Howden Group launches $555 million add-on term loan at 98-98.5 OID

By Sara Rosenberg

New York, Nov. 7 – Howden Group Holdings Ltd. (Hyperion Refinance Sarl) held a lender call at 11 a.m. ET on Tuesday to launch a fungible $555 million add-on term loan (B2) due 2030 that is talked with an original issue discount of 98 to 98.5, according to a market source.

Pricing on the add-on term loan is SOFR plus 400 basis points with a 0.5% floor.

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

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to partially repay a private loan and to fund the company’s locked account.

Howden Group is a London-based insurance intermediary group.

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