Hub International plans to redeem 2026 notes via new notes, term loan

By Wendy Van Sickle

Columbus, Ohio, Jan. 16 – Hub International Ltd. plans to redeem its senior notes due 2026 with proceeds of a planned $3 billion offering of secured and unsecured high-yield notes, which are expected to price later in the Jan. 15 week, according to market sources.

The company is also planning a repricing of its 2023 term loan facility, with the combined proceeds of the repriced loan and the new notes eyed to refinance its 2022 incremental term loan facility and to repay loans under its revolver, redeem the 2026 senior notes, repurchase outstanding equity, as well as for general corporate purposes including acquisitions under letters of intent.

According to Prospect News archives, Hub International priced $1.32 billion of 7% notes due May 1, 2026 on April 18, 2018 and an additional $350 million of those notes on May 13, 2020.

The Chicago-based insurance brokerage and financial services provider.

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