S&P gives HUB notes CCC+

S&P said it assigned its CCC+ issue-level rating to HUB International Ltd.’s proposed $350 million senior unsecured notes due 2026. The recovery rating is 6, indicating S&P’s expectation for negligible (0%-10%) recovery of principal in the event of default.

“We expect HUB to use this issuance primarily to pay down a portion of its outstanding revolver balance, which the company drew on in March as a precautionary measure to provide additional liquidity amid potential

“HUB’s leverage as of the 12 months ended March 31, 2020, pro forma for the debt issuance was about 7.5x. The company continues to have a healthy cushion within our rating parameters,” S&P said.

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