Hyperion Materials launches $405 million credit facilities

By Sara Rosenberg

New York, Aug. 6 – Hyperion Materials & Technologies launched on Tuesday $405 million of credit facilities, according to a market source.

The facilities consist of a $65 million five-year revolver, a $240 million seven-year first-lien term loan and a $100 million eight-year second-lien term loan, the source said.

Price talk on the first-lien term loan is Libor plus 550 basis points with a 0% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 900 bps with a 0% Libor floor and a discount of 98.

The first-lien term loan has 101 soft call protection for one year, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

UBS Investment Bank and KKR Capital Markets are the joint bookrunners on the deal, with UBS the left lead on the first-lien debt and KKR the left lead on the second-lien debt.

Commitments are due on Aug. 15, the source added.

Proceeds will be used to refinance existing debt.

Hyperion Materials is a Worthington, Ohio-based provider of hard and super-hard materials.

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