HUB COMPLETES FUNDING OF SENIOR SECURED TERM LOAN

 

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 Add Title:  HUB COMPLETES FUNDING OF SENIOR SECURED TERM LOAN
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Hub International Limited Completes Funding of Senior Secured Term Loan

 Location:  Chicago
 Date:    2013-04-24  
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Hub International Limited (“HUB”) today announced that it completed the funding of a $1,125 million senior secured term loan due June 13, 2017. The term loan was priced at LIBOR plus 350 basis points with no floor and was issued at par. In connection with this transaction, HUB entered into an amendment to its existing senior secured credit agreement.

Proceeds of the term loan will be used to refinance its outstanding extended term loans and incremental term loan due June 2017 and December 2017, respectively, as well as to repay outstanding borrowings under its revolving credit facility and redeem preferred equity owned by legacy third party shareholders. HUB’s obligations in respect to the term loan will be guaranteed by all direct and indirect domestic subsidiaries of HUB.

The Joint Bookrunners and Joint Lead Arrangers for the term loan were Morgan Stanley Senior Funding, Inc. (“MSSF”), Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC.

Headquartered in Chicago, IL, Hub International Limited is a leading global insurance brokerage that provides a broad array of property and casualty, life and health, employee benefits, investment and risk management products and services through offices located in the United States, Canada, Puerto Rico and Brazil.

 

 

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CONTACT:
MEDIA CONTACTS:
Tricia Pucek
Investor Relations Contact
Phone: 312.279.4604
Tricia.Pucek@hubinternational.com
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 SOURCE :   HUB International Limited