Hyperion ups spread on $250 million term B to Libor plus 475 bps

By Sara Rosenberg

New York, Oct. 3 - Hyperion Insurance Group Ltd. raised pricing on its $250 million senior secured term loan B (B1/B) due 2019 to Libor plus 475 basis points from Libor plus 425 bps, according to a market source.

In addition, the original issue discount was revised to 98½ from 99 and the soft call protection was sweetened to 102 in year one and 101 in year two from a 101 soft call, the source said.

The loan still has a 1% Libor floor.

Recommitments are due at 10 a.m. ET on Friday.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt and fund pipeline acquisitions.

Hyperion is a London-based insurance intermediary business.

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