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Hub begins tender offer, consent solicitation for 9% notes, 10¼% notes
By Angela McDaniels
Tacoma, Wash., Sept. 4 - Hub International Ltd. began a tender offer for its $305 million of 9% senior notes due 2014 and $395 million of 10¼% senior subordinated notes due 2015, according to a company news release.
In connection with the tender offer, Hub is soliciting consents from the noteholders to amend the indentures governing the notes. Among other changes, the proposed amendments would eliminate substantially all of the restrictive covenants, some events of default and certain other provisions in the indentures.
Holders may not tender their notes without delivering their consents to the proposed amendments and vice versa. In order to amend a series of notes, consents are needed from the holders of a majority of that series of notes.
For each $1,000 principal amount, the company will pay $1,026.25 for the 9% notes and $1,030.63 for the 10¼% notes. These include a consent payment of $50.00 for each note tendered by 5 p.m. ET on Sept. 17, the consent payment deadline.
Holders will also receive accrued interest up to but excluding the payment date.
Payment for notes tendered by the consent payment deadline will be made on or promptly following the consent payment deadline.
The offer will expire at the end of the day, midnight ET, on Oct. 1.
Any notes purchased in the offer will be canceled.
The offer is conditioned on the completion of a planned financing transaction, among other conditions.
The dealer manager is Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) with Bank of America Merrill Lynch as co-dealer manager. The information agent and tender agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers or 800 290-6426 for others).
Hub International is an insurance broker based in Chicago.
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