Hyperion increases add-on term loan B amount to $160 million

By Sara Rosenberg

New York, March 21 – Hyperion Insurance Group Ltd. upsized its fungible add-on senior secured covenant-lite term loan B due Dec. 20, 2024 to $160 million from $130 million, according to a market source.

The add-on term loan is still talked with an original issue discount of 98.789.

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 continue to be due at noon ET on Friday, the source added.

Hyperion is a London-based insurance intermediary group.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.