Howden Group launches $500 million term loan at SOFR plus 400 bps

By Sara Rosenberg

New York, March 24 – Howden Group Holdings Ltd. (Hyperion Refinance Sarl) was scheduled to hold a lender call at 10 a.m. ET on Friday to launch a $500 million seven-year incremental covenant-lite first-lien term loan B (B2/B) that is priced at SOFR plus 400 basis points with a 0.5% floor and an original issue discount of 96, according to a market source.

The incremental term loan has 101 soft call protection for six months, 0 bps CSA and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Barclays, RBC Capital Markets, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Lloyds, NatWest and ING are the bookrunners on the deal. Morgan Stanley is the administrative agent.

Commitments were scheduled to be due at 2 p.m. ET on Friday and allocations went out thereafter, the source added.

Proceeds will be used to fund pending and future acquisitions in conjunction with a £300 million incremental equity investment from existing shareholders.

Closing is expected in mid-April.

Howden Group is a London-based insurance intermediary group.

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