners.
Under terms of the deal, DST must contribute the cash equivalent of the 32.3 million shares to JCG Partners. As a result, DST must contribute between $969 million and $1.114 billion to the new unit, of which $350 million to $450 million must be used to reduce Janus's $840 million debt. The deal has been structured as a tax-free exchange.
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