Bulletin: Hyperion Insurance Group Credit Facility Ratings Unchanged On €100 Million Add-On

LONDON (S&P Global Ratings) May 9, 2017--S&P Global Ratings said today that its 'B' issue-level rating on U.K.-based insurance intermediary Hyperion Insurance Group Ltd.'s existing senior secured debt is unchanged following a €100 million add-on to the company's term loan. The recovery rating on the senior secured term loan and revolving credit facility (RCF) remains '4', indicating our belief that lenders could expect meaningful (30%-50%, rounded estimate: 45%) recovery in the event of payment default or bankruptcy. We expect Hyperion will use the net proceeds from the proposed issuance to repay the outstanding £40 million balance on the RCF and pay £65 million for three businesses. The group has reported a solid operating performance, with organic growth of 12% in

...LONDON (S&P Global Ratings) May 9, 2017--S&P Global Ratings said today that its 'B' issue-level rating on U.K.-based insurance intermediary Hyperion Insurance Group Ltd.'s existing senior secured debt is unchanged following a 100 million add-on to the company's term loan. The recovery rating on the senior secured term loan and revolving credit facility (RCF) remains '4', indicating our belief that lenders could expect meaningful (30%-50%, rounded estimate: 45%) recovery in the event of payment default or bankruptcy. We expect Hyperion will use the net proceeds from the proposed issuance to repay the outstanding ú40 million balance on the RCF and pay ú65 million for three businesses. The group has reported a solid operating performance, with organic growth of 12% in the first half of financial 2017 (ending Sept. 30; FY2017) and reported free operating cash flow of about ú23 million. Incorporating the impact of these acquisitions, we continue to forecast that Hyperion will report adjusted...

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