Howden Group completes extension of euro TLB; terms

Howden Group Holdings has completed the extension of a €317 million, euro-denominated term loan B-1 to November 2027 from December 2024. The margin on the term loan remains E+350 with a 0% floor, and the extension was completed at an original issue discount of 99.875. Initial talk had suggested investors would receive a 25 basis point fee. The extended cov-lite debt will carry six months of 101 soft-call protection. Morgan Stanley, J.P. Morgan, RBC and Barclays were joint lead arrangers and joint bookrunners on the transaction. HSBC and Lloyds were joint arrangers, while NatWest and ING were co-managers.

The issuer also repriced a $1.265 billion first-lien term loan to L+325 with a 0.75% floor (from L+350 with a 1% floor) and extended the maturity to November 2027, from December 2024. That deal priced at 99.875. Howden Group, formerly known as Hyperion Insurance Group Ltd., is a London-based insurance intermediary group with brokerage and underwriting agency arms. The company is backed by General Atlantic, CDPQ and HgCapital. Terms: