Hyperion Materials ups term loan to $405 million, tightens pricing

By Sara Rosenberg

New York, July 29 – Hyperion Materials & Technologies upsized its first-lien term loan to $405 million from $390 million and reduced pricing to Libor plus 450 basis points from Libor plus 475 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

The company’s now $480 million of credit facilities, up from $465 million, also include a $75 million revolver.

UBS Investment Bank and KKR Capital Markets are the lead arrangers on the deal.

Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to refinance existing debt and, as a result of the upsizing, to fund additional cash to the balance sheet.

Hyperion Materials, a portfolio company of KKR, is a Worthington, Ohio-based solutions provider of effective applications for hard and super-hard materials.

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