This report does not constitute a rating action. LONDON (S&P Global Ratings) May 12, 2025--U.K.-based insurer Howden Group Holdings Ltd. (Howden) plans to raise a $585 million equivalent fungible add-on to its term loans due in 2030 and 2031. The proceeds will be utilized to repay outstanding revolver borrowings, which were drawn to fund bolt-on mergers and acquisitions and other general corporate purposes. Pro forma for the transaction, we expect a limited effect on our credit measures which remain in line with our expectations for the rating. As a result, all our ratings on Howden Group Holdings and its subsidiaries, including our ?B? issue-level rating and ?3? recovery rating on the company?s upsized term loan, are unchanged. The ?3? recovery
