Hyperion launches U.S. and euro term loan repricing, add-on loan

By Sara Rosenberg

New York, May 30 – Hyperion Insurance Group Ltd. launched on Wednesday a repricing of its $923 million covenant-light term loan B due Dec. 20, 2024 and its €200 million covenant-light term loan B due Dec. 20, 2024, and a new €50 million add-on covenant-light term loan B due Dec. 20, 2024, according to a market source.

Price talk on the U.S. term loan B is Libor plus 325 basis points with a 0% Libor floor and a par issue price, talk on the repriced euro term loan B is Euribor plus 325 bps to 350 bps with a 0% floor and a par issue price and talk on the add-on euro term loan B is Euribor plus 325 bps to 350 bps with a 0% floor and an original issue discount of 99.75, the source said.

The U.S. term loan B includes 101 soft call protection for six months, while the euro term loans will have no call protection.

Amortization on the term loans is 1% per annum.

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

Proceeds from the incremental loan will be used to fund the locked account and pay related fees and expenses.

Commitments/consents are due at 10 a.m. ET on Friday, the source added.

Hyperion is a London-based insurance intermediary group.

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