HUB International flexes $4.86 billion term B to SOFR plus 325 bps

By Sara Rosenberg

New York, Jan. 19 – HUB International lowered pricing on its $4.86 billion term loan B due June 2030 to SOFR plus 325 basis points from SOFR plus 350 bps, according to a market source.

Also, the original issue discount on the term loan widened to 99.875 from par, the source said.

The term loan still has a 0.75% floor, 101 soft call protection for six months, no CSA and amortization of 1% per annum.

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

Recommitments were scheduled to be due at 11:30 a.m. ET on Friday, 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 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 notes due 2026.

Hellman & Friedman is the sponsor.

HUB is a Chicago-based insurance brokerage firm.

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