Simpson Thacher recently represented the initial purchasers and lenders in connection with a $6.2 billion refinancing of the Howden Group. The refinancing included a notes offering consisting of a Rule 144A and Regulation S offering of $1.0 billion of 7.250% senior secured notes due 2031 and $500 million of 8.125% senior notes due 2032 (together, the “Notes”), the establishment of a new $2.925 billion first-lien dollar term loan and a new €900 million first-lien euro term loan (together, the “New Credit Facilities”), the amendment and restatement of Howden Group’s existing credit agreement, as well as the increase of its revolving credit facility to £630 million.
The net proceeds from the issue of the Notes, along with the proceeds from the New Credit Facilities, were used (i) to refinance a portion of existing first-lien term borrowings and repay in full second-lien term borrowings under Howden’s existing credit agreement and (ii) for general corporate purposes.
Howden is a leading (re-)insurance intermediary with a global footprint, delivering retail, specialty and wholesale broking services, as well as reinsurance and underwriting solutions.
The Simpson Thacher team included Gil Strauss, Iakovos Anagnostopoulos and Julia Szinovatz (Capital Markets); Patrick Ryan, Stephanie Rotter, Dennis Durkin, Roman Ibragimov, Joel Kushner and Ashley Jaramillo (NY Credit); Antti Pesonen, Siân Perez, Charley Xu and Tom Lort (UK Credit); Sarah Lindley, Meredith Jones, Michael Mann, Sefia Jivraj, Kris Liu and Jenna Al-Malawi (Tax); Jeanne Annarumma (ERISA); Jonathan Pall (Collateral); and Pasco Struhs (ECEB).