HUB’s $2.68 billion secured notes initially guided at mid-7% area; deal expected this week

By Paul A. Harris

Portland, Ore., June 6 – Initial guidance has $2.675 billion of HUB International Ltd.’s secured notes coming to yield in the mid-7% area, according to market sources.

The offering, which will be led by Morgan Stanley & Co. LLC, is expected to kick off on Wednesday, a bond trader said.

Proceeds plus a concurrent $4.25 billion term loan will be used to refinance term loans due 2025 and finance current and future acquisitions under the letter of intent.

HUB International is a privately held insurance brokerage and financial services provider based in Chicago.

Its sponsor is Hellman & Friedman.

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