Howden announces successful c.US$3bn debt repricing and concurrent upsize
Repricing and upsize across its USD and EUR Term Loan B facilities to provide further funds for growth
London, 15 December 2025 – Howden Group, the global insurance intermediary, completed a successful c.US$3bn equiv. repricing and upsize across its USD and EUR Term Loan B facilities on 11 December.
The US$1.6bn USD Term Loan B margin was reduced by 75bps to 275bps over SOFR1, matching Howden’s tightest ever USD pricing achieved earlier this year. The €1bn Term Loan B margin was reduced by 25bps to 325bps over EURIBOR2, also Howden’s tightest ever EUR pricing, and simultaneously upsized by €160m (to €1.16bn) on the back of demand, helping to replenish liquidity available to fund future growth.
Mark Craig, Group Chief Financial Officer, Howden, commented: “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’s ratings are B2 Stable (Moody’s) and B Stable (S&P) and the Group benefits from a long-dated maturity profile with no material refinancing requirements until 2030.
1. Secured Overnight Financing Rate
2. Euro Interbank Offered Rate
Notes to Editor
About Howden
Howden is a leading global insurance intermediary group with employee ownership at its heart. Founded in 1994, it provides insurance, reinsurance and underwriting services and solutions to clients ranging from private individuals to the largest multinational companies.
The Group operates in 56 countries in Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand, employs 23,000 people and manages premiums totalling US$50 billion on behalf of its clients.
Further information can be found at www.howdengroup.com and www.howdengroupholdings.com.
CONTACT
Howden Group, London
FTI Consulting London
Disclaimer
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the securities laws of certain jurisdictions, including without limitation, those regarding our financial position, business strategy and management plans and objectives for future operations, are, or may be deemed to be, forward-looking statements that reflect the Issuer’s current views with respect to future events and financial and operational performance.
These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”, “will” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions.
These forward looking statements are based on the Group’s beliefs, assumptions and expectations regarding future events and trends that affect the Group’s future performance, taking into account all information currently available to the Group, and are not guarantees of future performance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on the circumstances that may or may not occur in the future, and the Group cannot guarantee the accuracy and completeness of forward-looking statements.
A number of important factors, not all of which are known to the Group or are within the Group’s control, could cause actual results or outcomes to differ materially from those expressed in any forward looking statement as a result of risks and uncertainties facing the Group. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we have no intention or obligation to update forward-looking statements.