Moody's: Hub unaffected

Moody's Investors Service said that Hub International Ltd. is unaffected by its syndication of an incremental $75 million borrowing under the accordion feature of its existing senior secured term loan.

The company plans to use net proceeds for general corporate purposes, including potential acquisitions.

The new borrowing does not affect Hub's corporate family rating or its debt ratings, which include a B1 rating on senior secured credit facilities, a Caa1 rating on senior unsecured notes and a Caa2 rating on subordinated notes.

The outlook is stable.

Moody's said Hub's ratings reflect its solid market position in North American insurance brokerage, good diversification across products and geographic areas and favorable operating margins.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.