HUB International places $150 million incremental term loan B

By Sara Rosenberg

New York, Feb. 19 – HUB International Ltd. privately placed a fungible $150 million incremental covenant-lite term loan B (B2/B) due April 25, 2025 at pricing of Libor plus 300 basis points with a 0% Libor floor, according to a market source.

Amortization on the incremental term loan is 1% per annum.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Proceeds will be used for general corporate purposes, including potential future acquisitions.

Closing is expected during the week of Feb. 24.

HUB is a Chicago-based insurance brokerage.

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