Global insurance intermediary Howden Group has completed an equivalent refinancing of approximately US$3 billion and an increase in US dollar and euro term loan B facilities, with the transaction closing on December 11.
The $1.6 billion Term Loan B Facility was refinanced, resulting in a 75 basis points reduction in margins over SOFR to 275 basis points, consistent with the group’s most competitive U.S. dollar pricing secured earlier in 2025.
The €1 billion Term Loan B Facility was also refinanced and its margins fell 25 basis points to EURIBOR to 325 basis points.
At the same time, the size of the facility was expanded by €160 million to €1.16 billion, reflecting investor demand. This increase provides additional liquidity to support future growth plans.
Mark Craig, Howden Group Chief Financial Officer, added: “I am pleased that we have once again achieved the most stringent pricing levels for USD/EUR leveraged loans by insurance brokers in this rating category. We previously entered into similar transactions in August 2025 and December 2024, as we continue to benefit from favorable market conditions and continued confidence from credit investors in the group’s performance and ambitious growth plans.”
Howden is rated B2 (stable) by Moody’s and B (stable) by Standard & Poor’s. The group maintains extended debt maturities and has no significant refinancing obligations until 2030.
