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Hub International calls all 9¼% senior secured notes due 2021
New York, March 15 – Hub International Ltd. will redeem all $300 million of its 9¼% second-lien senior secured notes due 2021, according to a notice from the issuer.
The company will repay the debt at 103% of par plus accrued interest on April 13.
Funding for the redemption will come from a previously announced fungible $375 million incremental covenant-light first-lien term loan B due Oct. 2, 2020, which is priced at Libor plus 325 basis points with a step-down to Libor plus 300 bps. The loan is being offered at par.
HUB is a Chicago-based insurance brokerage.
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