Hyperion launches $130 million add-on term loan B at 98.789 OID

By Sara Rosenberg

New York, March 18 – Hyperion Insurance Group Ltd. launched on Monday its fungible $130 million add-on senior secured covenant-lite term loan B due Dec. 20, 2024 with original issue discount talk of 98.789, according to a market source.

Pricing on the add-on term loan is Libor plus 350 basis points with a 1% Libor floor.

Amortization on the add-on term loan is 1% per annum.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

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

In connection with this transaction, lenders are being offered a 25 bps amendment fee.

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

Hyperion is a London-based insurance intermediary group.

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