HUB launches $1.79 billion term loan B at Libor plus 375-400 bps

By Sara Rosenberg

New York, Sept. 10 - HUB International Ltd. launched on Tuesday its $1,785,000,000 term loan B with price talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The B loan has 101 soft call protection for six months, the source said.

The company's $2.06 billion credit facility also includes a $225 million revolver and a C$50 million revolver.

Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch and RBC Capital Markets are the joint lead arrangers on the deal and are joint bookrunners with BMO Capital Markets, Macquarie Capital and UBS Securities LLC.

Proceeds will be used to help fund the buyout of the company by Hellman & Friedman LLC and to refinance existing debt.

HUB is a Chicago-based insurance brokerage.

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