Howden Group revises $1.27 billion term loan B OID to 99.875

By Sara Rosenberg

New York, Jan. 27 – Howden Group Holdings Ltd., formerly known as Hyperion Insurance Group Ltd., tightened the original issue discount on its $1,265,138,359 covenant-lite first-lien term loan B due Nov. 12, 2027 to 99.875 from 99.75, according to a market source.

Pricing on the term loan B remained at Libor plus 325 basis points with a 0.75% Libor floor, and the debt still has 101 soft call protection for six months and amortization of 1% per annum.

Also, the company is talking its €317,428,752 covenant-lite first-lien term loan B due Nov. 12, 2027 at Euribor plus 350 bps with a 0% floor and an original issue discount of 99.875, the source said.

The euro term loan has 101 soft call protection for six months and amortization of 1% per annum.

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

Proceeds will be used to reprice and extend an existing $1,265,138,359 term loan B and an existing €317,428,752 term loan B.

Recommitments for the U.S. term loan were scheduled to be due at 3 p.m. ET on Wednesday, and recommitments for the euro term loan are due at 5 a.m. ET on Thursday, the source added.

Howden Group is a London-based insurance intermediary group.

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