HUB International launches $4.86 billion term B at SOFR plus 350 bps

By Sara Rosenberg

New York, Jan. 16 – HUB International was scheduled to hold a lender call at noon ET on Tuesday to launch a $4.86 billion term loan B due June 2030 that is talked at SOFR plus 350 basis points with a 0.75% floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, no CSA and amortization of 1% per annum, the source said.

Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and JPMorgan Chase Bank are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing $4.75 billion term loan B due 2030 down from SOFR plus 425 bps with a 0.75% floor, and will be used with a $1.9 billion senior unsecured notes offering and a $1.1 billion add-on secured notes offering to refinance an existing $844 million term loan B-4 due 2029 and $1.67 billion of senior unsecured notes due 2026.

Hellman & Friedman is the sponsor.

HUB is a Chicago-based insurance brokerage firm.

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