HUB International to launch $1.5 billion term loan B on Wednesday

By Sara Rosenberg

New York, Jan. 12 – HUB International Ltd. is set to hold a lender call at 10 a.m. ET on Wednesday to launch a $1,506,670,277 covenant-lite first-lien term loan B due April 2025, according to a market source.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal.

Price talk on the term loan is Libor plus 350 basis points to 375 bps with a 0.75% Libor floor and a par issue price, the source said.

The term loan has 101 soft call protection for six months and amortization of 1% per annum.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to reprice existing 2019 incremental term loans down from Libor plus 400 bps with a 1% Libor floor and pay related fees and expenses.

HUB is a Chicago-based insurance brokerage.

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