Hyperion reveals talk on loan repricing, €100 million incremental loan

By Sara Rosenberg

New York, May 9 – Hyperion Insurance Group Ltd. released talk on the repricing of its existing $854,390,863 senior secured first-lien term loan B due April 29, 2022 and new €100 million incremental senior secured first-lien term loan B due April 29, 2022 with its lender call on Tuesday, according to a market source.

The repricing loan is talked at Libor plus 400 basis points with a 1% Libor floor and a par issue price, and the add-on loan is talked at Euribor plus 425 bps to 450 bps with a 0% floor and an original issue discount of 99.75 to par, the source said.

Both loans include 101 soft call protection for six months, amortization of 1% per annum and a secured net leverage ratio covenant of 6 times.

Morgan Stanley Senior Funding Inc. and Lloyds are the joint bookrunners on the deal.

The repricing will take the existing term loan down from Libor plus 450 bps with a 1% Libor floor, and proceeds from the incremental term loan will be used to pay down outstanding revolver borrowings, to fund near-term acquisitions and for general corporate purposes.

Consents/commitments are due at 10 a.m. ET on May 16, the source added.

Hyperion is a London-based insurance intermediary group.

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