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S&P rates Hyperion add-on loan B
S&P said it affirmed its B long-term issuer credit rating on Hyperion Insurance Group Ltd. and its two financing subsidiaries, Hig Finance 2 Ltd. and Hyperion Refinance Sarl. The outlook is stable.
At the same time, the agency affirmed the B issue ratings on Hyperion's undrawn £125 million revolving credit facility, $923 million term loan B and €200 million term loan B.
The agency also assigned a B issue rating to Hyperion's proposed €50 million term loan add-on.
The recovery ratings are 4, indicating an expectation of average recovery (rounded estimate: 45%) in the event of a payment default.
Hyperion announced its intention to reprice its existing term loans and concurrently raise the €50 million add-on.
“We note that the company has limited headroom at the current rating to issue additional incremental debt,” S&P said in a news release.
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