HUB $1.125 billion term loan prices at par, allocates, trades higher

By Paul A. Harris

Portland, Ore., April 1 - HUB International Ltd. priced its Libor plus 350 basis points term loan B due June 13, 2017 at par, a market source said on Monday.

The deal, which priced on top of spread talk, allocated and traded to 101 bid, 101½ offered, before settling at par 7/8 bid, 101 3/8 offered, according to a loan investor.

There is no Libor floor.

The loan has 101 soft call protection for six months

The repricing takes the existing term loan down from Libor plus 450 bps with no Libor floor.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and RBC Capital Markets were the arrangers.

Hub is a Chicago-based insurance company.

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