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Hyperion Insurance to launch $725 million term loan B on Wednesday
By Sara Rosenberg
New York, March 9 – Hyperion Insurance Group Ltd. is scheduled to hold a bank meeting at 10:30 a.m. ET on Wednesday to launch a $725 million term loan B, according to a market source.
Morgan Stanley Senior Funding Inc., HSBC Securities (USA) Inc., RBC Capital Markets and Lloyds Securities Inc. are the leads on the deal.
The company’s proposed senior secured credit facility also includes an £85 million revolver, the source said.
Proceeds will be used with equity to fund the acquisition of RK Harrison Holdings Ltd. and repay existing Hyperion debt.
The combined group will be 70% owned by its employees, with Hyperion’s external shareholder, General Atlantic, remaining in place with its shareholding of 30%.
Closing is expected in the second quarter.
The newly merged business will have projected annual revenues approaching £400 million and EBITDA of £100 million.
Hyperion is a London-based insurance intermediary group. RK is a London-based insurance and reinsurance broker.
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