Howden Group, the global insurance intermediary, has completed a c.US$3bn equivalent refinancing and increase of its USD and EUR Term Loan B facilities, with the transaction closing on 11 December.
The US$1.6bn USD Term Loan B facility was refinanced, resulting in a 75 basis point reduction in the margin to 275 basis points over SOFR, in line with the most competitive USD pricing the Group secured earlier in 2025.
The €1bn EUR Term Loan B facility was also refinanced, with the margin reduced by 25 basis points to 325 basis points over EURIBOR.
In parallel, the facility was expanded by €160m to €1.16bn, reflecting investor demand. The increase provides additional liquidity to support future growth plans.
Mark Craig, Group Chief Financial Officer, Howden, added: “I’m delighted that we’ve once again achieved some of the tightest pricing levels for USD/EUR leveraged loans by an insurance broker in this ratings category. This follows similar transactions in August 2025 and December 2024 as we continue to benefit from favourable market conditions and continued confidence among credit investors in the Group’s performance and ambitious growth plans.”
Howden is rated B2 (Stable) by Moody’s and B (Stable) by S&P. The Group maintains an extended debt maturity profile, with no significant refinancing obligations before 2030.
