Hyperion launches $115 million add-on term loan B at 99.5 OID

By Sara Rosenberg

New York, Nov. 13 – Hyperion Insurance Group Ltd. held a lender call at 1:30 p.m. ET on Tuesday to launch a $115 million add-on covenant-light term loan B due Dec. 20, 2024 that is talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

Amortization on the term loan is 1% per annum, the source said.

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

Commitments are due at noon ET on Friday, the source added.

Proceeds will be placed on the balance sheet in a locked box account to fund future acquisitions.

Hyperion is a London-based insurance intermediary group.

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