Howden Group finalizes $585 million add-on term loan at 99.25 OID

By Sara Rosenberg

New York, Nov. 9 – Howden Group Holdings Ltd. (Hyperion Refinance Sarl) firmed the original issue discount on its fungible $585 million add-on term loan due 2030 (B2) at 99.25, the tight end of revised talk of 99 to 99.25 and tighter than initial talk 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.

Earlier in syndication, the add-on term loan was upsized from $555 million.

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.

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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