Commentary & Deal Flow

Howden UK Refinance 2 Plc and Howden US Finance LLC (HWDGRP) US$690m 144A/Reg S add-on to its 8.125% sr notes due 02/15/32 (6y). NC1 (02/15/27) (MWC T+50bp). 104.063 02/15/27, 102.031 02/15/28, 100 02/15/29. Equity claw: 1y 40% at 108.125. Caa1/CCC+ (stable/stable). Via MS (B&D)/BofA/Barc/GS/JPM/RBC/Citi/DB/HSBC/ING/Lloyds/ NatWest/Santander/TD/WFS/Howden Capital Tiger Markets & Advisory jt books. No reg rights. List ISE. CoC at 101. Pays Feb 15 and Aug 15, starting 02/15/26. Denoms 200kx1k. Settles 02/05 (T+5). Permanent 144A CUSIP: 44287DAA1. Temporary 144A CUSIP: 44287DAB9. Permanent 144A ISIN: US44287DAA19. Temporary 144A ISIN: US44287DAB91. 144A fungible following the first interest payment date (02/15/26) (Reg S after 40 days) with the $500m issue priced 02/02/2024. IPT: 101.50. Price talk: 101.75 area.

Priced: 8.125% add-on at 101.875. 7.421% YTW. +380bp vs 2.625% 02/15/29.

Did investor call at 10am 01/29. Books closed 1:30pm 01/29. UOP: repay all $373m drawn on its revolver in full, and $317m for  GCP. Equity sponsors: General Atlantic, CDPQ and Hg (sponsor ownership 64%, Employees and management 36%). Biz: Largest privately held (re)insurance intermediary by revenue outside of North America and the leading broker in the UK based on geographic footprint and the size of product portfolio. HQ: London, UK.