Hyperion Insurance launches $100 million term loan B at 98.79 OID

By Sara Rosenberg

New York, Nov. 15 – Hyperion Insurance Group launched on Tuesday its fungible $100 million incremental senior secured first-lien term loan B due April 29, 2022 with price talk of Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 98.79, according to a market source.

The incremental loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Covenants include a secured net leverage ratio.

Morgan Stanley Senior Funding Inc., RBC Capital Markets and Lloyds Bank are the lead banks on the deal.

Commitments are due at noon ET on Friday, the source added.

Proceeds from the loan will be used to pay down the outstanding balance on the company’s revolving credit facility, prefund deferred consideration payments and pay related fees and expenses.

Hyperion is a London-based insurance intermediary group.

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