HUB launches $1.95 billion term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, March 27 - HUB International Ltd. launched on Thursday its $1,951,000,000 senior secured term loan due Oct. 2, 2020 with price talk of Libor plus 300 basis points to 325 bps with a 1% Libor floor and a par offer price, according to a market source.

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

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

Of the total term loan amount, $90 million is an add-on that will be used to refinance revolver borrowings and the remainder is to reprice the existing term loan from Libor plus 375 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on April 3.

Closing is expected in the week of April 7, the source added.

HUB is a Chicago-based insurance brokerage.

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