Moody’s rates Howden loans B2

Moody’s Investors Service said it gave B2 ratings to Howden Group Holdings’s planned £400 million equivalent guaranteed senior secured dollar-denominated term loan facility, which will be issued through subsidiary Hyperion Refinance Sarl, and the £185 million guaranteed senior secured revolving credit facility being extended to December 2026.

Concurrently, the agency affirmed Howden’s B2 corporate family rating and its probability of default rating at B2-PD. Moody's also affirmed the B2 ratings on the guaranteed senior secured term loans issued by Howden’s subsidiaries Hyperion and HIG Finance 2 Ltd.

Howden plans to use the new term loan to help it buy Aston Lark. The issuer also plans to sell £390 million in PIK notes, through a newly created intermediate holding company to partly fund the acquisition.

The outlooks on all issuers are stable.

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