Moody’s gives Howden loans, notes B2

Moody's Investors Service said it assigned B2 ratings to the planned new $3.435 billion and €660 million backed senior secured term loans being issued by Hyperion Refinance Sarl and HIG Finance 2 Ltd., respectively. The agency also gave a B2 rating to an amended $1.083 billion backed senior secured term loan issued by Hyperion Refinance and a B2 rating to the £630 million backed senior secured revolving credit facility to be issued by HIG Finance 2.

Concurrently, Moody's assigned a B2 rating to the backed senior secured notes to be co-issued by Howden UK Refinance plc and Howden US Refinance LLC and a Caa1 rating to the backed senior unsecured notes to be co-issued by Howden UK Refinance 2 plc and Howden US Finance LLC.

Moody's also affirmed the B2 corporate family rating and the B2-PD probability of default on HGH Finance Ltd.

Howden will use proceeds to refinance some of its facilities, fund its locked account, and pay related fees and expenses. “With the introduction of high-yield bonds in the capital structure, Howden will diversify its financing sources,” Moody’s said in a statement.

The outlook is stable.

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