Hyperion lifts add-on euro loan to €150 million, trims pricing

By Sara Rosenberg

New York, May 16 – Hyperion Insurance Group Ltd. upsized its add-on euro senior secured first-lien term loan B due April 29, 2022 to €150 million from €100 million and reduced pricing to Euribor plus 400 basis points from talk of Euribor plus 425 bps to 450 bps, according to a market source.

Additionally, the issue price on the euro loan firmed at par, the tight end of the 99.75 to par talk, the source said.

The euro loan still has a 0% floor.

With the upsizing to the euro loan, the company is paying down its existing U.S. senior secured first-lien term loan B due April 29, 2022 to about $800 million from $854,390,863, the source continued.

As before, the U.S. loan is being repriced at talk of Libor plus 400 bps with a 1% Libor floor and a par issue price.

Both the euro and the U.S. 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.

Along with paying down the U.S. loan, the euro term loan will be used to repay outstanding revolver borrowings, to fund near-term acquisitions and for general corporate purposes.

The U.S. loan repricing will take the existing term loan down from Libor plus 450 bps with a 1% Libor floor.

Consents are due at 5 a.m. ET on Wednesday, the source added.

Hyperion is a London-based insurance intermediary group.

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