Howden Group talks $1.27 billion term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, Jan. 20 – Howden Group Holdings Ltd., formerly known as Hyperion Insurance Group Ltd., launched on Wednesday its $1,265,138,359 covenant-lite first-lien term loan B due Nov. 12, 2027 with price talk of Libor plus 325 basis points with a 0.75% Libor floor and an original issue discount of 99.75, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, RBC Capital Markets, Barclays, HSBC Securities (USA) Inc. and Lloyds are the joint lead arrangers and bookrunners on the deal. NatWest and ING are co-managers.

Commitments are due at noon ET on Jan. 27, the source added.

Proceeds will be used to reprice and extend an existing term loan B.

Howden Group is a London-based insurance intermediary group.

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