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Moody’s gives B2 to Hyperion loan
Moody's Investors Service said it assigned a B2 rating to the planned $500 million backed senior secured term loan due 2030 being issued by Hyperion Refinance Sarl, a subsidiary of HGH Finance Ltd. (Howden), which is guaranteeing, together with all material subsidiaries, the loan and is the top entity of the senior credit group.
The agency also affirmed the B2 rating on the backed senior secured term loans borrowed by Hyperion Refinance and HIG Finance 2 Ltd., and affirmed the B2 rating on HIG Finance 2's backed senior secured revolving credit facility. Concurrently, Moody' assigned a B2 CFR and a B2-PD probability of default rating to HGH Finance, an intermediate holding company of Howden Group Holdings. The outlook is stable.
Further, Moody's also withdrew Howden Group’s B2 corporate family rating and the B2-PD PDR. At the time of withdrawal, the outlook was stable.
Howden will use the loan and the £300 million equity raise with shareholders in March, to fund acquisitions, increase its locked account cash and other unrestricted cash, and pay related fees and expenses.
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