Hyperion Materials finalizes $50 million add-on loan at 99.75 OID

By Sara Rosenberg

New York, Nov. 18 – Hyperion Materials & Technologies firmed the original issue discount on its fungible $50 million add-on covenant-lite first-lien term loan due Aug. 30, 2028 (B2/B) at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.

Pricing on the add-on term loan is Libor plus 450 basis points with a 0.5% Libor floor, in line with existing term loan pricing.

The term loan has 101 soft call protection through Feb. 28, 2022.

UBS Investment Bank, KKR Capital Markets and Goldman Sachs Bank USA are the lead arrangers on the deal.

Proceeds will be used to fund the acquisition of Aggressive Grinding Service, a Pennsylvania-based precision carbide and ceramic grinding company.

Hyperion Materials, a portfolio company of KKR, is a Worthington, Ohio-based materials science company that develops hard and super-hard materials for a wide range of industries and applications.

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