Moody’s assigns Caa2 to Hub notes

Moody's Investors Service said it assigned a Caa2 rating to $1.9 billion of eight-year senior unsecured notes being issued by Hub International Ltd. following the company's announcement of a partial recapitalization.

The rating is in line with those on Hub’s outstanding senior unsecured notes.

Hub is also repricing and upsizing its senior secured term loan due June 2030 to about $4.9 billion and increasing its senior secured notes due June 2030 to about $3.3 billion. Both are rated B2.

Hub will use the proceeds to repay its senior secured term loan B4 maturing in November 2029 and its senior unsecured notes maturing in May 2026, help fund acquisitions, redeem some of Hub's stock, and pay related fees and expenses.

The outlook for Hub is unchanged at positive.

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