HUB plans to price $380 million contingent cash-pay notes Tuesday

By Paul A. Harris

Portland, Ore., July 1 – HUB Holdings, LLC and HUB Holdings Finance, Inc., units of HUB International Ltd., plan to price $380 million of five-year senior contingent cash pay notes (expected ratings Caa2/CCC+) Tuesday, trailing a mid-morning conference call with investors, according to a syndicate source.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, RBC Capital Markets, BMO Capital Markets Corp. and Macquarie Capital (USA) Inc. are the joint bookrunners for the Rule 144A for life offering.

The notes will be callable after one year at 102, with the call premium declining annually thereafter to 101 and to par.

The Chicago-based insurance company plans to use the proceeds to fund a cash distribution to equity holders.

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