Moody’s ups Hyperion PDR, rates facilities B2

Moody's Investors Service said it assigned a B2 (LGD3) rating to the proposed $925 million and €200 million senior secured term loan facilities to be issued by Hyperion Refinance Sarl and HIG Finance 2 Ltd., respectively, and a B2 (LGD3) to the £125 million senior secured revolving facility of Hyperion Insurance Group Ltd.

These new facilities intend to replace the existing ones.

The agency also affirmed Hyperion’s B2 corporate family rating and upgraded its the probability of default rating to B2-PD from B3-PD.

Moody’s said the B2 (LGD3) debt ratings on the group's term facilities and revolver are in line with the corporate family rating, reflecting the largely senior secured debt structure with limited levels of deferred consideration ranking behind the senior debt.

Over the last couple of years, Hyperion has repaid most of its deferred consideration, while debt levels are being increased following the expected refinancing, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.