Hyperion Materials widens OIDs on first- and second-lien term loans

By Sara Rosenberg

New York, Aug. 16 – Hyperion Materials & Technologies revised the original issue discount on its $240 million seven-year first-lien term loan to 98 from 99 and the discount on its $100 million eight-year second-lien term loan to 97 from 98, according to a market source.

Also, the Libor floor on the term loans was increased to 1% from 0%, the source said.

Pricing on the first-lien term loan remained at Libor plus 550 basis points, and pricing on the second-lien term loan is still Libor plus 900 bps.

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.

The company’s $405 million of credit facilities also include a $65 million five-year revolver.

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.

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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