Hyperion discloses talk on $1.33 billion equivalent credit facilities

By Sara Rosenberg

New York, Dec. 5 – Hyperion Insurance Group Ltd. released price talk on its roughly $1.33 billion equivalent of senior secured credit facilities in connection with its lender call on Tuesday, according to a market source.

The £125 million five-year revolver is talked at Libor plus 350 basis points with a 0% Libor floor, the $925 million seven-year covenant-light term loan B is talked at Libor plus 350 bps to 375 bps with a 1% Libor floor and an original issue discount of 99.5, and the €200 million seven-year covenant-light term loan B is talked at Euribor plus 350 bps to 375 bps with a 0% floor and a discount of 99.5, the source said.

In addition, the term loans are talked with a 25 bps step-down at first-lien net leverage of 4.25 times or lower.

The term loans include 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc., Barclays, J.P. Morgan Securities plc, RBC Capital Markets, HSBC Securities (USA) Inc., Lloyds Securities Inc., NatWest Markets and ING Capital LLC are the joint lead arrangers and bookrunners on the deal.

Commitments are due at 10 a.m. ET on Dec. 15, the source added.

Proceeds will be used to refinance existing debt, to fund near-term acquisitions, to fund the Lockbox Account, for general corporate purposes and to pay related fees and expenses.

Hyperion is a London-based insurance intermediary group.

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