Howden Group lifts add-on term loan to $585 million, changes OID talk

By Sara Rosenberg

New York, Nov. 8 – Howden Group Holdings Ltd. (Hyperion Refinance Sarl) upsized its fungible add-on term loan due 2030 to $585 million from $555 million and revised original issue discount talk to a range of 99 to 99.25 from a range 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. Morgan Stanley is the administrative agent.

Commitments are due at noon ET on Thursday, accelerated from 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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