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Moody's rates Hyperion CFR B2, loans B1
Moody's Investors Service said it assigned a B2 corporate family rating and B3-PD probability of default rating to Hyperion Insurance Group Ltd.
The agency also rated Hyperion's proposed $250 million senior secured term loan and the £25 million senior secured revolving credit facility, both at B1. This refinancing follows the 2012 acquisition of Windsor Ltd., initially financed through bank borrowings, which totaled £68 million at year-end 2012, with the remainder of the proceeds to be used for general corporate purposes and potentially to fund future acquisitions.
The outlook is stable.
Moody's said the ratings are based on draft documentation, including a draft list of guarantors for the term loan and revolving credit facility, and are based on the assumption that final terms will not differ materially from those received to date.
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